Have a Question? Call Us: (855) 997-4655

Chapter 13 Bankruptcy Attorney Bakersfield CA

Do You Need a Chapter 13 Bankruptcy Attorney?

It’s time to consider bankruptcy in Bakersfield 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 Bakersfield 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

Bakersfield Bankruptcy Attorneys, The Bankruptcy Experts – Washington, 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 Bakersfield and the surrounding areas.

More About Hiring a Chapter 13 Bankruptcy Attorney in Bakersfield CA

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.

chapter_13_bankruptcy In Chapter 13 bankruptcy, you propose a repayment strategy to your lenders, and it generally 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 cars and truck payments, pay back taxes you owe, prevent a bank from foreclosing on your home, keep non-exempt property that you deem valuable, stop interest from gaining on your tax financial obligation, and far more.

When you follow the regards to your contract to repay your debts, all of your remaining dis-chargeable debts would be released at the end of the repayment period. The monetary quantity appointed to lenders under a Chapter 13 bankruptcy must be equal to the quantity they would have received if a Chapter 7 bankruptcy had actually been submitted.

To file Chapter 13 bankruptcy, you need to have a “regular income source” and non reusable income to apply towards your payments. Especially when you live in Bakersfield CA or in a nearby city.

Normally, a chapter 13 bankruptcy is utilized when you wish to keep secured assets, such as a vehicle or house, where you have more equity in the secured properties that you can safeguard using your bankruptcy exemptions. It’s a reorganization of the financial obligations you owe your financial institutions that are not non-dischargeable debts.

A Chapter 13 bankruptcy allows you to make up your overdue payments over time and to restore your original payment contract. It might likewise be a much better option when you have a valuable non-exempt property that you want to keep. To keep a non-exempt residential or commercial property, you need to pay the financial institution for the worth of the residential or commercial property.

An exemption limitation would apply to any equity you have in the property. Equity is merely a distinction in between the worth of the home 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 just contains equity of $1,500. When you have a residential or commercial property that is held by a loan, the equity you own because home is covered by your exemptions. That is if you are current on your payments. Likewise, if you decide 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 lender might choose to sell off that possession then disperse the money arising from the sale. In this case, you would be entitled to the worth of your exemption in the sold-off property as a cash payment. Current bankruptcy laws enable a couple filing together to each claim a full set of exemptions, meaning 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, spousal support, financial obligations connected to family support, trainee loans, income tax debts within the last 3 years as well as other tax debts, penalties for traffic tickets, criminal restitution, and any financial obligations you forget to list in your bankruptcy papers, unless you notify the lender of your bankruptcy case. Other than those non-dischargeable debts, everything else consisted of in your bankruptcy case will be discharged at the end of your decided upon bankruptcy period.