Ojai 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 Ojai 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
Orange 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 creditors, and it typically lasts 3 to 5 years. It uses to pay all or part of your financial obligation from any future income you earn. You can utilize Chapter 13 to make up missed out on cars and truck payments, pay back taxes you owe, prevent a bank from foreclosing on your house, keep non-exempt residential or commercial property that you consider important, stop interest from gaining on your tax debt, and much more. When you follow the terms of your agreement to repay your financial obligations, all your staying dis-chargeable debts would be launched at the end of the repayment duration. The monetary quantity assigned to creditors under a Chapter 13 bankruptcy should amount to the amount they would have received if a Chapter 7 bankruptcy had actually been submitted. To file Chapter 13 bankruptcy, you need to have a “routine income” and disposable earnings to apply to your payments. Especially when you live in Ojai CA or in a nearby city.
Usually, a chapter 13 bankruptcy is used when you wish to keep protected assets, such as a vehicle or home, where you have more equity in the secured properties that you can protect by utilizing 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 past due payments gradually and to renew your original repayment contract. It may also be a much better alternative when you have a valuable non-exempt home that you want to keep. To keep a non-exempt property, you must pay the financial institution for the value of the residential or commercial property.
An exemption limit would apply to any equity you have in the residential or commercial property. Equity is merely a distinction between the value of the property and exactly 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 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 updated on your payments. Also, if you choose 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 creditor might decide to sell that possession then disperse the money resulting from the sale. In this case, you would be entitled to the value of your exemption in the sold-off property as a cash payment. Existing bankruptcy laws permit a married couple filing together to each claim a complete set of exemptions, implying 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 debts you can not eliminate in bankruptcy include debts for personal injury/death brought on by DWI/DUI, back kid assistance, spousal support, debts associated with household support, student loans, income tax debts within the last 3 years along with any other tax financial obligations, charges for traffic tickets, criminal restitution, and any debts you forget to list in your bankruptcy documents, unless you inform the lender of your bankruptcy case. Other than those non-dischargeable debts, whatever else included in your bankruptcy case will be released at the end of your decided upon bankruptcy duration.
Map of Ojai 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