There is never a good time for losing a job or experiencing a sudden illness or accident that leaves you incapacitated. Few people have the savings or the ready funds to get them through a catastrophic event. If you own a Wildomar business or corporation, a poor business decision or loss of a valuable client can cause you losses that you may not be able to sustain. If you are experiencing severe financial stress, talk to a Wildomar bankruptcy attorney at 951-800-8027.

Bankruptcy is not a cure-all but for many Wildomar residents and businesses, it can relieve you of overwhelming debt or give a business an opportunity to return to solvency.

Chapter 7 is for debtors with primarily consumer debt. Unsecured debt can be erased and sole proprietors can have business and personal debts wiped out though corporations will have to give up its assets.

Chapter 13 allows Wildomar debtors and small businesses to retain all assets while following a repayment plan. It is also for debtors ineligible under Chapter 7 as well as for homeowners facing foreclosure. Speak to a Wildomar bankruptcy attorney about Chapter 13.

Chapter 11 filings are handled by experienced Wildomar bankruptcy attorneys. It is a reorganization process that can provide corporations, LLCs and partnerships an opportunity to restructure and become a viable business once again.

All of these types of bankruptcy can help certain debtors and businesses. Consult with a Wildomar bankruptcy attorney about which one could benefit you.

Chapter 7 Bankruptcy

A Chapter 7, like all bankruptcy filings, automatically stays all collection activities including harassing creditor calls and letters. Individual debtors qualify to file if their income is below the state median based on their household size or at least have no more disposable income than a certain amount. If you qualify, you have to take a debt counseling course before filing that your Chapter 7 bankruptcy lawyer can arrange.

A petition is prepared by your Chapter 7 bankruptcy lawyer that sets forth your debts, assets and household expenses and lists any leases, contracts and certain property transactions. A few weeks after filing, you and your Wildomar Chapter 7 bankruptcy lawyer will attend a brief meeting with the trustee overseeing your case. Any issues can be dealt with by your Chapter 7 bankruptcy lawyer but these are generally minor.

Businesses may or may not have debts discharged and corporations may lose corporate assets. Talk to a Chapter 7 bankruptcy lawyer about filing for a business.

Before discharge, complete a financial management class. About 90 days after the trustee meeting, your unsecured debts will be discharged. Call a Wildomar bankruptcy lawyer if you have questions.

Chapter 13 Bankruptcy

A Wildomar sole proprietorship as well as debtors who could lose substantial assets in a Chapter 7 or who otherwise are ineligible to file can seek solace in a Chapter 13. Under a repayment plan filed by a Chapter 13 bankruptcy attorney, you pay back creditors over 3 or 5 years. The plan can include past due payments on a mortgage, car loan, student loan or support payments.

Your Chapter 13 bankruptcy attorney can determine your eligibility for Chapter 13 and ability to make a monthly payment to the trustee for distribution to your creditors.

Unsecured debtors are last in priority under the plan and any of the debt owed them at the conclusion of the plan is discharged. Talk to a Chapter 13 bankruptcy attorney about how this procedure.

Chapter 13 can be provide breathing room and enable debtors to keep all their assets. Consult a Chapter 13 bankruptcy attorney to see if it is right for you.

Chapter 11 Bankruptcy

Wildomar partnerships, corporations and LLCs that are struggling and have unsustainable debt, should consult a Chapter 11 bankruptcy attorney. A reorganization plan is submitted by your Chapter 11 bankruptcy attorney for confirmation by creditors and equity holders that must at least be feasible and in their best interests.

If confirmed, the business can restructure its operations by downsizing, breaking existing contracts, negotiating new ones and seeking financing. Some businesses are sold off or merge with others while others become profitable after several months or years. You will need to consult a Wildomar bankruptcy lawyer about the formalities.

Small businesses and even individuals with large debt and who cannot file under Chapter 7 or 13 can file Chapter 11 under a fast track program. Talk to a Wildomar bankruptcy lawyer about how this works.

Bankruptcy can provide substantial relief to Wildomar debtors and to businesses. Call a Wildomar bankruptcy lawyer today at 951-800-8027 to see if bankruptcy is an option.