Encino 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 Encino 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 strategy to your lenders, and it usually lasts three to five years. It uses to pay all or part of your financial obligation from any future earnings you earn. You can use Chapter 13 to make up missed car payments, pay back taxes you owe, prevent a bank from foreclosing on your house, keep non-exempt home that you deem important, stop interest from gaining on your tax debt, and far more. When you follow the regards to your contract to repay your financial obligations, all your remaining dis-chargeable financial obligations would be launched at the end of the payment period. The financial amount assigned to financial institutions under a Chapter 13 bankruptcy should be equal to the amount they would have received if a Chapter 7 bankruptcy had actually been filed. To file Chapter 13 bankruptcy, you need to have a “regular income” and non reusable earnings to apply towards your repayments. Especially when you live in Encino CA or in a nearby city.
Normally, a chapter 13 bankruptcy is utilized when you want to keep protected properties, such as an automobile or house, where you have more equity in the secured possessions that you can safeguard by using 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 past due payments over time and to restore your original repayment contract. It may also be a better alternative when you have an important non-exempt property that you wish to keep. To keep a non-exempt residential or commercial property, you need to pay the lender for the worth of the property.
An exemption limit would apply to any equity you have in the property. Equity is merely a distinction between the value of the property and what you owe on it. For example, if you have a truck valued at $10,000 with a loan of $8,500, the truck only includes equity of $1,500. When you have a home that is held by a loan, the equity you own in that property is covered by your exemptions. That is if you are up-to-date on your payments. Also, if you decide to keep making your typical payments on the loan, you can keep the residential or commercial property throughout and after your bankruptcy term is complete. If the equity is not covered by your exemptions, your financial institution may choose to sell that property then disperse the money arising from the sale. In this case, you would be entitled to the value of your exemption in the sold-off possession as a cash payment. Current bankruptcy laws enable a married couple filing together to each claim a full set of exemptions, suggesting more residential or commercial 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 erase in bankruptcy include financial obligations for individual injury/death caused by DWI/DUI, back kid assistance, spousal support, financial obligations related to household support, student loans, income tax financial obligations within the last 3 years as well as any other tax debts, penalties for traffic tickets, criminal restitution, and any financial obligations you forget to list in your bankruptcy papers, unless you notify the financial institution of your bankruptcy case. Other than those non-dischargeable debts, everything else consisted of in your bankruptcy case will be discharged at the end of your agreed upon bankruptcy duration.
Map of Encino 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