Bankruptcy is a process whereby many debtors may be relieved of unrelenting debt and collection activities by either wiping out certain debt or allowing time to repay it. Businesses can wrap up their operations or may also repay their creditors over time. If you are having severe debt issues, then it is time to consult with a Silverlake bankruptcy attorney at (888) 754-9877.

Individuals who are considering bankruptcy have to meet certain income criteria or debt limitations that a Silverlake bankruptcy attorney can verify. A Silverlake bankruptcy attorney will also examine personal assets to determine if they can be exempt in a Chapter 7 filing.

Debtors can avoid a home foreclosure in a Chapter 13 and pay off arrearages while a Silverlake bankruptcy attorney adjusts certain debt. In a Chapter 11, a Silverlake bankruptcy attorney will advise and counsel businesses through its complexities as it strives to attain solvency.

A Silverlake bankruptcy lawyer handles bankruptcy for both businesses and consumers.

Chapter 7 Bankruptcy

Individuals with serious debt should consult with a Chapter 7 Bankruptcy Lawyer about their eligibility, which is based on income or the passing of a means test. A Chapter 7 Bankruptcy Lawyer also needs to evaluate personal assets so that they can be exempt from being sold to pay creditors. Businesses that file will usually have to close its doors since its assets will be sold.

Chapter 7 allows debtors to have certain unsecured debt discharged like credit card charges, medical bills, department store bills, personal loans, promissory notes, business debt, payday loans and repossession deficiencies.

A Silverlake consumer has certain obligations to perform before and after filing that a Chapter 7 Bankruptcy Lawyer will arrange and ensure compliance. On filing a petition of financial affairs, an automatic stay ceases all collection activity including lawsuits. The petition will be reviewed by a trustee at a meeting with you and your Chapter 7 Bankruptcy Lawyer.

In most cases, a discharge of debts is granted about 60 days later.

Chapter 13 Bankruptcy

Silverlake individuals whose income is too high but whose debts do not exceed certain amounts that a Chapter 13 Bankruptcy Attorney can confirm, may file Chapter 13. Debtors whom a Chapter 13 Bankruptcy Attorney advises will lose substantial assets under Chapter 7 can file and retain all assets.

This is a repayment proceeding where Silverlake debtors need a reliable source of income since primarily secured creditors and those with priority will be paid back in 3 years. A Chapter 13 Bankruptcy Attorney can adjust certain secured debt to save debtors considerable money.

The Chapter 13 Bankruptcy Attorney submits the repayment plan for trustee approval. The plan can include arrearages for a mortgage, auto, student loan or support payments. A single monthly payment is made over the life of the plan, though debtors have to continue their regular monthly payments to secured debtors.

Chapter 11 Bankruptcy

Silverlake businesses can seek protection from creditors while repaying them over time in a Chapter 11, a complex proceeding that will require the services of an experienced Chapter 11 Bankruptcy Lawyer.

In this proceeding, a Chapter 11 Bankruptcy Lawyer files a reorganization plan that places creditors in classes and restructures their debt. The plan has to be confirmed by creditors whose obligations will be devalued or adjusted though a court can “cram down” a plan in some cases.

Once confirmed, the debtor corporation or partnership retains control over its assets and normal operations while repaying creditors over time. It can only implement major business decisions such as buying other companies, selling major assets or equipment or re-negotiating leases and contracts with the court’s approval.

.A Silverlake bankruptcy lawyer ensures the company complies with the various filing and reporting requirements. Individuals can file under certain circumstances after consulting with a Silverlake bankruptcy lawyer.

Call a Silverlake bankruptcy lawyer at (888) 754-9877 for more information on the various types of bankruptcy.