Montclair Bankruptcy Attorney
Bankruptcy is a legal process that can wipe out debt, repay creditors, hold off collection and other civil proceedings or reorganize your Montclair business. There are different chapters tailored to your particular situation and the nature of your debts. When you file for bankruptcy with a Montclair bankruptcy lawyer, you are asking for protection from creditors and to get your life back on track. If you are having serious financial issues, then contact a Montclair bankruptcy attorney today at 909-296-6964.
There are 3 basic chapters of bankruptcy that a Montclair consumer or business entity may consider when talking with a Montclair bankruptcy attorney:
Chapter 7 Bankruptcy
This is a liquidation of unsecured debt such as medical expenses, credit card and even some taxes depending on what your Montclair bankruptcy lawyer advises. If you qualify for filing then your Montclair bankruptcy attorney will your petition. Immediately, all collection activities must cease including creditor phone calls and letters.
Most Chapter 7 cases allow debtors to retain all of their personal assets. A debtor must meet certain income criteria before filing that your Chapter 7 bankruptcy lawyer can confirm for you.
Generally, you and your Chapter 7 Bankruptcy lawyer will attend only one meeting with the trustee. All paperwork will be handled by the Chapter 7 Bankruptcy lawyer who will complete your petition after consulting with you regarding all your debts, assets, household expenses and how you can retain your assets. Your Chapter 7 Bankruptcy lawyer will also respond to and advise you should any problems arise regarding exemptions or disclosures of assets or certain transactions. The entire process takes about 4 months from date of filing to discharge. Talk with a Montclair bankruptcy attorney how the process can work for you.
Chapter 13 Bankruptcy
For Montclair debtors who may not qualify for a Chapter 7 along with small business owners in debt and homeowners facing foreclosure, a Chapter 13 Bankruptcy lawyer may advise you that this is the relief best suited for your needs. Your Chapter 13 Bankruptcy lawyer will prepare all your schedules and choose the proper exemptions while drafting a repayment plan for approval by the trustee.
You do need to have a steady source of income and have some disposable income so that creditors may be repaid over a 36 or 60-month period. Your Chapter 13 Bankruptcy lawyer will work with you on a plan that will work for you. Your Montclair bankruptcy attorney can also modify the plan if you encounter problems.
If you face home foreclosure, a Chapter 13 allows you to make up the arrearages over the term of the plan while paying your usual monthly mortgage. Small business owners in Montclair can also benefit by continuing their businesses while repaying creditors over time. See your Chapter 13 Bankruptcy lawyer to discuss further.
Chapter 11 Bankruptcy
Chapter 11 is a complex and expensive filing for corporations and other large businesses that requires the skills of a Montclair bankruptcy lawyer. Your Chapter 11 lawyer will have to analyze your business operations and draft a reorganization plan that includes repayment to certain creditors. Your board of directors or officers will usually retain control of the business unless a trustee decides otherwise and permits the debtor-in-possession to renegotiate contracts and leases. The trustee will monitor the case in any event. In large filings, creditors’ committees are formed to review and vote on approval of a reorganization plan or they submit competing plans of their own. During the process, your Chapter 11 lawyer will continue to advise you. Small businesses can fast-track the business at less time and cost.
Talk with a Montclair bankruptcy lawyer today at 909-296-6964 about how a bankruptcy can offer you the relief from unrelenting stress today.