Thinking about bankruptcy? Are you tired of harassing phone calls throughout the day and letters threatening legal action? Everyone has a breaking point and Covina residents experiencing this are no different. Call a Covina bankruptcy attorney at (888) 754 9877 if you are contemplating bankruptcy.

Bankruptcy is for individuals, couples, corporations, partnerships and small businesses. A Covina bankruptcy attorney will see if you qualify and counsel you to see if this is a feasible option for you.

Chapter 7 is for individuals and businesses. Individual Covina debtors can discharge unsecured debt like credit cards, medical and department store bills and personal loans. A Covina bankruptcy attorney will counsel you or your business on how this may be beneficial.

If you have assets that you can lose in a Chapter 7 or are otherwise ineligible, a Chapter 13 repayment plan can give you or your sole proprietorship time to repay creditors and keep you in business. Talk to a Covina bankruptcy attorney about this process that can save your home from foreclosure.

Chapter 11 is complex and less commonly used. A Covina bankruptcy lawyer will advise you if this is suitable for your business that involves considerable expense and administrative monitoring by the court and your Covina bankruptcy lawyer.

Covina bankruptcy lawyers have years of experience in counseling and representing debtors and businesses in Chapters 7, 11 and 13.

Chapter 7 Bankruptcy

If your income is not too high, you can file for Chapter 7, a liquidation process that can cancel out unsecured debt or provide an orderly dissolution of a corporation or LLC. Once a Chapter 7 Bankruptcy Lawyer sees that you qualify, you have to provide certain financial documents and complete a short debt education class arranged by your Chapter 7 Bankruptcy Lawyer. A petition is filed by your Chapter 7 Bankruptcy Lawyer listing assets, liabilities, leases and other executory contracts. After a meeting attended by yourself and Chapter 7 Bankruptcy Lawyer to see if any non-exempt assets may be seized, your discharge will be granted about 90 days later.

Businesses other than those offering personal services with few valuable assets will have to cease operating and surrender business assets. Other options may be available to them so talk to a Chapter 7 Bankruptcy Lawyer.

Chapter 13 Bankruptcy

Sole proprietors and Covina individual debtors with significant non-exempt assets can remain operating and keep their assets pursuant to a repayment plan drafted by a Chapter 13 Bankruptcy Attorney. Eligibility is easier then under Chapter 7 but a Chapter 13 Bankruptcy Attorney will substantiate this. Under the plan, secured debtors and those with priority like mortgage holders, employees and the IRS are paid first. With the assistance of a Chapter 13 Bankruptcy Attorney, the value of secured debt can be reduced to market value within the plan.

If your Chapter 13 Bankruptcy Attorney recommends a Chapter 13, you can include overdue payments on your home, car, student loan, child support and alimony in the plan that is repaid over 3 or 5 years.

Chapter 11 Bankruptcy

Although large corporations like General Motors seek Chapter 11 protection, smaller corporations, LLCs and partnerships may also file if a Chapter 13 is not a suitable option. Businesses can elect to file or be forced into involuntary Chapter 11 by creditors. A Chapter 11 Bankruptcy Lawyer will prepare a disclosure statement explaining how a reorganization will work followed by the plan for confirmation by certain impaired (unsecured) creditors and equity holders.

If confirmed, the business as debtor-in- possession continues to do business. Major business decisions like selling assets, expanding or closing operations, modifying leases, union agreements and other contracts and securing new financing must be court approved.

Secured creditors must be paid at least to the value of their collateral. A Chapter 11 Bankruptcy Lawyer monitors the process and files the required reports to keep the court updated on progress toward solvency.

Is bankruptcy right for you? Discuss your financial situation with a Covina bankruptcy lawyer at (888) 754 9877. Covina bankruptcy lawyers are available to help Covina residents with serious financial problems.