Compton Bankruptcy Attorney

Compton bankruptcy attorneys are here to help Compton residents who are feeling helpless in the face of overwhelming debt or whose business could use some relief from hounding creditors. Bankruptcy can wipe out certain debts, reduce the value of secured debt or arrange for return of collateralized property and enable struggling businesses to retain their footing. Call a Compton bankruptcy attorney at 310-904-6208 to discuss how bankruptcy may work for you.

Chapter 7 is for consumers and businesses whose unsecured debts can be canceled. For corporations or LLCs, owners retain personal assets while corporate assets are sold off in an orderly fashion. Consult a Compton bankruptcy attorney about what assets you can retain and debts that can be discharged.

Chapter 13 is for individuals and sole proprietorships. Compton debtors who would not benefit from a Chapter 7 or who are ineligible to file may benefit under Chapter 13. Under a repayment plan, debtors can rescue their homes from foreclosure or save car from repossession if they have enough disposable income. Past due student loans and support payments can be paid over time as well.

A Chapter 11 is primarily for corporations and partnerships striving to keep afloat. In some cases, a reorganization plan can uplift a struggling business. A Compton bankruptcy attorney will consult with you on how your business could benefit.

Chapter 7 Bankruptcy

Before considering filing Chapter 7, have your Chapter 7 bankruptcy attorney see if you qualify. Your income and household size cannot be above the state median or your disposable income below a certain amount. Most Compton debtors should qualify. Your Chapter 7 bankruptcy attorney will submit a petition containing your debts, assets, contract and lease arrangements and household expenses. Any transactions involving valuable assets over the past 2 years must be disclosed.

Businesses under Chapter 7 can lose assets so owners may also want to file personal bankruptcy if they may be personally liable.

You and your Chapter 7 bankruptcy attorney will attend a meeting with the bankruptcy trustee to review your petition who will ask about certain assets or transactions. Any issues can be handled by your Chapter 7 bankruptcy attorney. About 90 days later, your discharge should be granted with unsecured debts like credit cards, medical bills and personal loans wiped clean.

Chapter 13 Bankruptcy

Compton debtors risking loss of a home or car or who have fallen behind on alimony, student loans or support payments can file Chapter 13 with the help of a Chapter 13 bankruptcy lawyer. A Chapter 13 bankruptcy lawyer assesses your eligibility before submitting a repayment plan for the trustee’s approval. If you have sufficient disposable income and the plan is approved, you would make a single payment to the trustee for distribution over a 3 or 5 year period to secured creditors first who must all be paid in full.

Unsecured creditors who receive some or no payments over the plan may have those debts discharged when the plan concludes. Your Chapter 13 bankruptcy attorney can explain how some debts like second mortgages can be discharged.

Talk to a Chapter 13 bankruptcy lawyer to see if Chapter 13 might be a viable solution.

Chapter 11 Bankruptcy

Corporations, LLCs, partnerships and even small businesses and individuals can file Chapter 11. This is a reorganization of business operations that is complicated. Substantial filing fees and administrative costs usually mean that only larger companies usually file for Chapter 11 protection but talk to a Chapter 11 bankruptcy lawyer.

A Chapter 11 bankruptcy lawyer submits a disclosure statement to inform creditors about the company’s assets and operations before submitting a formal reorganization plan for confirmation by certain creditors and equity holders. The plan is judged on feasibility, good faith, fairness, and if beneficial to the creditors. If confirmed, the business may continue to operate but is free to re-negotiate existing contracts and leases, enter into new ones and expand or reduce operations, all with the approval of the bankruptcy court.

Many businesses are sold or merge with others in a Chapter 11 but some do well and recover. A Compton bankruptcy lawyer can advise you regarding the numerous formalities and requirements of a Chapter 11.

Consult a Compton bankruptcy lawyer at 310-904-6208. You can trust a Compton bankruptcy lawyer to protect your interests and give you sound advice about bankruptcy.

Compton, CA 90059
310-904-6208