Upland Bankruptcy Attorney

Economic uncertainty can bring about unforeseen circumstances in your life. If you are an Upland resident who lost a job, lack auto or medical insurance and are being sued for a car accident or medical treatments or have a business with substantial debt, consult an Upland bankruptcy attorney.

There are 3 main bankruptcies for consumers and businesses that an Upland bankruptcy attorney can handle. Chapter 7 is for primarily consumer debt. Unsecured debts like credit cards and medical bills can be erased. A Chapter 13 is for sole proprietorships and some partnerships as well as for consumers who do not qualify for Chapter 7 or have non-exempt assets they wish to retain. Larger businesses and corporation can use Chapter 11 to restructure their operations into a going concern.

Let an Upland bankruptcy attorney advise you on what is best for your particular financial situation. Call an Upland bankruptcy attorney at 909-296-6970 today to discuss how a bankruptcy can give you a fresh start.

Chapter 7 Bankruptcy

For individual Upland debtors, corporations and other businesses, Chapter 7 can provide much needed relief from harassing creditor calls and asset seizures. Businesses can wind up their businesses as well. A consumer’s credit card debt and medical bills can be discharged with other unsecured debt while secured debt may be reaffirmed or the collateral returned.

Individuals have to produce certain documents including a certificate of credit counseling, a statement of monthly income, a potential repayment plan and others that your Chapter 7 bankruptcy lawyer can advise you on. You also have to pass a means test based on your income and household size or, if your income exceeds that, have disposable income below a certain amount.

Your Chapter 7 bankruptcy lawyer helps you prepare your petition that lists debts, assets, household expenses, exempt property and certain transactions over a period of time. After filing, you and the Chapter 7 bankruptcy lawyer will attend a brief meeting with the trustee of your case who can sell off non-exempt property that has value. Any issues that arise can be handled by your Chapter 7 bankruptcy lawyer.

You do have to also take a short financial management course before discharge of your unsecured debts, which is granted about 60 to 90 days after your meeting with the trustee. Talk to an Upland bankruptcy lawyer for more information.

Chapter 13 Bankruptcy

Chapter 13 is wage earner’s plan that allows you to repay creditors over a 3 or 5-year period provided you have enough disposable income. Your debt burden must be below $1,184,200 in secured and $394,725 in unsecured. These limits change every 3 years. Before filing, you do have to take a short credit counseling class that a Chapter 13 bankruptcy lawyer can arrange.

Your Chapter 13 bankruptcy lawyer prepares the repayment plan that pays off creditors in order of priority such as child support, employee wages and taxes. Mortgage arrearages can be in the plan so as to avoid foreclosure but you have to keep regular monthly payments current.

If an unforeseen event like a medical crisis or loss of employment occurs, your Chapter 13 bankruptcy lawyer can seek to revise the plan or ask that certain of your debts be discharged because of the hardship or convert you to a Chapter 7. Prior to discharge, complete a budget counseling class. Consult a Chapter 13 bankruptcy attorney about this process.

Chapter 11 Bankruptcy

An Upland bankruptcy lawyer will handle a Chapter 11 that is primarily used by corporations, LLCs and partnerships though individuals with large debt who cannot file under Chapter 7 or 13 may file as well.

Chapter 11 can be cumbersome and expensive. Businesses may file voluntarily or be forced into it by creditors. A Chapter 11 lawyer will draft a reorganization plan for confirmation or approval. After 4 months, creditors vote on confirmation and may propose their own plans. Once confirmed, the bankruptcy court has control over major decisions such as sales of assets, breaking or entering into new contracts, modifying other contracts and shutting down or expanding operations.

A small Upland business may be fast-tracked and forego many of the cumbersome aspects of a Chapter 11 at much less cost and time. Talk to a Chapter 11 lawyer about this process.

Talk to a Upland Bankruptcy lawyer at 909-296-6970 about bankruptcy and how you might benefit.