Manhattan 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 Manhattan 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 creditors, and it generally lasts 3 to 5 years. It provides to pay all or part of your debt from any future income you earn. You can utilize Chapter 13 to make up missed out on vehicle payments, repay taxes you owe, avoid a bank from foreclosing on your house, keep non-exempt residential or commercial property 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 of your remaining dis-chargeable financial obligations would be released at the end of the payment period. The financial quantity assigned to lenders under a Chapter 13 bankruptcy should amount to the quantity they would have received if a Chapter 7 bankruptcy had been filed. To file Chapter 13 bankruptcy, you need to have a “regular source of income” and disposable income to use to your payments. Especially when you live in Manhattan Beach CA or in a nearby city.
Generally, a chapter 13 bankruptcy is used when you want to keep secured properties, such as a vehicle or home, where you have more equity in the secured assets that you can secure using your bankruptcy exemptions. It’s a reorganization of the financial obligations you owe your lenders that are not non-dischargeable financial obligations.
A Chapter 13 bankruptcy allows you to make up your past due payments in time and to restore your original payment contract. It might likewise be a much better option when you have a valuable non-exempt property that you want to keep. To keep a non-exempt residential or commercial property, you need to pay the creditor for the value of the residential or commercial property.
An exemption limitation would apply to any equity you have in the home. Equity is just a difference in between the value 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 consists of equity of $1,500. When you have a residential or commercial property that is held by a loan, the equity you own because residential or commercial property is covered by your exemptions. That is if you are updated on your payments. Likewise, if you choose to keep making your normal payments on the loan, you can keep the property throughout and after your bankruptcy term is complete. If the equity is not covered by your exemptions, your financial institution may decide to sell that asset and after that disperse 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. Present bankruptcy laws enable a couple filing together to each claim a full set of exemptions, implying more property can be protected. 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 erase in bankruptcy include debts for personal injury/death caused by DWI/DUI, back kid support, alimony, financial obligations associated with household support, trainee loans, earnings tax debts within the last 3 years in addition to any other tax debts, charges 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, everything else consisted of in your bankruptcy case will be discharged at the end of your decided upon bankruptcy period.
Map of Manhattan 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