Yucaipa Bankruptcy Attorney
Bankruptcy is a legal process that allows debtors and businesses to cancel certain debt or to repay creditors over time. Most debt that can be discharged is unsecured, meaning that no collateral was given as a condition of the loan although debt such as most taxes, student loans, court fines, alimony and child support cannot be discharged. Also, debt incurred as a result of fraud cannot be discharged. But if you are a Yucaipa consumer experiencing severe debt problems, you can probably get relief by calling a Yucaipa bankruptcy attorney at (888) 754-9877. Businesses can also file for bankruptcy relief and protection with the assistance of a Yucaipa bankruptcy attorney.
Most consumer debt is unsecured and dischargeable. A Yucaipa bankruptcy attorney will review your income and assets to see if you are eligible to file Chapter 7, a straight bankruptcy. If not, the Yucaipa bankruptcy attorney may recommend Chapter 13, which is for individuals and sole proprietors only. A Yucaipa business can file Chapter 7 if dissolving or Chapter 11, if it wishes to reorganize and repay creditors over time.
Talk to a Yucaipa bankruptcy lawyer about your debt issues and if bankruptcy could be the solution for your debt situation.
Chapter 7 Bankruptcy
Chapter 7 can wipe out most unsecured debt and business debt. If your Chapter 7 Bankruptcy Lawyer confirms your eligibility to file as a consumer and your assets safe, you can elect to file. The Chapter 7 Bankruptcy Lawyer will advise you on what debts are non-dischargeable. If you file, your Chapter 7 Bankruptcy Lawyer will advise you regarding certain obligations you have before and after filing.
Chapter 7 is relatively straight-forward. Your Chapter 7 Bankruptcy Lawyer will file a petition detailing your assets, debts, expenses and various transactions for a trustee to review at a 341a Meeting. Your Yucaipa bankruptcy lawyer will accompany you.
Most debtors will have no other appearances to make. You can expect a final discharge within 4 months after filing.
Chapter 13 Bankruptcy
A Chapter 13 Bankruptcy Attorney may recommend the wage earner’s plan for Yucaipa individuals and sole proprietors ineligible to file Chapter 7 or who will benefit more under this chapter. A Chapter 13 Bankruptcy Attorney prepares a payment plan for you to repay creditors over 3 or 5 years. This can include past due payments for a mortgage, car loan, student loan, taxes, alimony and child support. Filing will avoid a foreclosure or other collection activity.
Creditors are paid in order of priority and secured status. Unsecured debt that would not have been paid under Chapter 7 will be discharged. Your Chapter 13 Bankruptcy Attorney can also decrease the value of most secured debt to its market value.
If you experience problems in making your monthly payment to the trustee, talk to your Chapter 13 Bankruptcy Attorney about revising the plan.
Chapter 11 Bankruptcy
If you are a Yucaipa business with severe debt issues, a Chapter 11 Bankruptcy Attorney may recommend Chapter 11. This filing gives your business an opportunity to repay creditors over time, often for less than the obligation due, and to restructure the business to return it to solvency.
The proceeding requires a Chapter 11 Bankruptcy Attorney to prepare a disclosure statement and reorganization plan that places creditors into classes. Impaired creditors vote on confirming the plan if it is deemed feasible, filed in good faith, is fair and equitable and beneficial.
If confirmed, the company resumes its normal operations. Any major business decisions such as shutting down operations, selling assets, hiring specialists and re-doing contracts must meet court approval.
A Yucaipa bankruptcy lawyer monitors the company’s progress and files periodic reports. Smaller businesses can bypass some of the formalities and get on a fast-track. Individuals can also file Chapter 11 under some circumstances that a Yucaipa bankruptcy lawyer can advise upon.
Call a Yucaipa bankruptcy lawyer at (888) 754-9877 for more information about what bankruptcy can do for you or your business.