If debt has become a nightmare for you and all you are doing is paying the interest on loans, then maybe bankruptcy is a solution for you. Canoga park residents and business owners can call a Canoga Park bankruptcy attorney today at (888) 754-9877 to find out more about bankruptcy.

Canoga Park bankruptcy attorneys handle the 3 most common types of bankruptcy: Chapter 7, Chapter 11 and Chapter 13. Chapter 7 is a liquidation process where businesses dissolve and have their assets sold by the trustee to pay off creditors. For Canoga Park consu

mers, they can have unsecured debt like credit cards and medical bills discharged. A Canoga Park bankruptcy attorney will see if you are eligible to file based on your income.

Chapter 13 involves paying off creditors for up to 5 years and can include arrearages on secured debt like a mortgage, auto or even student loans and child support. Talk to a Canoga Park bankruptcy attorney about this unique type of bankruptcy.

Chapter 11 is a reorganization for corporations, LLCs and Canoga Park partnerships that allows them to restructure and pay back creditors over time.

Don’t hesitate to call a Canoga Park bankruptcy lawyer and schedule a consultation and see if bankruptcy can end your debt nightmares.

Chapter 7 Bankruptcy

Debt can be relentless but Chapter 7 can relieve debtors of creditor harassment and collection activities. You qualify to file if your income is either below the state median for your household size or you have disposable income that does not exceed a certain amount. A Chapter 7 Bankruptcy Lawyer will confirm your eligibility.

Once you file, all creditor activity ceases including lawsuits and asset seizures. Your Chapter 7 Bankruptcy Lawyer will ensure you comply with other requirements prior to filing. Your Chapter 7 Bankruptcy Lawyer will file a petition listing your debts, assets, household expenses and other financial information. You and the Chapter 7 Bankruptcy Lawyer will then meet with the trustee to review your petition.

Within a month or two, your unsecured debts including credit card and department store bills will be discharged. Your Chapter 7 Bankruptcy Lawyer will explain how to deal with secured debt that can save you money.

Consult a Canoga Park bankruptcy lawyer about corporate and other business dissolutions in a Chapter 7.

Chapter 13 Bankruptcy

Not all Canoga Park residents will be eligible to file Chapter 7 and a Chapter 13 Bankruptcy Attorney may recommend filing under this chapter. A Chapter 13 Bankruptcy Attorney will draft a repayment plan that lasts 3 or 5 years that repays creditors on a priority basis. This includes past due mortgage, auto, student loan, alimony and child support as well as other liabilities.

Your Chapter 13 Bankruptcy Attorney can have certain secured debt reduced to market value. And, your Chapter 13 Bankruptcy Attorney can explain lien stripping regarding second mortgages. If you adhere to the plan, unsecured debt will be discharged when the plan concludes.

Chapter 11 Bankruptcy

Chapter 11 is similar to Chapter 13 but much more costly and complex. A Chapter 11 Bankruptcy Lawyer files a disclosure statement that provides information about the corporation or partnership followed by a reorganization plan that is essentially a contract with the creditors.

Your Canoga Park business continues operating as usual but major decisions on restructuring such as selling assets, hiring certain professionals, modifying vendor and union contracts and leases and seeking financing must be court approved.

A Chapter 11 Bankruptcy Lawyer can help a small business in Chapter 11 that the court monitors more closely but which can bypass certain filing requirements. Individual debtors who cannot file Chapter 7 or 13 may file as well.

Call a Canoga Park bankruptcy lawyer at (888) 754-9877 and see if your debt nightmares can be a thing of the past.