Topanga 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 Topanga 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 financial institutions, and it generally lasts three to five years. It provides to pay all or part of your debt from any future earnings you earn. You can use Chapter 13 to make up missed out on vehicle payments, repay taxes you owe, prevent a bank from foreclosing on your house, 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 terms of your agreement to repay your financial obligations, all your remaining dis-chargeable financial obligations would be launched at the end of the repayment period. The monetary 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 been filed. To file Chapter 13 bankruptcy, you should have a “routine source of income” and disposable earnings to use to your repayments. Especially when you live in Topanga CA or in a nearby city.
Normally, 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 protected assets that you can protect by utilizing your bankruptcy exemptions. It’s a reorganization of the financial obligations you owe your lenders that are not non-dischargeable debts.
A Chapter 13 bankruptcy enables you to make up your past due payments with time and to reinstate your initial payment contract. It may also be a better choice when you have a valuable non-exempt property that you wish to keep. To keep a non-exempt home, you must pay the lender for the value of the property.
An exemption limit would apply to any equity you have in the home. Equity is merely a difference between the value of the 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 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 current on your payments. Likewise, if you opt to keep making your regular 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 creditor might choose to sell that asset and after that distribute the cash resulting from the sale. In this case, you would be entitled to the worth of your exemption in the sold-off possession as a cash payment. Present bankruptcy laws allow a married couple filing together to each claim a complete set of exemptions, implying more home can be protected. 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 include financial obligations for individual injury/death caused by DWI/DUI, back child support, alimony, financial obligations related to household support, student loans, earnings tax debts within the last three years as well as any other tax debts, penalties for traffic tickets, criminal restitution, and any debts you forget to list in your bankruptcy papers, unless you notify the lender 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 Topanga 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