Do You Need a Chapter 13 Bankruptcy Attorney?
It’s time to consider bankruptcy in Lancaster 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 Lancaster 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
Lancaster 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 Lancaster 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 three to 5 years. It offers to pay all or part of your financial obligation from any future earnings you make. You can utilize Chapter 13 to make up missed out on car payments, repay taxes you owe, prevent a bank from foreclosing on your home, keep non-exempt home that you consider valuable, stop interest from gaining on your tax debt, and a lot more.
When you follow the regards to your arrangement to repay your financial obligations, all your staying dis-chargeable debts would be launched at the end of the repayment period. The monetary amount appointed to creditors under a Chapter 13 bankruptcy should be equal to the quantity they would have gotten if a Chapter 7 bankruptcy had actually been filed.
To file Chapter 13 bankruptcy, you should have a “routine source of income” and non reusable income to use towards your payments. Especially when you live in Lancaster CA or in a nearby city.
Normally, a chapter 13 bankruptcy is utilized when you wish to keep guaranteed possessions, such as a vehicle or home, where you have more equity in the protected assets that you can protect using your bankruptcy exemptions. It’s a reorganization of the debts you owe your lenders that are not non-dischargeable debts.
A Chapter 13 bankruptcy permits you to make up your past due payments over time and to renew your initial repayment arrangement. It may likewise be a much better option when you have a valuable non-exempt home that you wish to keep. To keep a non-exempt home, you need to pay the creditor for the value of the property.
An exemption limitation would apply to any equity you have in the home. Equity is just a distinction in between the worth of the home and exactly 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 consists of 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. Likewise, if you decide to keep making your typical payments on the loan, you can keep the home throughout and after your bankruptcy term is complete.
If the equity is not covered by your exemptions, your creditor might decide to sell that asset and then disperse the cash arising from the sale. In this case, you would be entitled to the value of your exemption in the sold-off possession as a cash payment. Current bankruptcy laws permit 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 debts 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 household assistance, trainee loans, income tax financial obligations within the last three years as well as other tax financial obligations, charges for traffic tickets, criminal restitution, and any financial obligations you forget to list in your bankruptcy documents, unless you inform the financial institution of your bankruptcy case. Besides those non-dischargeable financial obligations, everything else included in your bankruptcy case will be discharged at the end of your decided upon bankruptcy duration.
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