Anaheim Chapter 7 Bankruptcy Attorney

There are six different types of bankruptcy recognized in the US bankruptcy code. Certain forms or "chapters" of bankruptcy may allow an individual to keep some of their assets while making payments on a schedule plan, while other forms of bankruptcy involve the handing over of personal assets.

A Chapter 7 bankruptcy is the fastest, most traditional form of bankruptcy, which involves the complete liquidation of assets.

For a business, a Chapter 7 filing means that a Chapter 7 Trustee will be appointed by the court to review your finances and/or reorganize your business. This may mean that you must stop operating as a business unless your Chapter 7 Trustee says that you can continue on. Depending on how much debt your business has, your Chapter 7 Trustee will evaluate your business’s finances and sell off a certain portion of assets (or all of your assets) to pay back your creditor. Any excess assets or monies will be returned to the business.

For individuals, a Chapter 7 filing is essentially the same as with a business, albeit you will be dealing with your personal assets. You will be allowed to keep certain exempt property. Your bankruptcy will appear on your credit report for ten years after the date filing.

Appointing a bankruptcy attorney is the best route to achieving a fair bankruptcy deal for your situation. No matter what type of bankruptcy you may file for, you need an experienced attorney that you can trust to help navigate you through the complicated finance laws that govern our country. Contact our firm today to discuss your case with the Anaheim bankruptcy attorney.