Downey 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 Downey 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 creditors, and it typically lasts 3 to 5 years. It uses to pay all or part of your debt from any future earnings you earn. You can use Chapter 13 to make up missed out on automobile payments, repay taxes you owe, avoid a bank from foreclosing on your house, keep non-exempt residential or commercial property that you deem valuable, stop interest from gaining on your tax debt, and a lot more. When you follow the terms of your arrangement to repay your debts, all your staying dis-chargeable financial obligations would be launched at the end of the repayment period. The monetary quantity designated to financial institutions under a Chapter 13 bankruptcy must amount to the amount they would have gotten if a Chapter 7 bankruptcy had actually been submitted. To file Chapter 13 bankruptcy, you should have a “regular income” and non reusable income to apply towards your payments. Especially when you live in Downey CA or in a nearby city.
Usually, a chapter 13 bankruptcy is utilized when you wish to keep protected properties, such as a vehicle or house, where you have more equity in the protected assets that you can safeguard by utilizing your bankruptcy exemptions. It’s a reorganization of the debts you owe your financial institutions that are not non-dischargeable financial obligations.
A Chapter 13 bankruptcy permits you to make up your overdue payments in time and to restore your original payment agreement. It may likewise be a much better choice when you have an important non-exempt residential or commercial property that you wish to keep. To keep a non-exempt home, you must pay the financial institution for the value of the home.
An exemption limitation would apply to any equity you have in the home. Equity is simply a distinction between the worth of the property and what you owe on it. For instance, 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 property 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 opt to keep making your normal 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 financial institution may choose to sell off that asset then disperse the cash arising 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. Current bankruptcy laws permit a couple filing together to each claim a complete set of exemptions, meaning more property can be secured. All of this is common in California and throughout the region, and remember, the time to do something is now.
The non-dischargeable debts you can not eliminate in bankruptcy include debts for individual injury/death triggered by DWI/DUI, back kid support, spousal support, financial obligations connected to household support, student loans, income tax debts within the last three years as well as other tax financial obligations, penalties for traffic tickets, criminal restitution, and any financial obligations you forget to list in your bankruptcy documents, unless you notify the lender of your bankruptcy case. Besides those non-dischargeable debts, whatever else consisted of in your bankruptcy case will be discharged at the end of your decided upon bankruptcy duration.
Map of Downey 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