Do You Need a Chapter 13 Bankruptcy Attorney?
It’s time to consider bankruptcy in Fresno 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 Fresno 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
Fresno 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 Fresno 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 plan to your financial institutions, and it generally lasts three to 5 years. It uses to pay all or part of your financial obligation from any future earnings you make. You can utilize Chapter 13 to make up missed car payments, repay taxes you owe, prevent a bank from foreclosing on your home, keep non-exempt home that you deem valuable, stop interest from gaining on your tax debt, and a lot more.
When you follow the regards to your agreement to repay your debts, all your staying dis-chargeable financial obligations would be released at the end of the payment duration. The financial amount assigned to lenders under a Chapter 13 bankruptcy should be equal to the quantity they would have gotten if a Chapter 7 bankruptcy had actually been submitted.
To file Chapter 13 bankruptcy, you need to have a “regular income” and disposable income to apply to your repayments. Especially when you live in Fresno CA or in a nearby city.
Usually, a chapter 13 bankruptcy is utilized when you want to keep guaranteed properties, such as a vehicle or home, where you have more equity in the protected possessions that you can secure 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 gradually and to restore your initial repayment contract. It might also be a much better alternative when you have a valuable non-exempt home that you want to keep. To keep a non-exempt home, you should pay the financial institution for the worth of the property.
An exemption limitation would apply to any equity you have in the residential or commercial property. Equity is just a difference in between the value of the property and 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 consists of equity of $1,500. When you have a home 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. Also, if you opt to keep making your normal 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 asset and after that distribute the cash resulting from the sale. In this case, you would be entitled to the value of your exemption in the sold-off possession as a money payment. Current bankruptcy laws permit a married couple filing together to each claim a full set of exemptions, meaning more residential or commercial property can be secured.
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 eliminate in bankruptcy include financial obligations for individual injury/death caused by DWI/DUI, back child assistance, spousal support, debts connected to family assistance, student loans, earnings tax debts within the last 3 years in addition to other tax debts, penalties for traffic tickets, criminal restitution, and any debts you forget to list in your bankruptcy documents, unless you inform the lender of your bankruptcy case. Besides those non-dischargeable debts, everything else consisted of in your bankruptcy case will be released at the end of your decided upon bankruptcy duration.
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