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La Verne Bankruptcy Attorney

Is there life after bankruptcy? Do you have a life now considering the extreme debt problems you are facing? People considering bankruptcy often worry about the effect on their credit score and ability to borrow but the truth for many individuals is that their credit is already suffering and is not going to improve. For La Verne residents and businesses with burdensome debt, call a La Verne bankruptcy attorney at (888) 754-9877.

Bankruptcy offers struggling consumers and businesses protection from creditor collection activities with an automatic stay and erases unsecured debt like medical bills, department store charges, unpaid utilities and rent, payday loans, personal loans and promissory notes and credit card bills, among others. There is debt that is non-dischargeable that your La Verne bankruptcy attorney will explain.

Businesses can dissolve and walk away from further obligations once its assets are sold off. For La Verne residents facing foreclosure or a property repossession, a Chapter 13 can put a stop to it and allow them to repay the arrearages over time. Businesses can repay creditors and restructure their operations with the assistance of a La Verne bankruptcy attorney.

Consult a La Verne bankruptcy attorney regarding any of the 3 major types of bankruptcy relief.

Chapter 7 Bankruptcy

This is a straight bankruptcy where debts are canceled though business assets must be sold along with non-exempt personal assets that a Chapter 7 Bankruptcy Lawyer will review. . Consumers have to meet certain income criteria that a Chapter 7 Bankruptcy Lawyer will confirm.

You do have some obligations before and after filing that your Chapter 7 Bankruptcy Lawyer will arrange for you to meet. Once you file, you and your Chapter 7 Bankruptcy Lawyer will meet with a trustee to review your financial affairs as outlined in your petition. This list of schedules will be prepared by your La Verne bankruptcy lawyer.

Chapter 7 is a relatively simple proceeding for most consumers. When you receive your discharge about 4 months post-filing, most of your unsecured debts will be wiped out.

Chapter 13 Bankruptcy

If a Chapter 13 Bankruptcy Attorney advises that you do not meet the income criteria for Chapter 7 or you risk losing substantial assets, then you may elect to file Chapter 13. There are debt limits on this filing but they are substantial and a Chapter 13 Bankruptcy Attorney can usually find you eligible..

In this filing, a Chapter 13 Bankruptcy Attorney prepares your financial schedules and a repayment plan that includes your liabilities and arrearages for a mortgage, auto, student loan or court-ordered support payments. This way La Verne consumers can avoid foreclosure or repossession of personal property. Your La Verne bankruptcy lawyer can also devalue some secured debt to its replacement value to be included in the plan.

You pay a trustee one monthly payment over 3 to 5 years until secured creditors and those with priority are paid. Unsecured creditors are only paid in an amount they would have received in Chapter 7 or are discharged.

Chapter 11 Bankruptcy

If your La Verne LLC, corporation or partnership is suffering from unrelenting debt, have a Chapter 11 Bankruptcy Lawyer advise you on a Chapter 11. In this proceeding, your Chapter 11 Bankruptcy Lawyer files a disclosure statement and reorganization plan and tries to convince certain classes of creditors that the plan is in their best interests.

If the creditors vote to confirm the plan, the business goes about its customary operations. Most businesses will downsize to free up assets and have the ability to break existing contracts and agreements and enter into new ones, although these and other major business decisions must be court approved.

Individuals with major debts and ineligible to file under other chapters may elect to file Chapter 11 if so advised by a La Verne bankruptcy lawyer.

Call a La Verne bankruptcy lawyer at (888) 754-9877 for more information about bankruptcy and how life can be without stifling debt issues.

La Verne, CA 91750
(888) 754-9877