Diamond Bar residents who are experiencing extreme financial pressure from too much debt can call a Diamond Bar bankruptcy attorney at (888) 754-9877 to discuss how bankruptcy might be a solution. Businesses unable to meet debt obligations or pay its employees can also seek protection and relief from creditors in bankruptcy after consulting with a Diamond Bar bankruptcy attorney.

Bankruptcy can cancel certain debt and exempt personal assets to some degree. There is eligibility criteria for individuals that a Diamond Bar bankruptcy attorney can confirm. There is also a repayment proceeding for individuals under Chapter 13 and under Chapter 11 for businesses. A Diamond Bar bankruptcy attorney can counsel you or your business on any of these procedures.

Chapter 7 Bankruptcy

If a Chapter 7 Bankruptcy Lawyer confirms your eligibility to file and that your personal assets are exempt, then consider Chapter 7. This is a process that can wipe out unsecured debt including credit card charges, department store bills, medical bills, payday loans, personal loans and deficiency judgments. There are unsecured debts that are not dischargeable or may be in limited circumstances that a Chapter 7 Bankruptcy Lawyer can advise.

Diamond Bar businesses can dissolve their operations in a controlled fashion, sell off debts and repay creditors to some extent. Individual filers have certain obligations that a Chapter 7 Bankruptcy Lawyer will ensure you comply with.

After your Chapter 7 Bankruptcy Lawyer files a petition of your financial affairs, you and your Diamond Bar bankruptcy lawyer will attend a 341a Meeting with the trustee who will review it. In most cases, debtors have their debts discharged within 4 months of filing.

Chapter 13 Bankruptcy

A Chapter 13 Bankruptcy Attorney may inform you that you are ineligible to file Chapter 7 or that your assets will not all be exempted. The Chapter 13 Bankruptcy Attorney may advise you to consider Chapter 13, a repayment or wage earner’s plan where secured and other priority creditors are paid back in 3 years or 5 years in some cases.

When a Chapter 13 Bankruptcy Attorney files, the proceeding can avoid a foreclosure or repossession so long as the debtor can keep monthly payments current. The arrearages are included in the plan as well as other past due payments such as for a student loan or child support.

Diamond Bar sole proprietors can include business debt so long as they had personally guaranteed it. A Chapter 13 Bankruptcy Attorney can also adjust certain secured debt in the plan that can save debtors considerable money.

Chapter 11 Bankruptcy

A Diamond Bar business can remain open, restructure its debt and repay creditors over time in a Chapter 11. Businesses should consult with a Chapter 11 Bankruptcy Lawyer about this costly and complex proceeding.

A Chapter 11 Bankruptcy Lawyer will submit for creditor approval a reorganization plan that advises creditors how their debts will be adjusted and repaid. These creditors approve or reject the plan though a court can force them to accept it.

If confirmed, the debtor business generally retains control over its operations and assets. However, the bankruptcy court has to approve implementation of any major business decision such as downsizing or re-negotiating new contracts and other business transactions.

A Diamond Bar bankruptcy lawyer ensures the business complies with various filing and reporting requirements and associated payments and fees. Some individuals with substantial debt but with considerable property can file with the assistance of a Diamond Bar bankruptcy lawyer.

Call a Diamond Bar bankruptcy lawyer at (888) 754-9877 about how a bankruptcy can relieve you of substantial debt and financial difficulties.