Seal Beach 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 Seal Beach 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
Riverside 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 plan to your financial institutions, and it usually lasts 3 to five 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 cars and truck payments, pay back taxes you owe, prevent a bank from foreclosing on your house, keep non-exempt home that you deem important, stop interest from gaining on your tax financial obligation, and much more. When you follow the regards to your agreement to repay your financial obligations, all of your remaining dis-chargeable financial obligations would be released at the end of the payment duration. The financial quantity assigned to financial institutions under a Chapter 13 bankruptcy should be equal to the quantity they would have gotten if a Chapter 7 bankruptcy had actually been filed. To file Chapter 13 bankruptcy, you must have a “routine source of income” and disposable income to use to your repayments. Especially when you live in Seal Beach CA or in a nearby city.
Usually, a chapter 13 bankruptcy is utilized when you wish to keep secured possessions, such as a cars and truck or house, where you have more equity in the secured assets that you can protect 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 enables you to make up your past due payments with time and to reinstate your original payment agreement. It may also be a much better alternative when you have a valuable non-exempt residential or commercial property that you wish to keep. To keep a non-exempt residential or commercial property, you should pay the lender for the value of the property.
An exemption limitation would apply to any equity you have in the residential or commercial property. Equity is merely a difference in between the value of the property and exactly what you owe on it. For instance, 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 current on your payments. Likewise, 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 may decide to sell off that possession 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 asset as a money payment. Present bankruptcy laws enable a married couple filing together to each claim a full set of exemptions, indicating more property 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 financial obligations you can not erase in bankruptcy consist of financial obligations for individual injury/death brought on by DWI/DUI, back child assistance, alimony, financial obligations related to family support, trainee loans, income tax financial obligations within the last three years as well as any other tax financial obligations, charges for traffic tickets, criminal restitution, and any debts you forget to list in your bankruptcy documents, unless you inform the financial institution of your bankruptcy case. Besides those non-dischargeable debts, whatever else consisted of in your bankruptcy case will be released at the end of your agreed upon bankruptcy period.
Map of Seal Beach 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