Santa Paula 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 Paula 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 repayment strategy to your financial institutions, and it generally lasts 3 to five years. It provides to pay all or part of your financial obligation from any future income you earn. You can utilize Chapter 13 to make up missed out on automobile payments, pay back taxes you owe, avoid a bank from foreclosing on your home, keep non-exempt residential or commercial property that you deem valuable, stop interest from gaining on your tax debt, and much more. When you follow the regards to your arrangement to repay your financial obligations, all your remaining dis-chargeable debts would be launched at the end of the payment period. The financial amount appointed to creditors under a Chapter 13 bankruptcy should amount to the amount they would have gotten if a Chapter 7 bankruptcy had been filed. To file Chapter 13 bankruptcy, you must have a “regular source of income” and non reusable earnings to use towards your repayments. Especially when you live in Santa Paula CA or in a nearby city.
Typically, a chapter 13 bankruptcy is utilized when you wish to keep secured properties, such as a cars and truck or home, where you have more equity in the secured possessions that you can secure using your bankruptcy exemptions. It’s a reorganization of the debts you owe your creditors that are not non-dischargeable financial obligations.
A Chapter 13 bankruptcy enables you to make up your overdue payments gradually and to restore your original repayment agreement. It may likewise be a much better option when you have an important non-exempt home that you wish to keep. To keep a non-exempt property, you should pay the lender for the value of the property.
An exemption limitation would apply to any equity you have in the home. Equity is just a distinction in between the worth of the home and exactly what you owe on it. For example, if you have actually a truck valued at $10,000 with a loan of $8,500, the truck just contains equity of $1,500. When you have a property that is held by a loan, the equity you own because residential or commercial property is covered by your exemptions. That is if you are updated on your payments. Also, if you choose 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 financial institution might decide to sell off that possession and then disperse the cash arising from the sale. In this case, you would be entitled to the value of your exemption in the sold-off property as a money payment. Current bankruptcy laws allow a couple filing together to each claim a full set of exemptions, implying 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 include debts for individual injury/death caused by DWI/DUI, back kid assistance, alimony, debts associated with family support, trainee loans, earnings tax financial obligations within the last 3 years as well as other tax financial obligations, penalties for traffic tickets, criminal restitution, and any financial obligations 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 Santa Paula 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