Do You Need a Chapter 13 Bankruptcy Attorney?
It’s time to consider bankruptcy in Irvine 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 Irvine 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
Irvine 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 Irvine 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 normally lasts 3 to five years. It provides to pay all or part of your debt from any future earnings you earn. You can utilize Chapter 13 to make up missed out on vehicle payments, pay back taxes you owe, avoid a bank from foreclosing on your home, keep non-exempt residential or commercial property that you deem important, stop interest from gaining on your tax financial obligation, and far more.
When you follow the terms of your agreement to repay your financial obligations, all of your remaining dis-chargeable financial obligations would be launched at the end of the payment period. The monetary amount designated to creditors under a Chapter 13 bankruptcy need to amount to the quantity they would have received if a Chapter 7 bankruptcy had been submitted.
To file Chapter 13 bankruptcy, you must have a “routine income source” and disposable income to apply towards your payments. Especially when you live in Irvine CA or in a nearby city.
Typically, a chapter 13 bankruptcy is used when you wish to keep secured assets, such as a vehicle or home, where you have more equity in the protected possessions that you can protect by utilizing your bankruptcy exemptions. It’s a reorganization of the debts you owe your financial institutions that are not non-dischargeable financial obligations.
A Chapter 13 bankruptcy permits you to make up your overdue payments with time and to renew your initial repayment contract. It might likewise be a better choice when you have a valuable non-exempt property that you want to keep. To keep a non-exempt property, you should pay the lender for the value of the home.
An exemption limit would apply to any equity you have in the property. Equity is just a difference in between the worth 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 only contains equity of $1,500. When you have a property that is held by a loan, the equity you own because property is covered by your exemptions. That is if you are updated on your payments. Also, if you decide to keep making your normal 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 financial institution may choose to sell that possession and then disperse the money resulting from the sale. In this case, you would be entitled to the value of your exemption in the sold-off asset as a cash payment. Present bankruptcy laws allow a couple filing together to each claim a complete set of exemptions, meaning more home 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 eliminate in bankruptcy consist of financial obligations for individual injury/death caused by DWI/DUI, back child support, spousal support, financial obligations associated with household support, student loans, income tax financial obligations within the last 3 years as well as any other tax financial obligations, 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. Other than those non-dischargeable financial obligations, everything else included in your bankruptcy case will be released at the end of your decided upon bankruptcy duration.
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