Toluca Lake 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 Toluca Lake 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 income you make. You can use Chapter 13 to make up missed out on cars and truck payments, repay taxes you owe, avoid a bank from foreclosing on your house, keep non-exempt property that you consider important, stop interest from gaining on your tax financial obligation, and a lot more. When you follow the terms of your arrangement to repay your debts, all of your staying dis-chargeable debts would be launched at the end of the payment period. The financial amount assigned to lenders under a Chapter 13 bankruptcy must be equal 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 income source” and disposable earnings to apply to your repayments. Especially when you live in Toluca Lake CA or in a nearby city.
Typically, a chapter 13 bankruptcy is utilized when you wish to keep secured properties, such as an automobile or home, where you have more equity in the protected properties that you can safeguard by utilizing 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 gradually and to reinstate your original payment agreement. It may also be a much better option when you have a valuable non-exempt property that you want to keep. To keep a non-exempt home, you must pay the lender for the worth of the property.
An exemption limit would apply to any equity you have in the residential or commercial property. Equity is merely a difference between the worth of the property and 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 consists of equity of $1,500. When you have a home 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 up-to-date on your payments. Likewise, if you choose to keep making your typical payments on the loan, you can keep the residential or commercial property throughout and after your bankruptcy term is total. If the equity is not covered by your exemptions, your financial institution may decide to sell that property 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 cash payment. Existing 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 remove in bankruptcy include debts for personal injury/death brought on by DWI/DUI, back child support, alimony, financial obligations associated with household support, student loans, earnings tax financial obligations within the last three years along with any other tax debts, penalties for traffic tickets, criminal restitution, and any financial obligations you forget to list in your bankruptcy documents, unless you inform the creditor of your bankruptcy case. Besides those non-dischargeable financial obligations, everything else consisted of in your bankruptcy case will be released at the end of your agreed upon bankruptcy period.
Map of Toluca Lake 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