Chapter 11 Bankruptcy Attorney Bakersfield
When it comes to filing for bankruptcy, you will want to make sure that you first consult with an experienced and Kern County Bankruptcy Attorney. There are different bankruptcy processes and which one you file for will depend on a number of different factors. For instance, businesses and individuals have different needs and different ways of organizing finances. Also, there are different levels of income and different amounts of debt. In other words, not all bankruptcy is the same. When it comes to Chapter 11 bankruptcy, many businesses will see this as being a better option than Chapter 7. In some cases, individuals may even file for Chapter 11.
Reorganizing Your Business Through Chapter 11
Businesses often will prefer to file for Chapter 11. Their other option is Chapter 7, which is liquidation. This will require the business to stop operating, at least for a time. When it comes to Chapter 11, a business can continue to operate, even while the bankruptcy process is taking place. This is considered a reorganization bankruptcy. This means that businesses can actually restructure their debts so that they are easier to pay off. In some cases, the court may decide that the amount of debt should be reduced. In other cases, businesses may get an extension on the repayment time period. A lawyer can help your business to file correctly, that way you can reorganize in a way that truly helps your business to continue running.
Serving Kern County Including Delano, Taft & Tehachapi
Some individuals will also file for Chapter 11. This does not happen as often as individuals filing for Chapters 7 or 13. Usually, when a person files for this process, it is because he or she has debts that exceed certain court-restricted threshold. In these cases, individuals must give over all non-exempt property to the court-appointed trustee, who sells the property and gives the money to the creditors. There are also cases in which creditors may take all of the individual's disposable income. Payment periods are often shorted in Chapter 11 and there is often interest attached. Creditors normally expect to be paid in the full amount, so debt reductions are uncommon.
Free Consultation With An Attorney
If you are considering filing for Chapter 11, you will want to consult with a Kern County bankruptcy lawyer. Give us a call at 661-952-9740 to speak with a Kern County bankruptcy attorney for a free consultation to find out your available options regarding Chapter 11 bankruptcy. Individuals will want to make sure that they are out of other options before filing for Chapter 11 and that they do not qualify for Chapter 7 or 13 processes.