Baldwin Park residents experiencing severe financial stress from overwhelming debt can call a Baldwin Park bankruptcy attorney at (888) 754 9877 to discuss how a bankruptcy can be a workable solution.

Baldwin Park debtors have the option of a straight bankruptcy under Chapter 7 or a repayment process under Chapter 13 depending on their eligibility and financial circumstances that a Baldwin Park bankruptcy attorney can review.

Businesses seeking to liquidate and close down their operations in a systematic way can do so under Chapter 7 or seek to return to profitable status in a reorganization under Chapter 11. Seek the advice of a Baldwin Park bankruptcy attorney if thinking of any of these options.

You can be sure that a Baldwin Park bankruptcy attorney will answer your bankruptcy questions and give you professional representation if you elect to file.

Chapter 7 Bankruptcy

In a straight bankruptcy, consumers can be rid of unsecured debt such as credit cards, department store charges, personal loans, most payday loans and medical bills. A Chapter 7 Bankruptcy Lawyer can advise you on what debts are not dischargeable. Also, your Chapter 7 Bankruptcy Lawyer will review your assets and inform you of what assets are exempt or may have to be surrendered to the trustee.

Also, consumers cannot have income that exceeds the state median or have disposable income above a certain standard or your Chapter 7 Bankruptcy Lawyer may suggest other options. Businesses are not held to this criteria and if filing will have its assets liquidated for the benefit of creditors.

A Chapter 7 Bankruptcy Lawyer prepares and files a petition for you detailing your financial affairs. You and your Baldwin Park bankruptcy lawyer will meet with the trustee to review your finances and certain transactions.

Before discharge, you must complete a short financial management class. Your final discharge of your debts is granted about 4 months after filing.

Chapter 13 Bankruptcy

Is your income too high to file Chapter 7? Do you have assets you could surrender according to your Chapter 13 Bankruptcy Attorney? Are you a Baldwin Park sole proprietor with business debt that is stifling your operation? If so, a Chapter 13 Bankruptcy Attorney may advise you to consider Chapter 13, a repayment process where creditors are paid back in order of priority over 3 or 5 years.

Chapter 13 is not only for debtors who cannot file a straight bankruptcy but is for homeowners in danger of foreclosure or who may lose a car to repossession. A Chapter 13 Bankruptcy Attorney can include these arrearages in a repayment plan along with other liabilities. Secured personal property can also be reduced to market value by your Chapter 13 Bankruptcy Attorney and included in the plan.

You make a single monthly payment to the trustee over the plan’s duration. Once completed, secured debt will be paid in full and unsecured likely discharged since it is paid last. Consult a Baldwin Park bankruptcy lawyer for more information.

Chapter 11 Bankruptcy

Businesses in Baldwin Park suffering from low performance can elect to file Chapter 11 or be forced into it by frustrated creditors. In any event, your Chapter 11 Bankruptcy Lawyer will prepare for the creditors’ consideration and approval a disclosure statement giving the creditors enough information to make an informed decision about the reorganization plan.

If the creditors confirm the plan, the business continues its usual activities. The court has authority to approve any restructuring such as modifying existing contracts, entering into new ones, hiring specialists, selling off assets or other major business decisions.

Your Chapter 11 Bankruptcy Lawyer files progress reports and handles creditor concerns. Smaller businesses are under greater court supervision but can be fast tracked through the system. In some cases, individuals can file as well but should consult a Baldwin Park bankruptcy lawyer about how the process can work for them.

Call a Baldwin Park bankruptcy lawyer at (888) 754 9877 and see if bankruptcy can be a solution to debt problems for you or your business.