No one should have to endure endless phone calls from creditors, threatening letters and sleepless nights if foreclosure of a home or repossession of an auto is looming. Mission Hills residents and business owners can now call a Mission Hills bankruptcy attorney at (888) 754-9877.

You can file bankruptcy on your own but you risk losing assets or making an error that can result in dismissal or conversion of your case. Let a Mission Hills bankruptcy attorney properly advise you on how a bankruptcy may be the right course of action.

Mission Hills bankruptcy attorneys handle Chapter 7, Chapter 11 and Chapter 13 for businesses and Mission Hills consumers. Under Chapter 7, you could discharge substantial unsecured debt and reduce the value of secured debt. Homeowners facing foreclosure or loss of other assets can prevent that by filing Chapter 13.

Corporations and partnerships can reorganize under Chapter 11 and try to revive a struggling business. Contact a Mission Hills bankruptcy attorney today and learn what bankruptcy can do for your financial troubles.

Chapter 7 Bankruptcy

You can cancel out debt like credit cards, department store bills and personal loans in Chapter 7. You are eligible to file as a consumer if your income does not exceed the state median or you pass the means test. A Chapter 7 Bankruptcy Lawyer can determine your eligibility.

There are other requirements to follow before and after filing that your Chapter 7 Bankruptcy Lawyer will explain. Your only meeting outside of your Chapter 7 Bankruptcy Lawyer’s office will be with the trustee to review the petition your Chapter 7 Bankruptcy Lawyer filed for you that lists your exempt and non-exempt assets, if any, liabilities, executory contracts, household expenses and other financial affairs.

Besides discharging unsecured debt, you can elect to continue paying on secured debts, redeem it at its replacement value or surrender it.

Business dissolutions under Chapter 7 require most businesses to liquidate assets and cease all operations. Talk to a Mission Hills bankruptcy lawyer about corporate and other business liquidations.

Chapter 13 Bankruptcy

Eligibility for filing Chapter 13 is not as strict. Your Chapter 13 Bankruptcy Attorney can confirm your qualifications. This filing is for individuals and Mission Hills sole proprietors only. A Chapter 13 Bankruptcy Attorney prepares a plan for the trustee’s approval that repays creditors over 3 or 5 years in order of priority. Unsecured creditors are paid last if at all over the life of the plan.

Your Chapter 13 Bankruptcy Attorney can also reduce the value of secured debt in the plan to its market value that can save you money. See a Chapter 13 Bankruptcy Attorney about how Chapter 13 can save a home, auto or a small business.

Chapter 11 Bankruptcy

Chapter 11 is also a repayment process for corporations, partnerships and even small businesses and individuals in some cases. A Chapter 11 Bankruptcy Lawyer first submits a disclosure statement for creditors before filing a detailed reorganization plan. The plan places creditors in classes and provides how they will be paid. Your Chapter 11 Bankruptcy Lawyer also includes the restructuring strategies for how the business will become solvent.

Certain creditors vote on the plan’s confirmation though the court can force it upon them. Once confirmed, the business continues its daily operations but any major decisions such as downsizing, hiring specialists, modifying leases, license agreements and other contracts must be court approved.

See a Mission Hills bankruptcy lawyer about the costs and formalities involved in a Chapter 11.

If you have questions about bankruptcy, call a Mission Hills bankruptcy lawyer at (888) 754-9877 and schedule a consultation. You can trust a Mission Hills bankruptcy lawyer to give you honest advice about bankruptcy.