Bankruptcy Filing for troubled Business Owners

In the life of a business, there will always come a time that it would experience some financial problems.  There are businesses that are doing well but there are also some that are really having problems in taking care of their expenses including their debts. When you think that your business could not anymore pay its debt, you could always file for Chapter 11 Bankruptcy. However, you have to make sure that you make this as your last option.

Financial problems in your business is quite normal, a lot of businesses also experience the same problem. Keep in mind that there are a lot of things that you could do when you are now finding it hard to pay for your debts. It is necessary that you know something about these options.

Tools to deal with Debt:

  • Asset protection
  • Debt negotiation
  • Debt consolidation
  • Bankruptcy

Filing for Bankruptcy

The good thing about bankruptcy is it helps you erase all your debts and have a fresh start with your business. This is why it’s very tempting to file for bankruptcy especially when you do not know anymore how to pay all the debts of your business. However, be reminded that there are also disadvantages when you file for bankruptcy. Try other options first before you resort to declaration of bankruptcy.

Business owners usually file for bankruptcy since they are afraid that all their assets would be taken from them by the company which they are owed. The good thing with bankruptcy filing is it could help you protect some of your properties that are very important to you and your business. With this, you could start again after the case. However, this does not come in easy term.

Professional Law Firm

For a better bankruptcy filing experience, you need to be aided by a professional bankruptcy lawyer. Some might say that doing so could be handled on your own, but it is still very different when you are with a lawyer. The service of a professional law firm could ensure that you will get good results from the filing you made.

When you file for bankruptcy, it is not an assurance that it will automatically be granted. There are a lot of things that needs to be considered and most definitely your bankruptcy lawyer would know everything about this so he could help you with the smooth sailing of the case. You do not have to worry anymore regarding the outcome of your filing.

If you think that your business is not doing really good and you plan to file for bankruptcy, call Los Angeles Bankruptcy first. We are ready to examine your case and give you the appropriate suggestion or approach regarding your problem. We will be with you in the process of filing for bankruptcy if it is needed.

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Some Information about Chapter 13 Bankruptcy

Today, one of the best options for people who are facing great financial troubles is Chapter 13 Bankruptcy. It allows an individual to be discharged on all his current debts. With this filing, anyone could have a fresh start without thinking about debts. However, in order to enjoy these benefits, this filing needs to be approved first.

Before the Filing

A person who plans to file for Chapter 13 Bankruptcy needs to attend a credit counseling first.  This counseling should come from an expert that is approved by the trustee’s office. This is necessary in order to provide a person with everything that he needs to know regarding the filing.

This helps avoid having people file for bankruptcy with a lot of doubts and unclear thoughts in their minds. At least, people who would file for bankruptcy would know what they are getting into. Some information they need to know is that this filing would remain in their credit report for about 7 years.

After the Filing and Before Discharge

After the filing, the debtor will be required to provide some important documents like current tax returns, current pay stubs, social security card and more. Debtors much ensure that all of these documents are readily available for everything to go smoothly.

Before anyone is discharged of his debts, he needs to attend first a financial management class. Often times, this is provided by the chapter 13 trustee. This aims to provide people with ideas on how to do well with their finances and how to manage their money effectively in order to avoid filing for bankruptcy again.

What Chapter 13 could do?

Through the chapter 13 plan, it would stop mortgage companies from getting your property. It will give the debtor a chance to rearrange the payment to another 36 to 40 months. You do not have to worry anymore about previous payments.

After the filing for bankruptcy, the debtor could now start paying again for his property which was about to be foreclosed. The good news is that payment could start again and you don’t need to worry about fees of your late payments before.

Seek Professional Service

There are a lot of things to consider and to prepare for this bankruptcy filing to go smoothly. If you are on your own, most likely you might experience some problems since you are not well-versed with the law and all the requirements needed for this filing. It’s better to be with an experienced bankruptcy attorney.

Riverside Bankruptcy offers people with bankruptcy filing assistance in an affordable rate. We will ensure that everything would go smoothly and that your filing would have good result. It is also one of our aims to help you bring back your financial stability through having a fresh start.

 

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