Dana Point 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 Dana Point 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
Santa Barbara 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 payment strategy to your creditors, and it typically lasts three to 5 years. It provides to pay all or part of your debt from any future income you earn. You can use Chapter 13 to make up missed out on automobile payments, repay taxes you owe, prevent a bank from foreclosing on your home, keep non-exempt home that you deem important, stop interest from gaining on your tax financial obligation, and far more. When you follow the regards to your contract to repay your debts, all of your remaining dis-chargeable debts would be released at the end of the repayment period. The monetary amount designated to financial institutions under a Chapter 13 bankruptcy must amount to the amount they would have received if a Chapter 7 bankruptcy had actually been submitted. To file Chapter 13 bankruptcy, you should have a “regular source of income” and disposable earnings to apply to your repayments. Especially when you live in Dana Point CA or in a nearby city.
Normally, a chapter 13 bankruptcy is used when you wish to keep guaranteed properties, such as a car or home, where you have more equity in the secured properties that you can safeguard 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 enables you to make up your overdue payments over time and to reinstate your original repayment arrangement. It might also be a better option when you have an important non-exempt home that you want to keep. To keep a non-exempt home, you must pay the creditor for the worth of the home.
An exemption limitation would apply to any equity you have in the home. Equity is just a distinction in between the value of the property and exactly what you owe on it. For example, if you have a truck valued at $10,000 with a loan of $8,500, the truck just includes equity of $1,500. When you have a home that is held by a loan, the equity you own in that residential or commercial property is covered by your exemptions. That is if you are updated on your payments. Likewise, if you choose to keep making your typical payments on the loan, you can keep the home throughout and after your bankruptcy term is complete. If the equity is not covered by your exemptions, your lender may opt to sell off that property and after that disperse the cash resulting from the sale. In this case, you would be entitled to the value of your exemption in the sold-off asset as a cash payment. Existing bankruptcy laws permit a married couple filing together to each claim a full set of exemptions, suggesting more home can be safeguarded. 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 remove in bankruptcy consist of financial obligations for individual injury/death triggered by DWI/DUI, back child support, spousal support, financial obligations associated with family support, trainee loans, earnings tax financial obligations within the last 3 years in addition to any other tax financial obligations, charges for traffic tickets, criminal restitution, and any financial obligations you forget to list in your bankruptcy papers, unless you notify the creditor of your bankruptcy case. Aside from those non-dischargeable debts, everything else consisted of in your bankruptcy case will be released at the end of your agreed upon bankruptcy period.
Map of Dana Point 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