Bankruptcy can be a practical solution for Woodland residents and business owners who are facing extreme financial pressure and are unable to meet their debt obligations. Call a Woodland Hills bankruptcy attorney at (888) 754-9877 for a consultation.

Woodland Hills bankruptcy attorneys can advise you on Chapters 7, 11 and 13 depending on your financial status and circumstances. Chapter 7 is for individuals and businesses where debts can be discharged but certain assets may have to be surrendered to pay off creditors. A Woodland Hills bankruptcy attorney will review your liabilities and assets to see if Chapter 7 is advisable. The Woodland Hills bankruptcy attorney will also assess your eligibility.

Businesses seeking to dissolve can file Chapter 7 with the understanding that its business assets are sold off to satisfy creditors but will have no deficiencies to make up.

Chapter 13 is a repayment procedure for individuals and Chapter 11 for businesses. Both require the skills of an experienced Woodland Hills bankruptcy attorney.

Chapter 7 Bankruptcy

For most businesses that file Chapter 7, they must cease operations and surrender assets to the trustee who sells them and uses the proceeds to pay off creditors in an orderly manner. Woodland consumers must be eligible to file and meet income standards that a Chapter 7 Bankruptcy Lawyer will check for you.

If eligible, the Chapter 7 Bankruptcy Lawyer will examine your assets to see if they can be exempt from surrender. If advised, you may elect to file with the assistance of a knowledgeable Woodland Hills bankruptcy lawyer. A Chapter 7 can eliminate unsecured debt like credit cards, medical bills, department store bills and personal loans.

Your Chapter 7 Bankruptcy Lawyer will file a petition detailing your income, debt and financial affairs. Soon thereafter, you and your Chapter 7 Bankruptcy Lawyer will meet the trustee who will review the petition and ask you basic questions about your affairs.

Secured debt other than real property can be handled by you either reaffirming the debt, redeeming it a replacement value or returning it to the creditor with no further obligations.

After completing a brief financial management class after filing, your unsecured debt will be discharged within a few months.

Chapter 13 Bankruptcy

Woodland Hills consumers ineligible to file Chapter 7 or who stand to lose assets may be advised by a Chapter 11 Bankruptcy Attorney to file under this plan. A Chapter 11 Bankruptcy Attorney submits a plan whereby your repay creditors over 3 or 4 years in a single monthly payment to the trustee for distribution. Secured creditors are paid first as are certain priority creditors like the IRS or the county to whom you may owe child support. Sole proprietors can include business debt so long as they are also personally liable.

Secured personal property can be reduced to market value by your Chapter 11 Bankruptcy Attorney

and included in the plan. A Chapter 13 can avoid a foreclosure or auto repossession so long as you can meet the monthly payments. If unsecured debt is not paid off at the conclusion of the plan, it is discharged. Talk to a Chapter 11 Bankruptcy Attorney for more information.

Chapter 11 Bankruptcy

Woodland businesses can file for reorganization under Chapter 11, a more complicated version of Chapter 13 that involves restructuring and repaying creditors. A Chapter 11 Bankruptcy Lawyer drafts a reorganization plan for creditor confirmation who judge it on feasibility, fairness, good faith and if beneficial to their interests.

If confirmed, the debtor business continues to operate but major business decisions must be court approved. Your Chapter 11 Bankruptcy Lawyer handles creditor issues and files progress reports with the court.

Consult a Woodland Hills bankruptcy lawyer about this process and if your business is a suitable candidate since this can be a costly and prolonged process but could revive your business.

Call a Woodland Hills bankruptcy lawyer at (888) 754-9877 about the bankruptcy process and what it could do for your financial situation.