Lake Hughes 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 Lake Hughes 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 financial institutions, and it usually lasts 3 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 out on cars and truck payments, repay taxes you owe, prevent a bank from foreclosing on your home, keep non-exempt home that you deem valuable, stop interest from gaining on your tax financial obligation, and a lot more. When you follow the regards to your arrangement to repay your debts, all your remaining dis-chargeable financial obligations would be released at the end of the repayment duration. The financial amount appointed to lenders under a Chapter 13 bankruptcy need to be equal to the amount they would have gotten if a Chapter 7 bankruptcy had actually been submitted. To file Chapter 13 bankruptcy, you must have a “routine income source” and disposable income to apply towards your payments. Especially when you live in Lake Hughes CA or in a nearby city.
Generally, a chapter 13 bankruptcy is utilized when you wish to keep guaranteed assets, such as a car or house, where you have more equity in the secured properties 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 financial obligations.
A Chapter 13 bankruptcy permits you to make up your overdue payments in time and to restore your initial repayment arrangement. It may likewise be a better alternative when you have a valuable non-exempt property that you want to keep. To keep a non-exempt home, you need to pay the lender for the value of the home.
An exemption limit would apply to any equity you have in the residential or commercial property. Equity is merely a difference 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 just consists of equity of $1,500. When you have a home that is held by a loan, the equity you own in that home is covered by your exemptions. That is if you are up-to-date on your payments. Also, if you opt to keep making your typical payments on the loan, you can keep the property throughout and after your bankruptcy term is total. If the equity is not covered by your exemptions, your creditor might opt to sell that property then distribute the money arising from the sale. In this case, you would be entitled to the worth of your exemption in the sold-off asset as a money payment. Existing bankruptcy laws permit a married couple filing together to each claim a full 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 financial obligations you can not remove in bankruptcy consist of debts for personal injury/death caused by DWI/DUI, back child assistance, spousal support, financial obligations connected to family assistance, trainee loans, income tax debts within the last 3 years in addition to any other tax debts, charges for traffic tickets, criminal restitution, and any debts you forget to list in your bankruptcy documents, unless you notify the lender of your bankruptcy case. Besides those non-dischargeable debts, everything else consisted of in your bankruptcy case will be released at the end of your agreed upon bankruptcy duration.
Map of Lake Hughes 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