Do You Need a Chapter 13 Bankruptcy Attorney?
It’s time to consider bankruptcy in Oakland 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 Oakland 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
Oakland 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 Oakland 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 generally lasts three to five years. It provides to pay all or part of your debt from any future earnings you make. You can utilize Chapter 13 to make up missed cars and truck payments, pay back taxes you owe, prevent a bank from foreclosing on your house, keep non-exempt property that you deem important, stop interest from gaining on your tax debt, and much more.
When you follow the terms of your agreement to repay your financial obligations, all of your remaining dis-chargeable financial obligations would be released at the end of the payment period. The monetary quantity assigned to lenders under a Chapter 13 bankruptcy should be equal to the amount they would have received if a Chapter 7 bankruptcy had been filed.
To file Chapter 13 bankruptcy, you must have a “regular income source” and non reusable earnings to apply to your payments. Especially when you live in Oakland CA or in a nearby city.
Usually, a chapter 13 bankruptcy is utilized when you want to keep safe properties, such as a vehicle or home, where you have more equity in the protected possessions that you can protect by 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 allows you to make up your past due payments gradually and to restore your original repayment agreement. It may likewise be a better choice when you have an important non-exempt residential or commercial property that you wish to keep. To keep a non-exempt residential or commercial property, you should pay the financial institution for the value of the residential or commercial property.
An exemption limitation would apply to any equity you have in the residential or commercial property. Equity is merely a difference in between the value of the home and what you owe on it. For example, if you have actually 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 property is covered by your exemptions. That is if you are current on your payments. Also, if you opt to keep making your typical 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 creditor may decide to sell off that asset and then distribute the money arising from the sale. In this case, you would be entitled to the worth of your exemption in the sold-off property as a money payment. Present bankruptcy laws allow a married couple filing together to each claim a complete set of exemptions, meaning more residential or commercial property can be protected.
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 erase in bankruptcy consist of debts for personal injury/death brought on by DWI/DUI, back child assistance, alimony, debts associated with household support, trainee loans, income tax debts within the last three years in addition to other tax debts, penalties for traffic tickets, criminal restitution, and any debts you forget to list in your bankruptcy papers, 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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