Hesperia Bankruptcy Attorney

When hard times descend, it can take a toll on your health and family. Finances are a major source of family dissension and can create havoc with your mental and physical well-being. Hesperia residents and business owners, though, can seek possible solutions by consulting with a Hesperia bankruptcy attorney.

For Hesperia consumers who qualify, a Chapter 7 can wipe out unsecured debt like credit cards and medical bills while allowing you in most cases to keep your personal assets. A Hesperia bankruptcy attorney can outline the process for you. Businesses seeking to cease operations can use this as well.

Chapter 13 can be used by individuals, sole proprietorships and some partnerships to pay back creditors and make up mortgage, car loan and child support arrearages. Debtors who do not qualify for Chapter 7 can use it as well as can those who wish to retain non-exempt assets that would be seized in a Chapter 7. Discuss this with an Hesperia bankruptcy attorney about your eligibility.

Corporations, LLCs, small businesses and even some individuals can file under Chapter 11 with the assistance of an Hesperia bankruptcy attorney. This is a restructuring or reorganization that gives businesses an opportunity to work themselves back to profitable status.

Call a Hesperia bankruptcy lawyer at 760-260-9336 about the various types of bankruptcy that can return your life to you and get you back on track.

Chapter 7 Bankruptcy

Having to deal with creditor phone calls and seeing your bank account emptied or paycheck garnished is no picnic. Talk to a Chapter 7 bankruptcy 

attorney about how this can immediately stop and lead to your becoming free of burdensome debt.

Your Chapter 7 bankruptcy attorney will discuss eligibility requirements based on your income and household size. If your income is too high, your Chapter 7 bankruptcy attorney may still qualify you based on your disposable income.

Before filing, your Chapter 7 bankruptcy attorney will advise you on other requirements including taking a credit counseling class and producing a potential repayment plan along with evidence of your income. Your petition will outline your debts, assets, household expenses and various transactions over the past 1 to 2 years. Exempt assets are also listed.

After filing, you and your Chapter 7 bankruptcy lawyer will attend a meeting with the trustee who will ask you brief questions about your assets and any particular transactions, No other appearances are needed in most cases.

Regarding secured debt like auto loans, you can reaffirm them. In the majority of cases, most if not all of your assets can be retained. You will receive a discharge about 4-months after filing.

Chapter 13 Bankruptcy

Small business owners, debtors who have valuable non-exempt assets or have fallen behind on secured debts such as a mortgage, should consider talking to a Chapter 13 bankruptcy lawyer. Debtors who cannot file under Chapter 7 may also be eligible though there are limits on how much secured and unsecured debt you may have. You do need a reliable source of income to qualify.

This filing requires that your Chapter 13 bankruptcy lawyer submit a repayment plan over a 3 or 5 year period. Secured debts with priority such as alimony, child support, employee wages and taxes are paid first with unsecured creditors last. Student loans can be included. Payments such as mortgages and support payments must be kept current.

Before discharge, attend a budget counseling class. Your Chapter 13 bankruptcy lawyer can explain the process involved.

Chapter 11 Bankruptcy

A Hesperia bankruptcy lawyer can discuss a Chapter 11 that is used by corporations, LLCs and partnerships along with individuals who have large debt and cannot file under Chapter 7 or 13.

Hesperia businesses may file voluntarily or be forced into it by creditors who fear default. Your Chapter 11 bankruptcy lawyer will submit a reorganization plan for confirmation by creditors that must be feasible, proposed in good faith, be fair and equitable and in the best interests of the creditors. Once a plan is confirmed, the business officers may take drastic measures such as selling off assets, entering into new eases and contracts, modifying other contracts and shutting down or expanding operations. These decisions are monitored by the bankruptcy court that must approve any major decision.

Small businesses may be fast-tracked and avoid many of the reporting, filing and other formalities of a typical Chapter 11 at less cost and time. Talk to an Hesperia bankruptcy lawyer about the Chapter 11 procedures.

If you are planning to file bankruptcy or just want more information, call a Hesperia Bankruptcy lawyer at 760-260-9336.