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Fountain Valley Bankruptcy Attorney

When faced with constant demands for payment from creditors and only able to pay the interest on most debts, your financial situation may seem hopeless. Juggling payments, borrowing more and hoping for some miracle is not a practical strategy. Instead, call a Fountain Valley bankruptcy attorney at (888) 754-9877.

Chapter 7 bankruptcy enables eligible consumers to discharge certain debt and businesses to dissolve their operations in an orderly manner. While business assets are to be sold to pay off some creditors to some extent, most personal assets can be exempt and retained by debtors. A Fountain Valley bankruptcy attorney will see if individual filers are eligible and if certain assets can be exempted.

Debtors and sole proprietors can also elect to file Chapter 13, which is also an alternative for individuals who cannot file Chapter 7 or who would lose too many assets. A Fountain Valley bankruptcy attorney will counsel you on how this filing can avoid foreclosures and allow debts to be repaid over time.

Similarly, a Fountain Valley bankruptcy attorney can assist businesses that want to remain operating but need time to pay off creditors and to restructure their operations.

A Fountain Valley bankruptcy lawyer handles bankruptcy for both debtors and businesses.

Chapter 7 Bankruptcy

Fountain Valley debtors and business owners can file Chapter 7 to wipe out unsecured debt such as credit card charges, medical bills, department store bills, personal loans, promissory notes, business debt, payday loans and others. A Chapter 7 Bankruptcy Lawyer will verify that consumers meet the income criteria and that their personal assets will be largely exempt.

A Chapter 7 Bankruptcy Lawyer can help a business dissolve its operations and walk away from business debt after its assets are sold off and used to pay creditors to some degree.

When a Chapter 7 Bankruptcy Lawyer files your petition listing your financial affairs, an automatic stay halts all collection activities. You and your Chapter 7 Bankruptcy Lawyer will meet with a trustee to review the petition. In most cases, few issues are raised since your Fountain Valley bankruptcy lawyer will have adequately prepared your case.

Chapter 13 Bankruptcy

Some Fountain Valley individuals may be advised by a Chapter 13 Bankruptcy Attorney that they are ineligible to file Chapter 7 or that they could lose too many of their assets. Chapter 13 gives you 3 years to repay creditors, or 5 years in some cases, that includes past due mortgage payments, auto loan, student loan, alimony and child support payments.

A Chapter 13 Bankruptcy Attorney will submit your repayment plan to a trustee for approval. Your debts cannot exceed certain amounts that a Chapter 13 Bankruptcy Attorney will verify. A Chapter 13 Bankruptcy Attorney can also adjust certain secured debt so that you can save money over the life of the plan.

Chapter 11 Bankruptcy

If your business is considering Chapter 11, have a Chapter 11 Bankruptcy Lawyer first assess your business prospects and plans. Under Chapter 11, a corporation, partnership or LLC can remain operating while a Chapter 11 Bankruptcy Lawyer adjusts debt within a reorganization plan.

Creditors who are impaired under the plan or who will paid less than full value for their debts vote to confirm the plan if they decide it is feasible, filed in good faith, is fair and equitable and in their best interest.

If confirmed, the company goes about its daily operations and has control of its assets. Any major business decisions such as selling major assets or equipment or entering into new contracts or leases must be court approved. A Fountain Valley bankruptcy lawyer ensures that the company complies with all reporting and filing requirements.

There is no time limit on a Chapter 11 case. Smaller businesses and even some individuals can file Chapter 11 after being advised by a Fountain Valley bankruptcy lawyer.

Call a Fountain Valley bankruptcy lawyer at (888) 754-9877 regarding the bankruptcy process and how it could benefit you or your business.

Fountain Valley, CA 92728
(888) 754-9877