Inglewood homeowners, veterans, business owners and consumers who find themselves drowning in debt and risking a loss of valuable assets can turn to an Inglewood bankruptcy attorney for help at 310-904-6209.

Bankruptcy is not a dirty word for it has helped millions of people desperate from crushing debt that has overwhelmed their lives find relief. Although not for every individual or business, in many cases it can get you or your business on the road to a fresh beginning. Talk to an Inglewood bankruptcy attorney today and learn about bankruptcy and how it may turn your life around.

For instance, Chapter 7 can wipe out unsecured and business debt in many cases or relieve you or your business from further obligations upon return of collateralized property. Chapter 13 allows small business owners to remain open and in many cases, to save homes from foreclosures, cars from repossession and non-exempt assets to be seized as they would be in a Chapter 7. Talk to an Inglewood bankruptcy attorney about eligibility requirements.

Chapter 11 is primarily for corporations and large businesses seeking reorganization and affords them protection from lawsuits and a chance to obtain viability.

Have an Inglewood bankruptcy attorney advise you on bankruptcy and its procedures.

Chapter 7 Bankruptcy

Inglewood consumers considering filing Chapter 7 usually have overwhelming debt such as credit cards, medical expenses, department store bills and tax payments Many have lost their jobs or suffered a serious accident or illness. Regardless, individuals have to qualify by showing that their income is below the state median or that their disposable income does not exceed a certain level. A Chapter 7 bankruptcy attorney can confirm this for you.

If you qualify, complete a debt counseling class. A Chapter 7 bankruptcy attorney will prepare a petition with your assets, debts, household budget, contracts and leases and property transactions over the last 2 years. Next, you and your Chapter 7 bankruptcy attorney will meet the trustee of your case to review your petition. If all is in order, you will receive a discharge about 90 days later.

Discuss this filing with a Chapter 7 bankruptcy attorney to see if you might lose certain non-exempt assets or if Chapter 13 is more appropriate.

Chapter 13 Bankruptcy

If ineligible to file Chapter 7 or you stand to lose substantial assets, talk to Chapter 13 bankruptcy lawyer in the Inglewood area. Sole proprietorships who file can hold off creditors and keep their operations going. After filing, your Chapter 13 bankruptcy lawyer submits a 3 or 5 year repayment plan for the trustee’s approval. It includes payments to creditors in order of priority including mortgage and other loan arrearages. Debtors do have to keep up monthly payments on secured debts. Your Chapter 13 bankruptcy lawyer can see if you can qualify for filing.

There are debt limits but if you have substantial debt, your Chapter 13 bankruptcy lawyer may still be able to qualify you. Speak to an Inglewood bankruptcy lawyer about this unique solution.

Chapter 11 Bankruptcy

If your Inglewood business is incorporated or you have an LLC or partnership that is having difficulty making its debt obligations, a Chapter 11 might be the answer. A Chapter 11 bankruptcy attorney will file a disclosure statement followed by a reorganization plan for creditors’ confirmation that sets forth a schedule and blueprint to get your business back to profitability.

While in Chapter 11, the business may continue to operate but is permitted to break existing contracts and leases or modify them, close down operations, expand in others and seek financing. Major decisions like these must be approved by the bankruptcy court and then handled by your Inglewood bankruptcy lawyer. Your Chapter 11 bankruptcy attorney will be providing all needed reports and ensuring all other formalities are followed.

Small Inglewood businesses can be fast-tracked by your Inglewood bankruptcy lawyer. This is a less expensive procedure and you are not required to follow all the normal filing and reporting requirements.

Not all businesses succeed in Chapter 11 but it gives your company an opportunity to succeed as well as much needed relief from hounding creditors.

Talk to an Inglewood bankruptcy lawyer at 310-904-6209 about these various types of bankruptcy and how one may be an option for you.