Do You Need a Chapter 13 Bankruptcy Attorney?
It’s time to consider bankruptcy in Huntington Beach 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 Huntington 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
Huntington Beach 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 Huntington Beach 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 normally lasts 3 to 5 years. It provides to pay all or part of your financial obligation from any future earnings you make. You can use Chapter 13 to make up missed out on vehicle payments, pay back taxes you owe, avoid a bank from foreclosing on your house, keep non-exempt home that you deem valuable, stop interest from gaining on your tax financial obligation, and much more.
When you follow the regards to your arrangement to repay your financial obligations, all of your staying dis-chargeable financial obligations would be launched at the end of the payment period. The monetary amount appointed to creditors under a Chapter 13 bankruptcy should amount to the amount they would have gotten if a Chapter 7 bankruptcy had been submitted.
To file Chapter 13 bankruptcy, you should have a “routine source of income” and non reusable earnings to apply towards your payments. Especially when you live in Huntington Beach CA or in a nearby city.
Usually, a chapter 13 bankruptcy is utilized when you want to keep guaranteed assets, such as an automobile or home, where you have more equity in the protected assets that you can safeguard by utilizing your bankruptcy exemptions. It’s a reorganization of the debts you owe your lenders that are not non-dischargeable debts.
A Chapter 13 bankruptcy allows you to make up your overdue payments with time and to renew your initial payment agreement. It may likewise be a better choice 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 value of the home.
An exemption limit would apply to any equity you have in the home. Equity is merely a difference in between the value of the property and what you owe on it. For example, 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 residential or commercial 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 up-to-date on your payments. Likewise, if you opt to keep making your normal payments on the loan, you can keep the property throughout and after your bankruptcy term is complete.
If the equity is not covered by your exemptions, your creditor may choose to sell off that property and after that distribute the cash 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 complete set of exemptions, implying more residential or commercial 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 financial obligations for individual injury/death brought on by DWI/DUI, back kid support, alimony, financial obligations related to family assistance, trainee loans, income tax financial obligations within the last three years along with any other tax debts, penalties for traffic tickets, criminal restitution, and any debts you forget to list in your bankruptcy documents, unless you inform the creditor of your bankruptcy case. Other than those non-dischargeable financial obligations, whatever else consisted of in your bankruptcy case will be discharged at the end of your decided upon bankruptcy duration.
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