Hermosa Beach 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 Hermosa Beach 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 payment plan to your lenders, and it usually lasts three to 5 years. It provides to pay all or part of your financial obligation from any future income you make. 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 property that you consider valuable, stop interest from gaining on your tax financial obligation, and much more. When you follow the terms of your arrangement to repay your financial obligations, all of your remaining dis-chargeable debts would be released at the end of the payment period. The monetary amount appointed 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 filed. To file Chapter 13 bankruptcy, you need to have a “routine income” and disposable income to apply to your payments. Especially when you live in Hermosa Beach CA or in a nearby city.
Usually, a chapter 13 bankruptcy is used when you wish to keep secured properties, such as a car or house, where you have more equity in the secured properties 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 reinstate your initial payment arrangement. It may likewise be a much better choice when you have an important non-exempt home that you wish to keep. To keep a non-exempt property, you must pay the lender for the worth of the residential or commercial property.
An exemption limit would apply to any equity you have in the property. Equity is just a difference between the worth of the residential or commercial property and what you owe on it. For example, if you have actually a truck valued at $10,000 with a loan of $8,500, the truck only contains equity of $1,500. When you have a property that is held by a loan, the equity you own in that property is covered by your exemptions. That is if you are updated on your payments. Also, if you decide to keep making your normal payments on the loan, you can keep the home throughout and after your bankruptcy term is total. If the equity is not covered by your exemptions, your financial institution may choose to sell that asset and after that distribute the cash arising from the sale. In this case, you would be entitled to the value of your exemption in the sold-off property as a money payment. Current bankruptcy laws allow a married couple filing together to each claim a full set of exemptions, suggesting more residential or commercial property 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 debts you can not erase in bankruptcy include financial obligations for personal injury/death brought on by DWI/DUI, back child assistance, spousal support, debts connected to family assistance, trainee loans, income tax financial obligations within the last 3 years along with other tax financial obligations, penalties 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. Other than those non-dischargeable debts, whatever else included in your bankruptcy case will be discharged at the end of your agreed upon bankruptcy duration.
Map of Hermosa Beach 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