Do You Need a Chapter 13 Bankruptcy Attorney?
It’s time to consider bankruptcy in Los Angeles 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 Los Angeles 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
Los Angeles 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 Los Angeles 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 plan to your lenders, and it typically lasts 3 to 5 years. It uses to pay all or part of your debt from any future earnings you earn. You can use Chapter 13 to make up missed car payments, repay taxes you owe, avoid a bank from foreclosing on your home, keep non-exempt property that you deem valuable, stop interest from gaining on your tax debt, and far more.
When you follow the terms of your contract to repay your debts, all your staying dis-chargeable debts would be released at the end of the payment period. The financial quantity designated to creditors under a Chapter 13 bankruptcy need to be equal to the quantity they would have received if a Chapter 7 bankruptcy had been submitted.
To file Chapter 13 bankruptcy, you need to have a “regular source of income” and non reusable earnings to apply towards your payments. Especially when you live in Los Angeles CA or in a nearby city.
Typically, a chapter 13 bankruptcy is used when you want to keep guaranteed possessions, such as a cars and truck or home, where you have more equity in the protected assets 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 debts.
A Chapter 13 bankruptcy allows you to make up your overdue payments over time and to renew your original repayment arrangement. It may also be a much better alternative when you have an important non-exempt residential or commercial property that you wish to keep. To keep a non-exempt home, you should pay the financial institution for the worth of the residential or commercial property.
An exemption limit would apply to any equity you have in the property. Equity is just a difference in between the worth of the residential or commercial property 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 just includes equity of $1,500. When you have a residential or commercial property that is held by a loan, the equity you own in that property is covered by your exemptions. That is if you are updated on your payments. Also, 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 creditor may opt to sell that asset and then distribute the money resulting from the sale. In this case, you would be entitled to the worth of your exemption in the sold-off possession as a money payment. Current bankruptcy laws enable 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 remove in bankruptcy include debts for individual injury/death brought on by DWI/DUI, back child support, spousal support, debts related to household assistance, trainee loans, earnings tax financial obligations within the last 3 years along with any other tax debts, charges for traffic tickets, criminal restitution, and any financial obligations you forget to list in your bankruptcy documents, unless you notify the creditor of your bankruptcy case. Besides those non-dischargeable debts, everything else included in your bankruptcy case will be released at the end of your decided upon bankruptcy period.
Map of Los Angeles CA