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Murrieta Bankruptcy Attorney

Despite hard work and diligence, unforeseen events can cause financial difficulties for Murrieta residents and businesses. Economic downturns, loss of a job or an injury or chronic illness can wipe out your savings. Your business may no longer be able to pay its employees or meet its business obligations. In times like these, Murrieta residents can turn to a Murrieta bankruptcy attorney by calling 888-888-8888.

Chapter 7 can relieve debtors of unsecured debt like personal loans, credit cards, medical bills and past taxes in some cases. For other debtors and small businesses, have a Murrieta bankruptcy attorney counsel you about Chapter 13, a wage earner’s plan that can save a home from foreclosure and allow Murrieta debtors to keep property they would lose in a Chapter 7.

Chapter 11 filings are handled by skilled Murrieta bankruptcy attorneys. These are very complicated filings that require your Murrieta bankruptcy attorney to have knowledge of business practices and how to meander through the complexities of a Chapter 11. Businesses can reorganize their operations and seek new funding sources.

See what bankruptcy can do to rescue you from financial straits by contacting a Murrieta bankruptcy lawyer.

Chapter 7 Bankruptcy

If considering Chapter 7, you must first qualify. A Chapter 7 bankruptcy lawyer in Murrieta can see if your income for your household is lower than the state median or your disposable income is below a set amount. Most Murrieta residents are eligible. You will then attend a debt counseling class before filing. Your Chapter 7 bankruptcy lawyer prepares your petition that lists debts, assets, household expenses and certain transactions. Assets such as clothes, a car, equity in a home up to a certain limit and tools of the trade are exempt but some non-exempt assets can be converted. Talk to your Chapter 7 bankruptcy lawyer about this.

After a short meeting with the trustee, your other obligation is to take a brief financial management class. Upon discharge, your unsecured debt is wiped clean. You can return secured property to creditors without worrying about deficiencies, or choose to reaffirm the debt or redeem the property with assistance from your Chapter 7 bankruptcy lawyer.

Chapter 13 Bankruptcy

Sole proprietorships, debtors ineligible under Chapter 7 and Murrieta residents with valuable non-exempt assets can file under Chapter 13. See a Chapter 13 bankruptcy attorney about eligibility. Your Murrieta Chapter 13 bankruptcy attorney files a repayment plan that can include arrearages for mortgages, student loans, auto loans, alimony and child support. If approved, you make a single monthly payment to the trustee over a 3 or 5 year period who distributes it to the various creditors in order of priority with unsecured creditors receiving a fraction of what is owed if at all. For secured creditors, keep your monthly payments current.

There are debt limits for filing but a Chapter 13 bankruptcy attorney can often get debtors under these amounts. Should an unforeseen event cause you difficulties in adhering to the plan, a Murrieta bankruptcy lawyer can revise it.

If contemplating Chapter 13, consult a Chapter 13 bankruptcy attorney about how this could benefit you.

Chapter 11 Bankruptcy

Chapter 11 gives corporations, partnerships and even small Murrieta businesses an opportunity to restructure their operations and return to viability. After a Chapter 11 bankruptcy attorney files a disclosure statement, offered to give creditors information about the business, he or she files a reorganization plan for confirmation by the largest creditors. After confirmation, a business can work to restructure its operations by seeking investors, streamlining operations and working its way back to solvency.

Small Murrieta businesses can file Chapter 11 though a Chapter 11 bankruptcy attorney can fast track them so as to bypass many of the requirements a larger business must follow. For individuals with debt that exceeds Chapter 13 limits and who cannot use Chapter 7, they can also file Chapter 11. See a Murrieta bankruptcy lawyer about how this process works.

Call a Murrieta bankruptcy lawyer today at (888) 754-9877 about the bankruptcy process and if it can be of benefit to you.

Murrieta, CA, 92562
951-290-3478