Bankruptcy Attorney Rancho Cucamonga

Bankruptcy Chapters:

Chapter 7 Bankruptcy

Chapter 7 Bankruptcy, also known as "fresh start bankruptcy" is the most common type of personal bankruptcy. Chapter 7 Bankruptcy is an option for individuals, married couples, corporations and partnerships who are facing bankruptcy. When filing Chapter 7 Bankruptcy you handover all of your non-exempt property to the bankruptcy trustee who then will liquidate it, and turn it into cash for distribution to your creditors. However, you are generally allowed to keep most of your personal property because the property is exempt under the California Bankruptcy Code.

Chapter 7 bankruptcy is generally the best course for people who are having trouble paying unsecured debts like credit card bills, medical bills, utility bills, and personal loans. It essentially wipes your debts clean giving you the fresh start you need.

Chapter 11 Bankruptcy

Filing for Chapter 11 Bankruptcy allows you to keep your business doors open. Similar to the other chapters of bankruptcy, the filing of Chapter 11 will stop creditor collections. A qualified Rancho Cucamonga bankruptcy attorney will negotiate with your creditors to establish a payment schedule that will repay certain debts while eliminating other debts.

From Mom & Pops store owners to large businesses, a qualified bankruptcy lawyer can help with the restructuring of loan payments and the reorganization of your business. Also under Chapter 11 Bankruptcy you can keep your company's assets.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy also known as "wage earner bankruptcy " is an interest-free debt repayment plan that allows individuals facing bankruptcy to consolidate their debts. Repayment plans usually last 3 - 5 years. After the debtor completes all of the payments under the chapter 13 plan the debtor will be entitled to a discharge which will exempt the debtor from all debts provided for by the plan or disallowed. In order to file Chapter 13 bankruptcy you must have a steady income for your repayment plan to be approved by the bankruptcy court. If your considering filing Chapter 13 please keep in mind that you will need to be able to pay for your monthly living expenses. Plus, you will need to make a payment to the court to consolidate your debts.

STOP VEHICLE REPOSESSION

Chapter 13 can stop repo men from repossessing your vehicle(s) and allow you to make payments according to a Chapter 13 payment plan which will be ordered by the trustee. If your car, truck or other vehicle is about to be repossessed filing a Chapter 13 can stop the repossession. If the vehicle has been repossessed but hasn't been sold by the creditor prior to the case being filed, the court could order the creditor to return it to you. However, It is always better to file your Chapter 13 action before you vehicle gets repossessed since afterward it may be to late.

STOP HOME FORECLOSURE

Are you facing foreclosure? Did you know filing Chapter 13 bankruptcy can stop the foreclosure process of your home any time before the sale, and allow you to repay your mortgage through a repayment plan ordered by the court. You will still be required to make all the future mortgage payments directly to the mortgage company; however, they may not foreclose to collect any outstanding mortgage payments.