Rancho Cucamonga Bankruptcy Attorney

If financial pressure from too much debt is adversely affecting your life and you see no end in sight, consider talking to a Rancho Cucamonga bankruptcy lawyer at 909-296-6962 about how bankruptcy can be a game changer.

For many Rancho Cucamonga consumers and business owners, Chapter 7, 13 or 11 can provide substantial relief. If you lost your job, have major medical expenses not covered by insurance, gambling debts or thousands of dollars in credit card debt, then a Rancho Cucamonga bankruptcy attorney can help.

Worried about foreclosure or repossession of your car? Have a Rancho Cucamonga bankruptcy attorney counsel you about how you could make up the arrearages in a Chapter 13. If you have a business or corporation and want to keep its doors open, then Chapter 11 reorganization could save your business and put it back on the path to success. Talk to your Rancho Cucamonga bankruptcy attorney about this complex and often misunderstood procedure.

Rancho Cucamonga bankruptcy attorneys handle all three major types of bankruptcies.

Chapter 7 Bankruptcy

Rancho Cucamonga residents with significant consumer debt can avail themselves of Chapter 7, a liquidation procedure that can erase unsecured debt. Filers must be eligible to file by passing a test wherein income cannot exceed the state median for the debtor’s household size. If your income is too high, your Chapter 7 bankruptcy lawyer may still find you eligible if your disposable income does not exceed a set amount. If you do qualify, you must take a short debtor education class that can be arranged by your Chapter 7 bankruptcy lawyer. Before discharge, you will also have to attend a brief financial management class.

Your petition lists all your debts and assets and material financial transactions over the past year. Your Chapter 7 bankruptcy lawyer will apply the available exemptions so you can retain your assets and even advise how to convert some non-exempt assets into exempt ones.

A bankruptcy filing causes an automatic stay of all collection activities including phone calls and legal proceedings. You and your Chapter 7 bankruptcy lawyer will then attend a brief meeting with the trustee who will review your petition for inaccuracies or questionable transactions and other matters. Most cases are handled without incident and debtors usually have their cases discharged within 4 months of filing.

Chapter 13 Bankruptcy

An alternative to Chapter 7 is a Chapter 13, which is a wage earner’s plan whereby certain creditors are repaid over a 36 or 60-month period. This can be a life-saver for Rancho Cucamonga homeowners facing foreclosure or repossession of a car. Your Chapter 13 bankruptcy lawyer can discuss how arrearages can be brought current so long as you can meet your monthly payments.

Filers do have to pass the means test and have a steady source of income to make a monthly payment to the trustee for distribution to creditors. Also, your secured and unsecured debts cannot exceed certain levels.

A Chapter 13 bankruptcy lawyer can help draft a satisfactory plan. If you have a financial setback several months or years into the plan, your Chapter 13 bankruptcy attorney can revise it for you.

For small business owners, a Chapter 13 can revive their business by allowing payments to creditors over the years and continuing their business operations. Talk to a Chapter 13 bankruptcy attorney about how a filing can be to your benefit.

Chapter 11 Bankruptcy

A Chapter 11 is usually a very long, costly and complicated procedure that should only be handled by a Rancho Cucamonga bankruptcy lawyer. Corporations and other large business entities use Chapter 11, or are forced into it by creditors in some

cases, to restructure their businesses. This includes laying off employees, selling off subsidiaries and assets and following a different business plan. Operations are monitored by the US Trustee’s office.

Your Chapter 11 lawyer can prepare the petition and draft a reorganization plan for approval by creditors who may also submit plans of their own. Small businesses can use this chapter at less cost and time if they qualify for fast-tracking the system. Talk to a Chapter 11 lawyer about how your business could use a Chapter 11 to get it back to viable status.

Bankruptcy does not have to be stressful or a process that leaves you in financial purgatory. Discuss your financial situation with a Rancho Cucamonga bankruptcy lawyer at 909-296-6962 and see if bankruptcy is a workable solution.