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Whittier Bankruptcy Attorney

Bankruptcy is a legal way of getting rid of burdensome debt and allowing a business time to repay creditors. While a bankruptcy can affect your credit, you may be in a position where canceling debt is more beneficial. A Whittier bankruptcy attorney can assess your situation and determine if this is the right option. Debtors who do file can later repair their credit with the help of a Whittier bankruptcy attorney. Call a Whittier bankruptcy attorney at (888) 754-9877 with your questions about bankruptcy.

Whittier residents with primarily consumer debt can file Chapter 7 once they confirm their eligibility and follow certain requirements with the help of a Whittier bankruptcy attorney.

Debtors who cannot file Chapter 7 or who have substantial non-exempt assets may find Chapter 13 an option that suits their needs. This is a repayment plan over 3 or 5 years where creditors are paid off, though some obligations will be discharged once the plan is concluded.

Chapter 11 is principally for corporations and Whittier partnerships who want an opportunity to become solvent by repaying creditors over time and restructuring their operations.

Consult a Whittier bankruptcy lawyer regarding which of these bankruptcy options may be a solution for you.

Chapter 7 Bankruptcy

Lost your job or had a serious accident and unable to work? Are medical bills piling up and credit cards maxed out? If so, a Chapter 7 bankruptcy might be of significant help. A Chapter 7 Bankruptcy Lawyer will confirm your eligibility based on your income and household size or the amount of your disposable income. If eligible and after producing certain documents with the help of a Chapter 7 Bankruptcy Lawyer, a petition containing schedules of your assets, liabilities, executory contracts and monthly household expenses is filed.

Usually, only one appearance is necessary and that is with your Chapter 7 Bankruptcy Lawyer before a trustee who will see if you have any non-exempt assets worth pursuing. Within two months, you will receive a discharge of your unsecured debt.

Corporations who file have to cease operations and relinquish corporate assets. Small personal service businesses with no inventory or little assets can discharge business debts and may be able to continue operating. Consult a Chapter 7 Bankruptcy Lawyer for more information.

Chapter 13 Bankruptcy

In a Chapter 13, your Chapter 13 Bankruptcy Attorney prepares a repayment plan to your creditors over a 3 or 5 year period. This is for individuals only and allows Whittier debtors to retain all assets, even non-exempt ones like a second car or vacation home. Debtors who are in arrears in their mortgage, car loan, child support, alimony or student loans can include those in the plan. A Chapter 13 Bankruptcy Attorney can confirm that the repayment plan is workable.

As a sole proprietor, you can discharge unsecured, non-priority debts like credit cards when the plan is completed. If the debt was co-signed or guaranteed by you, talk to a Chapter 13 Bankruptcy Attorney.

Certain secured debts can be reduced to their market value and consolidated into your plan. Your Chapter 13 Bankruptcy Attorney will prepare this for you.

Chapter 11 Bankruptcy

Chapter 11 filings are the least common of the 3 main types of bankruptcy since they are expensive and involve filing reports and other formalities. A Chapter 11 Bankruptcy Lawyer will file a reorganization plan for creditor confirmation. Once in place, the business can continue operating but loses authority over major business decisions to the court with input from creditors. These decisions include sale of assets, modifying contracts and agreements, securing financing and restructuring operations. A Chapter 11 Bankruptcy Lawyer will stay on top of the filings and reports that the court requires.

Small businesses and individuals with debt too large to file for Chapter 7 or 13 but who have considerable assets but significant earning capacity may file as well. Have a Whittier bankruptcy lawyer counsel you on whether Chapter 11 is a suitable option.

Call a Whittier bankruptcy lawyer at (888) 754-9877. Whittier bankruptcy lawyers handle all 3 of the major types of bankruptcy.

Whittier, CA 90601
(888) 754-9877