Rancho Mirage 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 Rancho Mirage 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
Santa Barbara 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 financial institutions, and it normally lasts 3 to 5 years. It uses to pay all or part of your debt from any future income you earn. You can use Chapter 13 to make up missed car payments, pay back taxes you owe, prevent a bank from foreclosing on your home, keep non-exempt property that you deem important, stop interest from gaining on your tax debt, and a lot more. When you follow the terms of your agreement to repay your financial obligations, all of your staying dis-chargeable debts would be released at the end of the repayment duration. The monetary quantity appointed to financial institutions under a Chapter 13 bankruptcy need to amount to the amount they would have gotten if a Chapter 7 bankruptcy had actually been filed. To file Chapter 13 bankruptcy, you must have a “routine income” and non reusable earnings to use towards your payments. Especially when you live in Rancho Mirage CA or in a nearby city.
Usually, a chapter 13 bankruptcy is utilized when you want to keep protected assets, such as a cars and truck or house, where you have more equity in the secured assets that you can safeguard by utilizing 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 with time and to reinstate your initial repayment arrangement. It may also be a much better choice when you have a valuable non-exempt property that you wish to keep. To keep a non-exempt residential or commercial property, you must pay the financial institution for the worth of the residential or commercial property.
An exemption limit would apply to any equity you have in the residential or commercial property. Equity is simply a difference between the worth of the home and exactly what you owe on it. For instance, 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 property that is held by a loan, the equity you own in that property is covered by your exemptions. That is if you are up-to-date on your payments. Likewise, if you opt to keep making your typical 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 creditor may opt to sell off that asset and then distribute the cash resulting from the sale. In this case, you would be entitled to the value of your exemption in the sold-off possession as a money payment. Current bankruptcy laws permit a couple filing together to each claim a complete set of exemptions, suggesting more residential or commercial property can be secured. 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 remove in bankruptcy include financial obligations for individual injury/death triggered by DWI/DUI, back kid assistance, spousal support, debts related to household support, student loans, earnings tax debts within the last 3 years as well as any other tax financial obligations, penalties for traffic tickets, criminal restitution, and any debts you forget to list in your bankruptcy papers, unless you notify the financial institution of your bankruptcy case. Other than those non-dischargeable financial obligations, whatever else consisted of in your bankruptcy case will be discharged at the end of your decided upon bankruptcy period.
Map of Rancho Mirage 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