The majority of people and businesses that file for bankruptcy do so because of events beyond their control. Factories and industries move elsewhere leaving hundreds or even thousands of workers without a job and affecting other businesses that service these workers. A tragic accident or illness can lead to severe financial problems. If you are thinking of bankruptcy, call an Azusa bankruptcy attorney at (888) 754-9877.

Azusa residents can turn to an Azusa bankruptcy attorney for help in eliminating much of their debt and giving them an opportunity for a fresh start. Businesses can dissolve and have assets sold and distributed to creditors in an ordered manner or reorganize and pay back creditors over time. In any of these cases, an experienced Azusa bankruptcy attorney can advise you.

Get all the information you need to make an informed decision about whether bankruptcy is suitable for your financial situation by consulting with an Azusa bankruptcy attorney.

Chapter 7 Bankruptcy

Businesses winding up their operations can use Chapter 7 with the help of a Chapter 7 Bankruptcy Lawyer to systematically liquidate their assets without further obligations. Azusa consumers must meet eligibility standards regarding income and liabilities as confirmed by a Chapter 7 Bankruptcy Lawyer. Eligible filers do have to take a debt counseling class and produce financial documents before filing that your Chapter 7 Bankruptcy Lawyer will arrange.

A petition with your detailed financial affairs is submitted by your Chapter 7 Bankruptcy Lawyer for review by the trustee at a meeting attended by you and your Azusa bankruptcy lawyer.

Usually, there are no issues in most cases, especially if you have retained an Azusa bankruptcy lawyer. Within 4 to 6 months after filing, unsecured debt like credit cards, medical bills, department store charges, personal loans and most payday loans are discharged.

Chapter 13 Bankruptcy

Azusa sole proprietors and individuals have the option of filing Chapter 13. Debtors who do not meet the criteria for filing Chapter 7 or who risk surrendering valuable assets in a straight bankruptcy can file Chapter 13 on the advice of a Chapter 13 Bankruptcy Attorney.

A Chapter 13 Bankruptcy Attorney prepares a plan for debtors to repay creditors over 3 or 5 years. This can enable Azusa homeowners to avoid foreclosure or a personal property repossession like an auto and give them time to save their funds. The plan can include all liabilities and arrearages for a mortgage, auto, student loan, alimony or child support.

Your Chapter 13 Bankruptcy Attorney can also reduce the value of some secured debt to market value. Call a Chapter 13 Bankruptcy Attorney for more information.

Chapter 13 Bankruptcy

If your business is no longer solvent but has potential, consult a Chapter 11 Bankruptcy Lawyer about a reorganization. Under Chapter 11, a Chapter 11 Bankruptcy Lawyer submits a disclosure statement that should have enough financial information for creditors about whether to confirm a potential reorganization plan that is also filed by your Azusa bankruptcy lawyer. Smaller businesses may bypass this requirement but they will be subject to greater court supervision.

If the creditors find that the plan is feasible, filed in good faith, is fair and equitable and has benefit to them, they should confirm it. The debtor business can continue to remain operating but its restructuring plan that may include downsizing, breaking and modifying existing contracts and leases, hiring particular specialists and seeking financing must be court-approved. Creditors are paid back over time though some will not be paid in full.

Azusa individuals with substantial debt and cannot file under other chapters can file under Chapter 11 as well.

Call an Azusa bankruptcy lawyer at (888) 754-9877 to find out more about bankruptcy and how it may be a reasonable solution for your debt problems.