Mentone Bankruptcy Attorney
Bankruptcy is not just for major corporations, celebrities or a former real estate developer who is now leader of the free world. Nor is it an easy way for anyone to just max out their credit cards, keep their purchases and then wipe out the obligation.
The majority of bankruptcies are filed by individuals who lost a job or who suffered a serious injury or illness themselves or by a family member that cost them thousands in medical bills. Businesses suffering because a major employer left the community or has a substantial lawsuit looming seek bankruptcy protection as well. If you have a similar experience, consult a Mentone bankruptcy attorney at (888) 754-9877.
A Mentone bankruptcy attorney will meet with you to discuss your current financial situation. If you are a consumer, a Mentone bankruptcy attorney will verify your eligibility to file. Businesses also need the advice of a Mentone bankruptcy attorney as to how bankruptcy can revive their operations or if dissolution is more practical.
Chapter 7 Bankruptcy
Consumers and businesses can cancel certain debt in a Chapter 7 as determined by a Chapter 7 Bankruptcy Lawyer. Unsecured debt incurred before filing like credit card charges, medical bills, utility bills, unpaid rent, personal loans, repossession deficiency balances, business debts and others can be erased. As a Mentone consumer, you are entitled to certain exemptions for your assets that a Chapter 7 Bankruptcy Lawyer will review once your eligibility to file is verified.
Your Chapter 7 Bankruptcy Lawyer prepares a petition of your finances and affairs for later review by a trustee at the 341 Meeting attended by you and your Chapter 7 Bankruptcy Lawyer. Your Mentone bankruptcy lawyer will also inform you of your responsibilities before and after you file.
In most cases, a final discharge of your debts is granted about 90 days after your meeting with the trustee.
Chapter 13 Bankruptcy
Mentone consumers ineligible to file Chapter 7 or whom their Chapter 13 Bankruptcy Attorney has advised them against filing may elect Chapter 13. Sole proprietors may file as well. A Chapter 13 Bankruptcy Attorney drafts a plan for the trustee’s approval where you pay back primarily secured creditors and those with priority over 3 or 5 years.
The Chapter 13 Bankruptcy Attorney can include in the plan arrearages in your mortgage, auto, student loan or child support obligations. By filing, Mentone homeowners can put a stop to foreclosure and consumers to an auto repossession. A Chapter 13 Bankruptcy Attorney can also devalue secured debt to its market value.
Business debt if personally guaranteed by sole proprietors can be in the plan as well. Any unsecured debt that would not be paid under Chapter 7 will be discharged at the conclusion of the plan. Talk to a Mentone bankruptcy lawyer for more information.
Chapter 11 Bankruptcy
Chapter 11 allows a corporation, LLC or Mentone partnership to seek protection from creditors and to reorganize. A Chapter 11 Bankruptcy Attorney will submit a disclosure statement that provides information for creditors who will vote on whether to confirm or reject the reorganization plan drafted by the Chapter 11 Bankruptcy Attorney.
Not all creditors are paid in full and repayments occur over time. If the plan is confirmed, the company may continue business as usual without trustee oversight, unless deemed a small business. Most companies will seek to downsize to release assets or to sell off assets for more cash. Any major business decision such as breaking existing contracts and other agreements or to re-enter into others must be court approved.
If a Mentone bankruptcy lawyer advises, an individual with significant debt may also file Chapter 11 if certain circumstances exist.
Call a Mentone bankruptcy lawyer at (888) 754-9877 if you or your business is considering bankruptcy to see if it can be a solution to intractable debt.