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 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
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 payment strategy to your financial institutions, and it generally lasts 3 to 5 years. It provides to pay all or part of your financial obligation from any future earnings you make. You can use Chapter 13 to make up missed vehicle payments, pay back 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 much 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 duration. The financial amount assigned 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 “regular income” and disposable earnings to use towards your repayments. Especially when you live in Palm Springs CA or in a nearby city.
Typically, a chapter 13 bankruptcy is utilized when you wish to keep secured properties, such as a vehicle or house, where you have more equity in the protected assets that you can safeguard by using your bankruptcy exemptions. It’s a reorganization of the debts you owe your financial institutions that are not non-dischargeable financial obligations.
A Chapter 13 bankruptcy allows you to make up your overdue payments gradually and to restore your initial repayment arrangement. It might also be a much better choice when you have a valuable non-exempt property that you want to keep. To keep a non-exempt residential or commercial property, you must pay the creditor for the value of the property.
An exemption limit would apply to any equity you have in the property. Equity is merely a difference in between the worth of the property and exactly what you owe on it. For instance, if you have a truck valued at $10,000 with a loan of $8,500, the truck only includes equity of $1,500. When you have a property that is held by a loan, the equity you own in that property is covered by your exemptions. That is if you are current on your payments. Also, if you opt to keep making your normal 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 might opt to sell that asset then distribute the money resulting 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. Present bankruptcy laws allow a married couple filing together to each claim a complete set of exemptions, meaning more residential or commercial property 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 remove in bankruptcy consist of debts for personal injury/death brought on by DWI/DUI, back child support, spousal support, debts related to family support, trainee loans, earnings tax debts within the last three 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 financial institution 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 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