Vice-President Dick Cheney once said that deficits (or debt) doesn’t matter but tell that to consumers or businesses drowning in debt and fighting off creditors, lawsuits and asset seizures. If you are a West Hills resident or business owner with too much debt, call a West Hills bankruptcy attorney at (888) 754-9877.

West Hills bankruptcy attorneys handle Chapter 7, Chapter 11 and Chapter 13 bankruptcies. For West Hills consumers who are meet eligibility requirements, they can cancel out debt like credit cards, personal loans, department store bills and even some tax liabilities. If they fall behind on secured loans, a Chapter 13 can allow them to retain all their assets while repaying creditors over a period of years. Talk to a West Hills bankruptcy attorney to see which type of consumer bankruptcy is right for you.

West Hills businesses can liquidate their assets in an regulated manner in Chapter 7 or, if a sole proprietor, continue operating while repaying creditors in an Chapter 13. Chapter 11 is a reorganization process whereby creditors are repaid over time.

Set up a consultation today with a West Hills bankruptcy attorney regarding the effects of a bankruptcy on your financial affairs and debt obligations.

Chapter 7 Bankruptcy

West Hills residents with consumer debt can have unsecured debt discharged in Chapter 7. A Chapter 7 Bankruptcy Lawyer can advise you on what debt may be discharged and what assets are exempt. You must have income that is below the state median for your household or have disposable income that is not above a certain amount.

Once you take a debt education class and provide certain financial documents, your Chapter 7 Bankruptcy Lawyer will file a petition containing details on your financial affairs. After filing, you and your Chapter 7 Bankruptcy Lawyer meet with the trustee to review the petition.

With secured debt, your Chapter 7 Bankruptcy Lawyer can explain that you can reaffirm, redeem or surrender collateralized property without further obligations.

In the majority of cases, a discharge of your unsecured debt in granted in 4 to 6 months after filing.

Chapter 13 Bankruptcy

West Hills sole proprietors and individual debtors can file Chapter 13 if a Chapter 11 Bankruptcy Attorney determines they are not eligible for Chapter 7, wish to keep their business operating or have assets they could lose in Chapter 7.

A Chapter 11 Bankruptcy Attorney will formulate a repayment plan where creditors are paid back in 3 or 5 years. A single monthly payment is sent to the trustee for distribution to creditors with mortgage, auto, employee wages, child support and alimony given priority.

Your Chapter 11 Bankruptcy Attorney can revise the plan if an unforeseen event causes you problems in making the payment. See a Chapter 11 Bankruptcy Attorney to see if you can qualify and how it can benefit you.

Chapter 11 Bankruptcy

If your West Hills corporation or partnership is struggling to pay creditors, see a Chapter 11 Bankruptcy Lawyer about how Chapter 11 works. Under Chapter 11, your business can continue to operate after filing but only after your Chapter 11 Bankruptcy Lawyer submits a reorganization plan that sets forth how creditors are to paid and is confirmed.

The plan also contains a blueprint for restructuring the business that may include selling off assets, downsizing, hiring certain professionals and renegotiating leases, licenses and contracts. These and other major business decisions must be court approved.

For small businesses, they will be under greater court supervision but can avoid some of the formalities. If a West Hills bankruptcy lawyer advises, individual debtors who are unable to file under Chapter 7 or 13 can file Chapter 11.

Call a West Hills bankruptcy lawyer at (888) 754-9877 for more information on bankruptcy and if having too much debt is a matter you are concerned about.