No one is immune from layoffs, a serious accident or illness or a downturn in the economy. Any unfortunate or unforeseen event can suddenly present you or your business with an inability to pay off debts and have you risk loss of hard-earned assets.

Reseda consumers and business owners can talk to a Reseda bankruptcy attorney at (888) 754-9877 about how bankruptcy can relieve them of crushing debt and give them a new start.

A Reseda bankruptcy attorney can talk to you about Chapter 7, a process where you can be rid of unsecured debt like credit cards and medical bills. For some Reseda consumers, Chapter 13 is more suitable where you repay creditors over a period of years and can retain all your assets. A Reseda bankruptcy attorney can explain how this chapter may be the most feasible.

Chapter 11 is primarily for corporations and partnerships who want to stay in business but need time to repay creditors and restructure their business in order to become profitable. Have a knowledgeable and skilled Reseda bankruptcy attorney counsel you on the process.

Chapter 7 Bankruptcy

Reseda consumers with overwhelming debt and an income that is below the state median may be eligible to file Chapter 7. If your income is too high, your Chapter 7 Bankruptcy Lawyer can still qualify you if your disposable income is low enough.

Businesses filing Chapter 7 usually do so to wind up their operations and have its assets liquidated and distributed to its creditors by the trustee.

If you are eligible, the Chapter 7 Bankruptcy Lawyer will advise you on other requirements before filing such as attending a debt counseling class and providing financial information. Your Chapter 7 Bankruptcy Lawyer will prepare a petition listing your financial affairs that will be later be reviewed at a meeting you and your Chapter 7 Bankruptcy Lawyer will attend. You will be asked questions about your financial affairs but your Reseda bankruptcy lawyer will have you well-prepared.

Most individual Reseda debtors can have their unsecured debts discharged about 4 to 6 months after filing.

Chapter 13 Bankruptcy

If facing foreclosure or you have fallen behind in your auto payments, student loan, past due taxes or child support payments, a Chapter 13 can allow you to pay these debts over time and retain all your assets. If your Chapter 13 Bankruptcy Attorney sees that you are not eligible for Chapter 7, then Chapter 13 may be an option.

Sole proprietors can include business debt in the repayment plan fashioned by the Chapter 13 Bankruptcy Attorney if you are also personally liable. Any filer cannot have debts that exceed a certain amount or they may consider Chapter 11.

A Chapter 13 Bankruptcy Attorney can also reduce the value of most secured debt to its market value for inclusion in the plan. The plan requires you to make a single monthly payment to the trustee over 3 or 5 years.

Consult with a Chapter 13 Bankruptcy Attorney about the efficacy of this type of bankruptcy for you.

Chapter 11 Bankruptcy

Corporations, LLCs and partnerships in financial trouble can seek to reorganize and pay back creditors over time in a Chapter 11. In some cases, creditors can band together to force an involuntary petition.

A Chapter 11 Bankruptcy Lawyer prepares a reorganization plan that advises how certain classes of creditors will be repaid and how the business hopes to restructure. Creditors whose debts are modified vote to confirm the plan.

If confirmed, the business remains in operation. To implement its restructuring plan, it must get court approval since the strategies will involve major business decisions. A Chapter 11 Bankruptcy Lawyer keeps the court informed on the case progress and handles creditor issues.

A Reseda bankruptcy lawyer can also advise smaller businesses on its obligations under Chapter 11 as well as for individual debtors who may elect to file if ineligible under Chapter 7 or 13.

Call a Reseda bankruptcy lawyer at (888) 754-9877 about the various bankruptcy options for you or your Reseda business.