North Palm Springs 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 North Palm Springs 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
San Diego 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 creditors, and it typically lasts 3 to 5 years. It offers to pay all or part of your debt from any future earnings you earn. You can use Chapter 13 to make up missed out on vehicle payments, repay taxes you owe, avoid a bank from foreclosing on your home, keep non-exempt property that you deem valuable, stop interest from gaining on your tax financial obligation, and far more. When you follow the regards to your agreement to repay your debts, all your staying dis-chargeable financial obligations would be launched at the end of the payment period. The financial amount appointed to lenders under a Chapter 13 bankruptcy should be equal to the amount they would have received if a Chapter 7 bankruptcy had actually been submitted. To file Chapter 13 bankruptcy, you should have a “routine income” and non reusable income to apply towards your payments. Especially when you live in North Palm Springs CA or in a nearby city.
Typically, a chapter 13 bankruptcy is used when you wish to keep protected assets, such as a car 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 debts you owe your lenders that are not non-dischargeable financial obligations.
A Chapter 13 bankruptcy permits you to make up your overdue payments over time and to reinstate your original payment contract. It might also be a much better option when you have an important non-exempt residential or commercial property that you wish to keep. To keep a non-exempt home, you must pay the financial institution 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 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 just includes equity of $1,500. When you have a residential or commercial 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. 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 opt to sell that asset and after that 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 money payment. Existing bankruptcy laws allow a couple filing together to each claim a full set of exemptions, suggesting more home 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 consist of financial obligations for personal injury/death brought on by DWI/DUI, back kid support, spousal support, financial obligations connected to family support, student loans, earnings tax debts within the last three years along with any 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. Aside from those non-dischargeable financial obligations, whatever else included in your bankruptcy case will be released at the end of your agreed upon bankruptcy duration.
Map of North Palm Springs 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