Beverly Hills Chapter 13 Lawyer
Do You Need a Chapter 13 Bankruptcy Attorney?
It’s time to consider bankruptcy if your life has been taken over by looming foreclosure, constant badgering phone calls from creditors, lawsuits or garnishments of your wages or property. Or maybe your debt has you trapped due to the amount of each payment and the extent of the debt. There are many kinds of debt that can get you into these situations, including medical bills, credit card balances, falling behind on your mortgage, loans and back taxes owed to the government and even car repossessions.
Chapter 13 Bankruptcy Lawyers Near Me in Beverly Hills CA
Experienced, professional bankruptcy attorneys understand the difficulties and worries you face. We know your best options. We are here to help and will work with you to alleviate your financial uncertainty. Even before your bankruptcy petition is filed, an attorney can help shield you from creditor harassment. In a non-judgmental and supportive way, we can help you understand your options, the process of filing for bankruptcy, and help lift the burden of financial uncertainty.
Free Bankruptcy Consultation – Call Now (855) 997-4655
Los Angeles County Bankruptcy Attorney, The Bankruptcy Experts, are dedicated BK Lawyers with over 10 years experience in dealing with the complex issues concerning bankruptcy. We have the skills and expertise to handle any type of bankruptcy problems you might be experiencing. We proudly offer our services to businesses and individuals throughout Los Angeles and the surrounding areas.
You may feel hopeless, and at the mercy of a faltering economy, but don’t despair. Relief is available, and there is no shame in using the law to protect yourself when you are buried under a pile of debt. You aren’t responsible for the economy, and you didn’t create the mortgage crisis. So use the law to protect yourself and your family.
A Second Chance
Bankruptcy laws are in place to help Americans get a second chance when they are snowed under by economic pressures. You have rights, including the right to be free from harassment by creditors. If your creditors are hounding you, you can make them pay. And if your debt has become more than you can manage, you may be able to file for bankruptcy.
In Chapter 13 bankruptcy, you propose a repayment plan to your lenders, and it typically lasts 3 to 5 years. It offers to pay all or part of your financial obligation from any future income you make. You can utilize Chapter 13 to make up missed vehicle payments, repay taxes you owe, prevent a bank from foreclosing on your home, keep non-exempt residential or commercial property that you consider valuable, stop interest from gaining on your tax financial obligation, and a lot more. When you follow the terms of your agreement to repay your debts, all of your remaining dis-chargeable debts would be released at the end of the repayment duration. The monetary quantity appointed to lenders under a Chapter 13 bankruptcy must be equal to the amount they would have received if a Chapter 7 bankruptcy had been filed. To file Chapter 13 bankruptcy, you should have a “regular income source” and disposable income to apply to your payments. Especially when you live in Beverly Hills CA or in a nearby city.
Typically, a chapter 13 bankruptcy is utilized when you wish to keep secured properties, such as a vehicle or house, where you have more equity in the secured properties that you can secure by utilizing your bankruptcy exemptions. It’s a reorganization of the financial obligations you owe your lenders that are not non-dischargeable debts.
A Chapter 13 bankruptcy permits you to make up your overdue payments over time and to reinstate your original payment arrangement. It may likewise be a better option when you have a valuable non-exempt home that you wish to keep. To keep a non-exempt home, you need to pay the financial institution for the value of the residential or commercial property.
An exemption limitation would apply to any equity you have in the property. Equity is simply a difference between the worth of the property and exactly what you owe on it. For instance, if you have actually a truck valued at $10,000 with a loan of $8,500, the truck just includes equity of $1,500. When you have a property that is held by a loan, the equity you own because property is covered by your exemptions. That is if you are current on your payments. Also, if you decide to keep making your typical payments on the loan, you can keep the property throughout and after your bankruptcy term is complete. If the equity is not covered by your exemptions, your creditor may decide to sell off that property and after that disperse the money arising from the sale. In this case, you would be entitled to the worth of your exemption in the sold-off property as a money payment. Current bankruptcy laws enable a couple filing together to each claim a complete set of exemptions, meaning more property can be protected. All of this is common in California and throughout the region, and remember, the time to do something is now.
The non-dischargeable financial obligations you can not eliminate in bankruptcy include debts for individual injury/death triggered by DWI/DUI, back child support, spousal support, debts connected to household support, student loans, income tax debts within the last 3 years along with other tax financial obligations, charges for traffic tickets, criminal restitution, and any debts you forget to list in your bankruptcy papers, unless you inform the financial institution of your bankruptcy case. Besides those non-dischargeable financial obligations, everything else consisted of in your bankruptcy case will be released at the end of your agreed upon bankruptcy period.
Map of Beverly Hills CA
The Bankruptcy Experts
1605 W. Olympic Blvd. Suite 1024
Los Angeles, CA 90015
Monday – Friday: 8:00am – 6:00pm
Saturday: 10:00am – 4:00pm