La Mirada 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 La Mirada 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 financial institutions, and it normally lasts three to 5 years. It provides to pay all or part of your debt from any future earnings 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 home that you consider 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 of your staying dis-chargeable debts would be released at the end of the payment period. The monetary quantity designated to creditors under a Chapter 13 bankruptcy need to be equal to the amount they would have gotten if a Chapter 7 bankruptcy had been submitted. To file Chapter 13 bankruptcy, you need to have a “routine source of income” and non reusable earnings to apply towards your payments. Especially when you live in La Mirada CA or in a nearby city.
Normally, a chapter 13 bankruptcy is utilized when you want to keep safe assets, such as an automobile or home, where you have more equity in the secured assets that you can protect by utilizing your bankruptcy exemptions. It’s a reorganization of the financial obligations you owe your financial institutions that are not non-dischargeable debts.
A Chapter 13 bankruptcy enables you to make up your overdue payments with time and to restore your initial payment contract. It may likewise be a much better option when you have an important non-exempt property that you wish to keep. To keep a non-exempt home, you should pay the financial institution for the worth of the property.
An exemption limit would apply to any equity you have in the home. Equity is just a difference between the worth of the home 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 just contains 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. Likewise, if you decide to keep making your regular 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 lender may decide to sell that property and 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 asset as a cash payment. Current bankruptcy laws allow a couple filing together to each claim a complete set of exemptions, indicating 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 eliminate in bankruptcy consist of financial obligations for personal injury/death triggered by DWI/DUI, back child assistance, alimony, financial obligations connected to family support, trainee loans, income tax financial obligations within the last three 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 inform the creditor of your bankruptcy case. Other than those non-dischargeable debts, everything else included in your bankruptcy case will be released at the end of your agreed upon bankruptcy duration.
Map of La Mirada 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