Santa Fe 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 Santa Fe 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
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 normally lasts 3 to five years. It offers to pay all or part of your debt from any future earnings you earn. You can utilize Chapter 13 to make up missed out on automobile payments, repay taxes you owe, avoid a bank from foreclosing on your house, keep non-exempt property that you deem important, stop interest from gaining on your tax financial obligation, and far more. When you follow the terms of your contract to repay your debts, all your remaining dis-chargeable debts would be released at the end of the payment duration. The financial quantity assigned to creditors under a Chapter 13 bankruptcy need to amount to the amount they would have received if a Chapter 7 bankruptcy had actually been submitted. To file Chapter 13 bankruptcy, you must have a “regular source of income” and disposable earnings to apply towards your payments. Especially when you live in Santa Fe Springs CA or in a nearby city.
Usually, a chapter 13 bankruptcy is utilized when you wish to keep guaranteed possessions, such as an automobile or house, where you have more equity in the secured assets that you can secure by using your bankruptcy exemptions. It’s a reorganization of the financial obligations you owe your creditors that are not non-dischargeable financial obligations.
A Chapter 13 bankruptcy allows you to make up your past due payments over time and to renew your initial payment agreement. It might likewise be a better choice when you have an important non-exempt home that you wish to keep. To keep a non-exempt home, you need to pay the financial institution for the worth of the property.
An exemption limitation would apply to any equity you have in the home. Equity is merely a difference between the value of the residential or commercial property 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 only contains 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 current on your payments. Also, if you choose to keep making your regular 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 financial institution might opt to sell that asset then disperse 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 cash payment. Current bankruptcy laws allow a married couple filing together to each claim a complete set of exemptions, implying 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 financial obligations you can not erase in bankruptcy consist of financial obligations for individual injury/death caused by DWI/DUI, back child support, alimony, financial obligations related to household support, trainee loans, earnings tax financial obligations within the last 3 years along with other tax debts, charges for traffic tickets, criminal restitution, and any financial obligations you forget to list in your bankruptcy documents, unless you inform the financial institution of your bankruptcy case. Other than those non-dischargeable financial obligations, everything else included in your bankruptcy case will be discharged at the end of your decided upon bankruptcy period.
Map of Santa Fe 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