Deciding to file personal bankruptcy, or to reorganize your business affairs because of financial difficulties is never easy. When you do make this decision however, it is helpful to work with an attorney who understands the bankruptcy code, so you understand the steps which must be taken and the long-term ramifications of your decision.
Chapter 7 & 13 Bankruptcy
Individuals and couples who find they are facing overwhelming debt often do not know where to turn. Financial hardships created because of work slowdowns, layoffs, medical issues, or divorce often create impossible situations which may leave you facing eviction or foreclosure, wage garnishment, or mountains of debt you know you can never repay. Rather than living with the stress these situations may bring, you should consult with a bankruptcy attorney to find out what options are available.
Typically, California residents have two options, Chapter 7 or 13 bankruptcy. Both options offer you protection against foreclosure, but they work differently. Chapter 7 eliminates much of your unsecured debt if you qualify while Chapter 13 allows you to reorganize your debt allowing you to make regular monthly payments until you are caught up. Talk to us today and let us help you determine which option is right for you.
Businesses Filing for Chapter 11 Protection
When a business is suffering cash-flow issues, they may find their debt is impossible to deal with all at one time. We can help business owners create a reorganization plan that is acceptable to the courts to enable the operation of a business to continue while the owners get the debt of the business under control. While decisions about certain business transactions can only be done with the approval of the bankruptcy court, this is typically preferable than closing the doors completely because of debt.
Whether you are an individual or a company principal facing out of control debt contact Solution Law for help. We have experience navigating the bankruptcy process and understand the limitations of the most common chapters of the bankruptcy code. Our Fountain Valley, California office provides bankruptcy assistance in Orange County, Los Angeles, and the Inland Empire.