Playa Del Rey 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 Playa Del Rey 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 lenders, and it usually lasts three to 5 years. It uses to pay all or part of your debt from any future income you earn. You can utilize Chapter 13 to make up missed vehicle payments, repay taxes you owe, avoid a bank from foreclosing on your home, keep non-exempt residential or commercial property that you consider valuable, stop interest from gaining on your tax debt, and much more. When you follow the terms of your agreement to repay your debts, all of your staying dis-chargeable debts would be released at the end of the payment period. The monetary quantity appointed to financial institutions under a Chapter 13 bankruptcy must amount to the quantity they would have received if a Chapter 7 bankruptcy had been submitted. To file Chapter 13 bankruptcy, you need to have a “routine source of income” and non reusable income to use to your payments. Especially when you live in Playa Del Rey CA or in a nearby city.
Typically, a chapter 13 bankruptcy is utilized when you wish to keep safe assets, such as a vehicle or house, where you have more equity in the protected properties that you can safeguard using 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 enables you to make up your past due payments with time and to restore your initial repayment arrangement. It may also be a better choice when you have an important non-exempt residential or commercial property that you wish to keep. To keep a non-exempt home, you should pay the lender for the worth of the residential or commercial property.
An exemption limit would apply to any equity you have in the property. Equity is simply a difference between the value of the home 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 only contains equity of $1,500. When you have a property that is held by a loan, the equity you own in that residential or commercial property is covered by your exemptions. That is if you are up-to-date on your payments. Also, if you decide to keep making your normal 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 lender may choose to sell that asset and after that 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. Current bankruptcy laws permit a couple filing together to each claim a full set of exemptions, indicating 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 debts you can not erase in bankruptcy consist of financial obligations for personal injury/death brought on by DWI/DUI, back kid assistance, alimony, financial obligations related to family support, trainee loans, earnings tax financial obligations within the last three years along with other tax debts, charges for traffic tickets, criminal restitution, and any debts you forget to list in your bankruptcy papers, unless you inform the lender of your bankruptcy case. Aside from those non-dischargeable debts, whatever else included in your bankruptcy case will be released at the end of your agreed upon bankruptcy period.
Map of Playa Del Rey 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