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Temecula Bankruptcy Attorney

Economic adversity hits most people at some time in their lives. For some, it is tougher than for others. Loss of a job or an accident at work on in a car collision can leave you financially devastated. If you own a business in Temecula, you may be having difficulty paying workers or vendors, let alone yourself.

There are solutions and bankruptcy may be one. Talk to a Temecula bankruptcy attorney today at 951-297-7385 to see if bankruptcy can help you with your financial difficulties.

For consumers and businesses, there are three types of bankruptcy that may benefit you–Chapter 7, Chapter 13 and Chapter 11. Any one of these may be handled by a Temecula bankruptcy attorney.

Chapter 7 can relieve eligible debtors of unsecured debt such as credit cards, department store bills, medical bills, personal loans and some taxes. A Chapter 13 can help Temecula debtors keep non-exempt property and allow you to repay creditors over time and not lose a home to foreclosure or car to repossession. Discuss these with a Temecula bankruptcy attorney to see what debts can be discharged and if certain assets might be lost.

Chapter 11 is for corporations and partnerships primarily and involves a reorganization process that might lead to solvency.

Before you file, discuss the various options with a Temecula bankruptcy attorney.

Chapter 7 Bankruptcy

If you owe thousands of dollars in unsecured consumer debt, talk to a Chapter 7 bankruptcy attorney. You must meet eligibility requirements and you may lose certain property under this filing. To qualify, your income must not exceed the state median based on your household size, or have disposable income below a set amount. If eligible, take a debt counseling class before filing.

A Chapter 7 bankruptcy attorney will prepare a petition detailing your debts, assets, household expenses, existing contracts, leases and certain transactions. These are reviewed by a trustee whom you and your Chapter 7 bankruptcy attorney will meet. In most cases, there are few issues with a petition but most can be handled by your Chapter 7 bankruptcy attorney.

About 90 days after your meeting, you may expect a discharge of your unsecured debt. Discuss the Chapter 7 process with your Temecula bankruptcy lawyer.

Chapter 13 Bankruptcy

Temecula debtors ineligible under Chapter 7 or who stand to lose valuable assets may file under Chapter 13. There are debt limits that your Chapter 13 bankruptcy lawyer may still be able to get you under if an issue.

Sole proprietorships with business debts may file and remain open for business. A Chapter 13 involves a repayment plan submitted by a Chapter 13 bankruptcy lawyer wherein your creditors are paid back over a 3 or 5 year period. Temecula debtors can include in the plan any arrearages in their mortgage, car and student loans as well as alimony and support payments. Your Chapter 13 bankruptcy lawyer will determine if you have sufficient income to do this.

Unsecured debtors are paid last and may receive a fraction of what is owed them or nothing at all. When the plan concludes, unsecured debt including second mortgages may be discharged. Talk to a Chapter 13 bankruptcy lawyer to see if this is right for you.

Consult a Chapter 13 bankruptcy lawyer about whether a Chapter 13 is a solution for you.

Chapter 11 Bankruptcy

The most complex of all these filings is Chapter 11. It is not just for mega corporations since any corporation, partnership and even smaller businesses can file. Your Chapter 11 bankruptcy attorney files a reorganization plan for confirmation by creditors and equity holders. They may object if it they feel it is not feasible, presented in good faith or is unfair and not beneficial. In some cases, they may submit their own plans.

If confirmed, the business as debtor-in-possession may continue the daily operations of the business but can seek to restructure the business by expanding or downsizing, selling off assets or subsidiaries and seeking new licensing and leasing agreements, union contracts and refinancing. All major decisions are approved by the bankruptcy court first. Talk to a Chapter 11 bankruptcy attorney about this process.

If you are a small business, your Temecula bankruptcy lawyer can fast track your petition that streamlines the process at less cost.

Before filing any bankruptcy petition, discuss it with a Temecula bankruptcy lawyer first at 951-297-7385. Temecula bankruptcy lawyers have the experience you are looking for when making decisions affecting your finances and assets.

43537 Ridge Park Drive, Temecula CA 92590