Consumers and business owners of Beaumont who are in severe financial straits and feeling helpless and adrift should talk to a Beaumont bankruptcy attorney about possible solutions.

Falling behind on debt obligations can mean harassing phone calls, letters, lawsuits and recriminations. A Beaumont bankruptcy attorney can talk to you about how to stop collection activities and help you recover. For Beaumont consumers in heavy debt, a Chapter 7 can wipe out credit card and medical expense debt and allow you to return some secured property without further obligations. Sole proprietorships, debtors with valued non-exempt property or homeowners facing foreclosure can use Chapter 13 to save assets.

Beaumont corporations and partnerships can file Chapter 11 with the help of a Beaumont bankruptcy attorney to restructure their operations and repay creditors while going in a new direction.

Debt does not have to lead to anxiety and drastic measures. Talk to a Beaumont bankruptcy attorney at (888) 754-9877 about the types of bankruptcy and how one could help you on the road to financial recovery.

Chapter 7 Bankruptcy

With the help of a Chapter 7 Bankruptcy Lawyer, you can determine if you qualify for Chapter 7 protection and relief. Your income for your household size must be below the state median or have disposable income below a set amount. If eligible, complete a credit counseling class that will also determine if a repayment plan is feasible. If not, a Chapter 7 Bankruptcy Lawyer will advise you on preparation of your petition that lists your assets, debts, household expenses and exempt assets. Certain transactions over the past 2 years have to be disclosed.

Most Beaumont debtors only have to attend a meeting with the trustee accompanied by a Chapter 7 Bankruptcy Lawyer. If issues arise, your Chapter 7 Bankruptcy Lawyer can handle them. You will also have to attend a financial management class. At discharge, unsecured debt such as credit cards, medical bills and perhaps some back taxes will be discharged. Some secured debts can be reaffirmed or the property returned with no further obligations.

Chapter 13 Bankruptcy

Many debtors cannot file under Chapter 7 but a Chapter 13 may be the correct solution. If you are in arrears on your mortgage, auto loan, student loan or support payments, your Chapter 13 Bankruptcy Attorney can formulate a repayment plan to include these debts. You do need a steady source of income to pay these and other creditors over a 3 or 5 year period. Also, your debts may not exceed certain amounts.

Creditors are paid in order of priority such as employee back wages, taxes and support payments. Unsecured creditors are paid last and may not receive all or any payments at the end of the plan period. This can wipe out second mortgages. You do have to maintain current monthly payments while submitting your monthly payment to the trustee for distribution. Talk to your Chapter 13 Bankruptcy Attorney about this process.

If an unforeseen event makes it difficult to maintain the plan, your Chapter 13 Bankruptcy Attorney can seek to have it modified or convert your case to a Chapter 7. Discuss Chapter 13 with a Chapter 13 Bankruptcy Attorney to see how it can benefit you.

Chapter 11 Bankruptcy

Chapter 11 is a complicated process for corporations, partnerships and even some individuals that can last for years in some cases. A Chapter 11 Bankruptcy Lawyer can file a petition or handle an involuntary filing by disgruntled creditors. Your Chapter 11 Bankruptcy Lawyer submits a reorganization plan that offers a path to viability so long as it meets the standards of feasibility, good faith, benefits creditors and is fair and equitable. Creditors have to confirm the plan. Once in place, the business can negotiate new contracts and leases, break old ones, expand or close down certain operations and sell off assets. All major decisions must be approved by the bankruptcy court.

A Beaumont bankruptcy lawyer can help smaller businesses proceed on a fast track so as to avoid many of the filing and notice requirements and other formalities at a reduced price. For some businesses, Chapter 11 is a panacea.

Call a Beaumont bankruptcy lawyer at (888) 754-9877 today about how bankruptcy works.