Bad things can happen to good people too, mostly through no fault of their own. When a business decides its fortunes lay elsewhere and leaves hundreds of employees without a job or when a loved one suffers a serious accident or illness, debt can pile up quickly. When it becomes too much to handle, El Monte residents can call on an El Monte bankruptcy attorney at 626-888-3172 for practical solutions.

Bankruptcy can wipe out crushing debt in many cases. If an El Monte bankruptcy attorney finds you eligible, consider how it can remove stress and anxiety from your life. For other El Monte residents, a Chapter 13 might be more feasible so that you can keep all your assets while repaying creditors.

If your El Monte business is having problems paying employees or keeping current on its debts, a Chapter 11 reorganization can provide time and an opportunity to get back on its feet with the assistance of a skilled El Monte bankruptcy attorney.

Call an El Monte bankruptcy attorney today about the various types of bankruptcy relief.

Chapter 7 Bankruptcy

If a Chapter 7 bankruptcy lawyer finds you eligible to file and your assets can be protected, then Chapter 7 may be an option to get rid of unsecured debt like credit cards, department store bills, personal loans and even some taxes. After completing a debt counseling class, your Chapter 7 bankruptcy lawyer prepares a plan containing your finances, debts, existing contracts and particular transactions. These are reviewed in a meeting attended by yourself and Chapter 7 bankruptcy lawyer.

If no assets need to be surrendered or transactions voided, then expect a discharge about 90 days after the meeting. Your Chapter 7 bankruptcy lawyer can advise you on options regarding secured debt as well.

If the El Monte debtor is a business, its assets are typically surrendered, sold and distributed to creditors. Talk to an El Monte bankruptcy lawyer about dissolutions.

Chapter 13 Bankruptcy

Should your debt be too high, then Chapter 13 is an option. You repay creditors in 3 or 5 years but you get to keep all your assets. A Chapter 13 bankruptcy attorney determines your eligibility and ability to follow the plan. Sole proprietors may file as well if the business debts are personally guaranteed.

As your Chapter 13 bankruptcy attorney will explain to you, secured debts are paid first. This includes mortgages, car loans, wages owed to employees, but also student loans and child support. Your Chapter 13 bankruptcy attorney can also reduce secured personal property down to its market value for inclusion in the plan.

When the plan concludes, unsecured debt can be discharged. Your Chapter 13 bankruptcy attorney can also advise you on how second mortgages can be discharged as well. Call an El Monte bankruptcy lawyer for more information.

Chapter 11 Bankruptcy

Any business can file under Chapter 11 but it is primarily for corporations and partnerships seeking to reorganize and restructure their business while repaying creditors over time.

The restructuring is outlined in a reorganization plan submitted by a Chapter 11 bankruptcy attorney for confirmation by creditors whose debts are modified to less than full value. If confirmed, the business is able to continue its operations but major business decisions such as streamlining, breaking and modifying existing contracts and arrangements and locating financing is under court supervision and approval.

Smaller businesses may file but are under tighter court supervision but may bypass some formalities and be fast tracked with the hep of a Chapter 11 bankruptcy attorney. Individuals ineligible to file under Chapters 7 or 13 may file as well.

Call an El Monte bankruptcy lawyer at  626-888-3172 about the bankruptcy process and how it has helped countless consumers and businesses.