Do You Need a Chapter 13 Bankruptcy Attorney?
It’s time to consider bankruptcy in Orange County 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 Orange County 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
Orange County 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 Orange County 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 financial institutions, and it typically lasts 3 to 5 years. It uses to pay all or part of your debt from any future income you make. You can use Chapter 13 to make up missed out on vehicle payments, repay taxes you owe, prevent a bank from foreclosing on your house, keep non-exempt residential or commercial property that you consider important, stop interest from gaining on your tax debt, and a lot more.
When you follow the regards to your arrangement to repay your debts, all of your remaining dis-chargeable debts would be released at the end of the repayment period. The monetary quantity designated to financial institutions under a Chapter 13 bankruptcy should amount to the quantity they would have gotten if a Chapter 7 bankruptcy had been filed.
To file Chapter 13 bankruptcy, you must have a “regular source of income” and disposable earnings to apply to your repayments. Especially when you live in Orange County CA or in a nearby city.
Generally, a chapter 13 bankruptcy is used when you wish to keep protected properties, such as a car or home, where you have more equity in the secured possessions that you can safeguard using your bankruptcy exemptions. It’s a reorganization of the financial obligations you owe your lenders that are not non-dischargeable debts.
A Chapter 13 bankruptcy allows you to make up your past due payments over time and to restore your initial payment arrangement. It might also be a much better alternative when you have a valuable non-exempt residential or commercial property that you wish to keep. To keep a non-exempt property, you need to pay the creditor for the value of the property.
An exemption limit would apply to any equity you have in the property. Equity is merely a difference between the worth of the property and exactly what you owe on it. For instance, if you have actually 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 home that is held by a loan, the equity you own in that home is covered by your exemptions. That is if you are up-to-date on your payments. Also, if you choose 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 lender might decide to sell off that asset 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 asset as a money payment. Existing bankruptcy laws enable a couple filing together to each claim a full set of exemptions, indicating 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 debts you can not eliminate in bankruptcy consist of financial obligations for personal injury/death caused by DWI/DUI, back child support, spousal support, debts related to family support, student loans, income tax debts within the last three years along with other tax debts, charges for traffic tickets, criminal restitution, and any financial obligations you forget to list in your bankruptcy papers, unless you inform the lender of your bankruptcy case. Other than those non-dischargeable debts, whatever else included in your bankruptcy case will be discharged at the end of your agreed upon bankruptcy duration.
Map of Orange County CA