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Pico Rivera Bankruptcy Attorney

Is bankruptcy the solution for your business difficulties or personal affairs? Are creditors hounding you, calling you daily and sending out collection letters? Did a creditor get a judgment against you and now your wages or bank accounts funds are at risk? Get the answer and the information you need about bankruptcy by calling a Pico Rivera bankruptcy attorney at(888) 754-9877.

A Pico Rivera bankruptcy attorney can handle any of the 3 main types of bankruptcy, which applicability depends on whether you are a business or an individual. Straight bankruptcy or Chapter 7 is available to both though consumers must be eligible to file once a Pico Rivera bankruptcy attorney verifies that you meet certain criteria. Under Chapter 7, debtors can discharge debt that is not secured by collateral. A Pico Rivera bankruptcy attorney will also examine your personal assets and match them to available exemptions.

Sole proprietors and individuals can also file under Chapter 13 if a Pico Rivera bankruptcy lawyer determines it is their only option or is more beneficial to their circumstances. Other businesses that are not winding down can file Chapter 11 and try to revive their troubled operations.

Call a Pico Rivera bankruptcy lawyer for more information about bankruptcy.

Chapter 7 Bankruptcy

Pico Rivera businesses that are closing its operations can file Chapter 7 and have its assets liquidated in an orderly manner while discharging any debts for which the owners are personally liable. Consumers can have a wide array of unsecured debt canceled such as credit cards, medical bills, repossession deficiencies, personal loans, promissory notes and past due rent among others. Your Chapter 7 Bankruptcy Lawyer will tell you what debts are not dischargeable.

If your Chapter 7 Bankruptcy Lawyer verifies your eligibility to file, then the Chapter 7 Bankruptcy Lawyer will also advise you on what disclosures to make and your other obligations before and after filing. If you elect to file, the Chapter 7 Bankruptcy Lawyer will file a petition containing your financial affairs that is later reviewed by a trustee who will ask you questions about your affairs. Your Pico Rivera bankruptcy lawyer will accompany you and assist you with the inquiries and deal with any issues.

In most cases, you will receive a discharge of your debts about 60 to 90 days after the meeting.

Chapter 13 Bankruptcy

Ineligible Pico Rivera individuals or those whom a Chapter 13 Bankruptcy Attorney has so advised, may elect Chapter 13. There are debt limits on Chapter 13 but your Chapter 13 Bankruptcy Attorney can generally get high debt individuals to qualify.

Chapter 13 is a wage earner’s plan. A Chapter 13 Bankruptcy Attorney drafts a plan for you to repay creditors over 3 or 5 years. Your debts are included in the plan as well as arrearages in your mortgage, auto, student loan, alimony and child support payments. Your Chapter 13 Bankruptcy Attorney can reduce secured debt other than a mortgage to its market value under the plan. Debtors make a single monthly payment to a trustee who distributes it first to secured and other priority creditors. Unsecured creditors may receive only what they would have under Chapter 7.

Pico Rivera sole proprietors can include business debt that is personally guaranteed. When the plan concludes successfully, your unpaid unsecured debt is discharged.

Chapter 11 Bankruptcy

Pico Rivera businesses struggling to meet obligations can file for protection and reorganization under Chapter 11. A Chapter 11 Bankruptcy Lawyer will assess your business before filing a disclosure statement that gives creditors sufficient information to make an informed judgment about the feasibility and fairness of the reorganization plan ot since their debts will not be paid in full under the plan.

Certain creditors and equity holders vote on confirmation of the plan. If confirmed the business can continue its operations without the oversight of a trustee. Any major business decisions such as its restructuring plans must be court approved.

Call a Pico Rivera bankruptcy lawyer today at (888) 754-9877. to schedule a consultation about whether bankruptcy is a viable option for you or your business.

Pico Rivera CA 90661
909-400-5737