Santa Clarita 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 Santa Clarita 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 payment strategy to your creditors, and it typically lasts three to five years. It provides to pay all or part of your financial obligation from any future earnings you earn. You can use Chapter 13 to make up missed out on car payments, repay taxes you owe, avoid a bank from foreclosing on your home, keep non-exempt property that you consider valuable, stop interest from gaining on your tax financial obligation, and much more. When you follow the terms of your contract to repay your debts, all your staying dis-chargeable financial obligations would be launched at the end of the payment duration. The financial quantity appointed to creditors under a Chapter 13 bankruptcy should amount to the quantity they would have gotten if a Chapter 7 bankruptcy had been submitted. To file Chapter 13 bankruptcy, you must have a “regular source of income” and non reusable earnings to use towards your payments. Especially when you live in Santa Clarita CA or in a nearby city.
Usually, a chapter 13 bankruptcy is utilized when you wish to keep guaranteed assets, such as a vehicle or home, where you have more equity in the secured properties that you can secure using your bankruptcy exemptions. It’s a reorganization of the debts you owe your financial institutions that are not non-dischargeable debts.
A Chapter 13 bankruptcy enables you to make up your overdue payments over time and to renew your original repayment arrangement. It might likewise be a much better alternative when you have an important non-exempt property that you wish to keep. To keep a non-exempt residential or commercial property, you should pay the creditor for the worth of the residential or commercial property.
An exemption limitation would apply to any equity you have in the property. Equity is simply a distinction in between the value of the residential or commercial property and exactly what you owe on it. For example, if you have 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 residential or commercial property that is held by a loan, the equity you own because property is covered by your exemptions. That is if you are up-to-date on your payments. Also, if you choose to keep making your regular 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 choose to sell off that property and then distribute the money resulting from the sale. In this case, you would be entitled to the worth of your exemption in the sold-off property as a money payment. Existing bankruptcy laws enable a married couple filing together to each claim a complete set of exemptions, suggesting more home 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 debts you can not eliminate in bankruptcy consist of debts for personal injury/death brought on by DWI/DUI, back child assistance, spousal support, debts related to household assistance, student loans, income tax financial obligations within the last 3 years along with other tax debts, penalties for traffic tickets, criminal restitution, and any financial obligations you forget to list in your bankruptcy papers, unless you inform the creditor of your bankruptcy case. Other than those non-dischargeable debts, everything else consisted of in your bankruptcy case will be released at the end of your agreed upon bankruptcy period.
Map of Santa Clarita 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