While borrowing may be the American way of debt, too many people have lost their homes and other possessions when repaying it becomes a choice between eating or losing an asset. It does not, however, have to be that way for anyone experiencing severe debt problems. If you are a Granada Hills resident or business owner, you can call a Granada Hills bankruptcy attorney at (888) 754-9877.

Bankruptcy for consumers does not mean you lose your assets in most cases and you can avoid home foreclosure or asset repossession with the assistance of an experienced Granada Hills bankruptcy attorney. You can discharge much of your debt including business debts. Secured debt can be reduced in value in many cases or returned to the security owner without further obligations.

Businesses can dissolve without having to deal with creditor issues or reorganize for another chance at solvency.

Call and schedule an appointment with a Granada Hills bankruptcy attorney and learn more about how bankruptcy can relieve you of crushing debt.

Chapter 7 Bankruptcy

Filing for a straight bankruptcy under Chapter can relieve you of debt such as credit cards, medical bills, payday loans, department store bills and personal loans. A Granada Hills bankruptcy attorney will see if you are eligible to file based on your income and liabilities, though many Granada Hills consumers will qualify.

A Chapter 7 Bankruptcy Lawyer also examines your assets and matches them to available exemptions. In some cases, your Chapter 7 Bankruptcy Lawyer may advise you to consider Chapter 13.

If you elect Chapter 7, your Chapter 7 Bankruptcy Lawyer will submit a petition of your financial affairs to a trustee for review. You and your Chapter 7 Bankruptcy Lawyer will attend the brief meeting that will be your only appearance. Most potential issues will have been resolved by your Granada Hills bankruptcy lawyer by this time.

Within 4 to 6 months after filing, yo will receive a discharge of your unsecured debt. You have options regarding your secured debt that your Granada Hills bankruptcy lawyer can explain.

Businesses filing Chapter 7 will cease operations in most cases and have their assets liquidated for distribution to their creditors.

Chapter 13 Bankruptcy

If not eligible to file or your assets are likely to be surrendered in a straight bankruptcy, your Chapter 13 Bankruptcy Attorney may suggest an alternative. Under Chapter 13, your Chapter 13 Bankruptcy Attorney prepares a plan for you to repay your creditors over 3 or 5 years. Granada Hills homeowners can avoid foreclosure and property repossessions by filing. Secured creditors are repaid in full though secured personal property can be reduced to its market value and included in the plan.

Any arrearages in mortgages, auto, student loans, alimony or child support can be included so long as you keep the monthly payments current. Your Chapter 13 Bankruptcy Attorney will review this with you.

You make a single monthly payment to the trustee for the plan’s duration. When the plan is concluded, any unsecured debt can be discharged. See your Chapter 13 Bankruptcy Attorney for more information.

Chapter 11 Bankruptcy

Businesses experiencing severe debt issues can seek relief and a chance to reorganize under Chapter 11 with the assistance of a skilled Chapter 11 Bankruptcy Lawyer.

A Chapter 11 Bankruptcy Lawyer files a disclosure statement and reorganization plan for confirmation by creditors who will not receive full value under the plan though they may still benefit.

If confirmed, the business continues its usual operations but the bankruptcy court must approve any major business decisions such as selling off assets, expanding some operations, breaking contracts and leases and entering into new ones and others.

Creditors are repaid over time. Your Granada Hills bankruptcy lawyer keeps the court advised with periodic progress reports.

Granada Hills individuals with large debt who are ineligible under Chapter 7 or 13 may also file.

Call a Granada Hills bankruptcy lawyer at (888) 754-9877 to see if bankruptcy is a feasible choice for your financial situation.