A financial crisis can develop over time or occur suddenly when you are layed off from work or you or a loved one has a medical emergency. Debts you could once easily pay off are now a burden with creditors calling and threatening legal action. This can happen to any Chino Hills resident or business but there are solutions. Call a Chino Hills bankruptcy attorney today at 909-927-8695 to discuss your situation.

Bankruptcy is no longer a dirty word. A Chino Hills bankruptcy attorney can help ease your stress when filing Chapter 7 that can relieve you of unsecured debt. If you have a business, you can stay in business while paying off creditors if filing under Chapter 13 or Chapter 11. There are eligibility requirements for Chapter 7 and 13 that most Chino Hills consumers can meet. In most cases, you can retain most if not all of your assets. Meet with a Chino Hills bankruptcy attorney and see how bankruptcy can be the answer you are seeking.

A Chino Hills bankruptcy attorney can advise you about these 3 common types of bankruptcies:

Chapter 7 Bankruptcy

Debtors with primarily consumer debt can file for Chapter 7 relief if they meet the income requirements that do not exceed the state median for their household size or have disposable income below a certain sum. Chino Hills corporations and businesses can use Chapter 7 to wind up their businesses. Your Chapter 7 bankruptcy lawyer can discuss how this filing can allow you to keep your assets, return collateral on secured property if you wish and retain most or all of your assets.

Consumer debtors have to attend two classes–a debt education class before filing and a debt management class before discharge, both of which can be arranged by the Chapter 7 bankruptcy lawyer. You and your Chapter 7 bankruptcy lawyer will attend a meeting with the trustee overseeing your case to briefly answer questions about your petition. Any discrepancies or amendments can be managed by your Chapter 7 bankruptcy lawyer. No court appearances are necessary in most cases and your Chino Hills bankruptcy lawyer can handle issues as they arise. After about 4 months, your unsecured debts will be formally discharged. Discuss the procedures with a Chino Hills bankruptcy lawyer.

Chapter 13 Bankruptcy

Chapter 13 is used by Chino Hills sole proprietorships, debtors who are ineligible for Chapter 7 or who have foreclosure or car repossession issues. You will need a steady source of income since you are repaying your creditors over a 3 or 5-year period. This plan, formulated by your Chapter 13 bankruptcy attorney, can include mortgage and car loan arrearages. Also, some secured debt can re re-valued. Your Chapter 13 bankruptcy attorney can explain the procedure to you.

There are debt limitations that your Chapter 13 bankruptcy attorney can assess and see if they can be brought to within the debt limits if this is an issue. Debtors make a single monthly payment to the trustee to distribute to creditors with secured creditors first and who have priority. Unsecured debt such as junior mortgages can be discharged at the conclusion of the repayment period. Seek the advice of a Chapter 13 bankruptcy attorney if you have a situation similar to this. Call the Chino Hills bankruptcy lawyer today.

Chapter 11 Bankruptcy

On the advice of a Chino Hills bankruptcy lawyer, corporations and partnerships facing a slew of lawsuits or financial chaos can utilize Chapter 11 to fend off claims, downsize and follow a new business plan. Chapter 11 cases are often very complex and may involve dozens or hundreds of creditors or class action lawsuits. A Chapter 11 bankruptcy attorney will examine the business operations and formulate a reorganization plan that can steer the business into profitability. Creditors’ committees may be formed that must approve the plan or submit their own. Once approved, the debtor business, under the watchful eye of the US Trustee’s office, can negotiate new contracts or re-do old ones including existing leases.

Small Chino Hills businesses can also file under Chapter 11 and may avoid many of the requirements if they qualify for fast-track , which can save money and streamline the process. Individuals can also file under Chapter 11 if they have substantial debt and do not qualify for Chapter 7 or 11. Discuss this procedure with a Chapter 11 bankruptcy attorney.

Filing for bankruptcy can be the right course of action for your unique situation. Call a Chino Hills bankruptcy lawyer at (888) 754-9877 to discuss how bankruptcy can help you recover from financial difficulties.