Bad things can happen to good people in Rialto. This includes losing a job or having to meet a medical emergency. Sometimes a seemingly good investment turns sour or your business suffers from an unforeseen event. If you are having a financial crisis or your debt obligations are threatening your home, business or personal life, consult a Rialto bankruptcy attorney at 909-341-2581.

Most people have erroneous perceptions of bankruptcy but you can reassured of how bankruptcy can help your situation by meeting with a Rialto bankruptcy attorney. A Chapter 7 can erase credit card debt, medical bills and even some back taxes. Your Rialto bankruptcy attorney can explain how a Chapter 13 can save your home from foreclosure or your car from repossession. In both cases, you generally need not give up hard earned assets.

A Chapter 11 bankruptcy is more complex and should be handled by a Rialto bankruptcy attorney. This involves a reorganization and submission of a plan that can revive a failing business.

Do not let burdensome debt adversely affect your life. Consult a local Rialto bankruptcy lawyer about how we can approach your financial problems and find a solution for you.

A Rialto bankruptcy lawyer can handle the following types of bankruptcy for your particular needs:

Chapter 7 Bankruptcy

Rialto residents with consumer debt can find relief in a Chapter 7 if their income does not exceed the state median for their household. If it does, they can still file if their disposable income does not exceed a certain sum. All debtors, if eligible, must take a short debt education course, usually held in or by their Chapter 7 bankruptcy lawyer, and a financial management class before discharge.

A Chapter 7 bankruptcy lawyer can explain the various schedules on your petition where you list your debts, assets and particular transactions over a period of time. Your Chapter 7 bankruptcy lawyer will advise you of what assets may not be exempt from seizure or counsel you on how to convert them to exempt assets. Some debts may not be dischargeable such as student debt or child support arrearages.

Generally, no court appearances are necessary though you and your Chapter 7 bankruptcy lawyer will attend a meeting with the trustee to answer some brief questions about your case. In most cases, your discharge will be granted in about 4 months.

Chapter 13 Bankruptcy

Chapter 13 can offer a lifeline to Rialto debtors facing home foreclosure or have student debt that is not dischargeable. If you are ineligible for Chapter 7 or have non-exempt assets you wish to keep, then consult with a Chapter 13 bankruptcy attorney.

Chapter 13 is a wage earner’s plan so you need employment or a steady source of funds to qualify. Your Chapter 13 bankruptcy attorney will draft a repayment plan to be court approved. Creditors including mortgage and car loan companies are paid first along with those having priority such as employees who are owed back wages. Like a Chapter 7, creditors are prohibited from continuing collection activities. Businesses can continue to operate while paying creditors over the life of the plan, which is 3 or 5 years. If the plan becomes untenable because of a new financial emergency, your Chapter 13 bankruptcy attorney may be able to revise it. Discuss how this type of bankruptcy can benefit you with a Chapter 13 bankruptcy attorney.

Chapter 11 Bankruptcy

Chapter 11 is a complicated process that a Chapter 11 bankruptcy attorney needs to handle. Rialto corporations and businesses can be forced into involuntary bankruptcy by creditors or the business may elect to file if facing massive lawsuits and debt. A Chapter 11 bankruptcy attorney will formulate a reorganization plan that the largest creditors in a committee must approve or the committee can submit a competing plan. The debtor business can restructure their business, re-negotiate existing contracts and leases and find new sources of funding. Assets can be sold off and workers let go if necessary to save the business.

Smaller businesses can qualify to bypass many of the formalities and requirements by fast tracking the system and saving considerable time and expense. Individuals with large debt who do not qualify for Chapter 7 or 13 may use Chapter 11 as well.

Bankruptcy is not necessarily for everyone or business but it has helped millions of debtors get a fresh start. Call a Rialto bankruptcy lawyer at 909-341-2588 to determine if bankruptcy is an option for you.