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Paramount Bankruptcy Attorney

Although filing for bankruptcy requires individuals to meet certain income criteria, most people will qualify to file under Chapter 7 or Chapter 13. Bankruptcy is a legal process that allows debtors suffering from severe debt and financial pressures to either cancel out certain debt or repay certain creditors at reduced amounts over time. Call a Paramount bankruptcy attorney at (888) 754-9877 if you are considering bankruptcy.

Paramount businesses can also file bankruptcy to dissolve their operations or remain open and repay creditors under Chapter 11. A Paramount bankruptcy lawyer should evaluate the business if you are contemplating filing.

A Paramount bankruptcy lawyer handles bankruptcy for individuals and businesses. Talk to a Paramount bankruptcy lawyer before you file to discuss the implications of filing and your obligations.

Chapter 7 Bankruptcy

If your Chapter 7 lawyer determines you are eligible to file and that your personal assets are all or largely exempt, then you may elect to file a straight bankruptcy. This can eliminate most unsecured debt such as credit card charges, department store bills, medical bills, payday loans, personal loans and deficiency judgments. Most taxes, support payments and student loans other than in extreme cases are not dischargeable.

Paramount individuals will be advised by a Chapter 7 lawyer about their obligations before and after filing. A Chapter 7 lawyer prepares a petition of your financial affairs for review at a meeting with a trustee attended by you and your Chapter 7 lawyer. A discharge follows in about 60 to 90 days.

Businesses that file generally must cease operating since its assets will be sold off. Personal service businesses with few or no assets may resume operating in some cases after discharge.

Chapter 13 Bankruptcy

For debtors whom a Chapter 13 Bankruptcy Attorney has advised a Chapter 7 is not available may choose to file Chapter 13. Under this chapter, individuals and those sole proprietors who have business debt that they personally guaranteed can file and include their liabilities in a repayment plan submitted by a Chapter 13 Bankruptcy Attorney that generally lasts for 3 years, though it can be 5 years in some instances.

Chapter 13 can avoid home foreclosure or auto repossession when your Chapter 13 Bankruptcy Attorney files your petition. These arrearages can be included in the plan along with past due payments for a student loan or court ordered support payments. A Chapter 13 Bankruptcy Attorney can also reduce or adjust the value of some secured debt in the plan.
When the plan is concluded, unsecured debt that would not have been paid in a Chapter 7 is discharged.

Chapter 11 Bankruptcy

A Paramount partnership, LLC or corporation that is being squeezed financially can consult with a Chapter 11 Bankruptcy Lawyer about filing for reorganization. Chapter 11 also allows for debt restructuring that repays creditors over time. Under a plan submitted by a Chapter 11 Bankruptcy Lawyer, the debtor business continues with its day-to-day operations but cannot implement any major revisions or strategies such as expanding, downsizing, selling major assets or equipment or breaking and re-negotiating its existing contracts and other agreements without court approval.

High worth individuals with substantial debt who are ineligible to file Chapter 7 or 13 can file Chapter 11. Small businesses in Paramount may file as well and bypass some of the reporting and filing requirements if a Paramount bankruptcy lawyer can qualify them for fast track.

Consult with a Paramount bankruptcy lawyer at (888) 754-9877 about the bankruptcy process and how it could help your personal or business financial affairs.

Paramount CA 90723
909-400-5737