At The Law Office of Melanie Tavare, we are dedicated to providing the compassionate legal representation that business owners interested in pursuing bankruptcy deserve. We understand just how serious the decision to file for bankruptcy can be, and we know that you might have some concerns about the process. If approached correctly, bankruptcy can be an opportunity for a person or business to enjoy a new financial start. Our Hayward bankruptcy lawyer has helped a number of business owners navigate the bankruptcy process successfully. If you are considering filing for bankruptcy for yourself or your business, we invite you to contact our law office today to schedule an initial free consultation. We can help you determine what type of bankruptcy is best for your unique financial situation.

If you are currently facing insurmountable debt and you are concerned for the future of your business, a Hayward bankruptcy attorney can help.

Can You File for Bankruptcy?

There are a number of factors that influence whether you will be able to file for bankruptcy. During your initial consultation, our Hayward bankruptcy lawyer will help you determine whether pursuing bankruptcy is in your best interest and will outline the most effective options you have to resolve your business debt. A bankruptcy lawyer will consider numerous factors including your income, interests in real estate, insurance policies, and other assets that you might possess.

Erasing Debts Through Bankruptcy

While many types of debts, including those associated with cash advances and credit cards, are capable of being discharged through bankruptcy, some others are not. A business owner might still be required to repay some debts even after filig for bankruptcy. A Hayward bankruptcy attorney can review the facts of your case to determine what types of debt you and your business are capable of discharging.

The Bankruptcy Process

Bankruptcy is a federal court process that is designed to assist people and companies in eliminating their debt when they are unable to repay it. After filing either Chapter 7 or Chapter 13 bankruptcy, a court order referred to as an “automatic stay” is created. This protection blocks creditors from pursuing any action to collect on the debts that you owe. The “automatic stay” remains until the bankruptcy court decides to remove this order.

Chapter 11 and Chapter 13 Bankruptcy

Sometimes referred to as reorganization bankruptcies, Chapter 11 and Chapter 13 bankruptcies are the options to which many business owners turn. Both of these types of bankruptcy allow businesses to continue their operations. The business owner will submit a debt repayment plan and the might engage in some reorganization of the business, including selling off assets or bringing in new sources of equity. While Chapter 11 is only for business, Chapter 13 is often utilized by individuals. Sole proprietors sometimes use Chapter 13 bankruptcy to reorganize their debt, as well.

Is Your Co-Signer Protected in Bankruptcy Proceedings?

Co-signers can sometimes be protected when a person or business files for bankruptcy. If you have questions about how co-signers will be affected by your bankruptcy, a knowledgeable bankruptcy attorney can help walk you through it. If you decide to file for Chapter 7 bankruptcy, creditors will still be able to pursue collection efforts against any co-signers on your loans. If you decide to file for Chapter 13 bankruptcy, however, a co-signer will be protected from your creditors if certain requirements are met, which include:

• The debt is a consumer debt
• The debt was not incurred in the ordinary course of business
• The co-signer did not benefit from the proceeds of the debt
• The debtor must comply with the Chapter 13 bankruptcy agreement

Filing for Bankruptcy More Than Once

It is true that a person is able to file for bankruptcy more than once. The type of bankruptcy for which a person can file, however, is influenced by whether that individual has previously filed for bankruptcy. A person is able to receive discharge of debts through bankruptcy once every eight years with few exceptions. An experienced bankruptcy attorney can explain how previously filing for bankruptcy affects your current financial options.

Speak with an Experienced Bankruptcy Lawyer If you are considering filing for bankruptcy, it is important to understand that this area of law is complex and nuanced. For the sake of your business, it is best to obtain the assistance of an experienced business bankruptcy in Hayward who can help you successfully navigate any