Call a Costa Mesa bankruptcy attorney at (888) 754-9877 to see how bankruptcy can relieve you of burdensome debt, let you keep your assets and give you a fresh start.

As a solution for severe debt problems, bankruptcy enables individuals to cancel certain debt and retain certain exempt assets. Consumers do have to meet certain income criteria to file. They can also elect to file Chapter 13 if they could lose certain assets or are otherwise not eligible to file Chapter 7. A Costa Mesa bankruptcy attorney can review your situation and properly advise you on which is more beneficial.

A business that files may elect to liquidate its assets to pay off its creditors, though at less than full value, or repay creditors over time while going through a restructuring. This is a complex repayment proceeding regarding which a Costa Mesa bankruptcy attorney needs to fully apprise you of its implications and requirements.

A Costa Mesa bankruptcy attorney handles all of these types of bankruptcy and represents debtors and businesses throughout the process fro m pre-filing to discharge.

Chapter 7 Bankruptcy

This is a straight bankruptcy where individuals and businesses can wipe out business and consumer debt. Business assets are sold to pay off creditors. Consumers, if a Chapter 7 Bankruptcy Lawyer determines they are eligible to file, are entitled to certain exemptions for their personal assets. Again, a Chapter 7 Bankruptcy Lawyer needs to evaluate them or may recommend Chapter 13 that a Costa Mesa bankruptcy lawyer can also handle.

Consumers can have particular unsecured debt wiped out such as credit card charges, medical bills, department store bills, personal loans, promissory notes, business debt, payday loans and repossession deficiencies. A Chapter 7 Bankruptcy Lawyer can advise you on what debts are not dischargeable.

A Chapter 7 Bankruptcy Lawyer will also ensure consumers carry out certain obligations when filing. A typical case takes about 4 months from filing to discharge. Most cases prepared by a Costa Mesa bankruptcy lawyer have few issues that can delay discharge.

Chapter 13 Bankruptcy

Chapter 13 is a repayment procedure available to individuals whose income exceeds the standards for filing Chapter 7 or who would lose substantial assets under that filing upon being advised by a Chapter 13 Bankruptcy Attorney. Under the repayment plan submitted by a Chapter 13 Bankruptcy Attorney, you pay back secured and other priority creditors in 3 years or 5 years in some cases.

A Chapter 13 Bankruptcy Attorney can help Costa Mesa debtors avoid home foreclosure, repossession and other collection activities. Past due payments for these loans and for other obligations such as alimony or child support can be included in the plan. Debtors make a single monthly payment to the trustee. Most unsecured debt can be discharged when the plan is concluded.

A Chapter 13 Bankruptcy Attorney can review your eligibility and your obligations on filing.

Chapter 11 Bankruptcy

Costa Mesa businesses that wish to continue operating but have severe debt issues can file Chapter 11 with the help of a Chapter 11 Bankruptcy Lawyer. There a number of filing and reporting requirements that a Chapter 11 Bankruptcy Lawyer can see are met including the submission of a disclosure statement and reorganization plan.

Chapter 11 allows a business to adjust debt and repay creditors over time. Certain creditors have to approve of the plan before reorganization can take place. Once confirmed, the debtor company can resume normal business operations. Its restructuring strategies will have to be court approved if they involve major business decisions.

A Costa Mesa bankruptcy lawyer can advise small businesses and individuals on how reporting and filing requirements differ for them.

Call a Costa Mesa bankruptcy lawyer at (888) 754-9877 to discuss how you can have your debt issues resolved.