Filing for bankruptcy for most people is merely a recognition that debt has become unmanageable and is disrupting their lives. Businesses that can no longer pay its vendors or other contractual obligations can face a chaotic situation unless they consider bankruptcy. To find out more about bankruptcy, Northridge residents and businesspersons can call a Northridge bankruptcy attorney at (888) 754-9877.

Northridge consumers can file Chapter 7 or 13 after consulting with a Northridge bankruptcy attorney. There are eligibility standards and requirements for before and after filing for both Chapter 7 and 13 that your Northridge bankruptcy attorney can review for you.

Chapter 7 is a straight bankruptcy where unsecured debt like credit cards, department store charges, medical bills, personal loans and some taxes and payday loans can be erased. Chapter 13 is a repayment process for individuals. Chapter 11 is primarily a business reorganization and repayment procedure.

Retain a Northridge bankruptcy attorney to file your bankruptcy if you elect to do so. Northridge bankruptcy lawyers handle all types of bankruptcies and proceedings for individuals and businesses.

Chapter 7 Bankruptcy

Unsecured debt like credit cards, medical bills, department store or payday loans can add up quickly. If you are thinking of filing Chapter 7, a Chapter 7 Bankruptcy Lawyer can confirm your eligibility by comparing your income and liabilities to state standards.

If the Chapter 7 Bankruptcy Lawyer substantiates your eligibility, you will be advised on how Chapter 7 may affect your assets if at all.

If you elect to file, your Chapter 7 Bankruptcy Lawyer files a petition of your financial affairs that is later reviewed at a meeting with the trustee, attended by you and your Chapter 7 Bankruptcy Lawyer.

Your Northridge bankruptcy lawyer can be sure your petition is in order or handle any issues. In most cases, your unsecured debts will be discharged a few months later.

Chapter 13 Bankruptcy

Northridge consumers with substantial assets or who may have a foreclosure or auto repossession looming can find protection under Chapter 13. A Chapter 13 Bankruptcy Attorney prepares a plan in which you repay creditors over 3 or 5 years. Secured creditors and those with priority are paid first. You can include arrearages for your mortgage, car, student loan, alimony or child support in the plan. Your Chapter 13 Bankruptcy Attorney will determine if the repayment plan is feasible.

Once approved, you make a single monthly payment to the trustee for distribution. If some later event makes the payment difficult, your Chapter 13 Bankruptcy Attorney may be able to revise it. Call a Chapter 13 Bankruptcy Attorney for more information.

Chapter 11 Bankruptcy

Troubled Northridge businesses can seek protection and relief under Chapter 11, a repayment process that also allows businesses to re-make or restructure their operations with bankruptcy court approval.

A Chapter 11 Bankruptcy Lawyer submits a disclosure statement and reorganization plan that classifies creditors and advises how they will be paid. It also offers a plan for how the business expects to regain solvency.

If the plan is confirmed, the business continues in operation and implements its reorganization strategies if the court approves. Your Chapter 11 Bankruptcy Lawyer files progress reports and handles creditor concerns.

Call a Northridge bankruptcy lawyer if you need more information on bankruptcy. Trust a Northridge bankruptcy lawyer to give you the necessary advice for you to make an informed decision