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Chapter 13 Bankruptcy Attorney Palm Springs CA

Do You Need a Chapter 13 Bankruptcy Attorney?

It’s time to consider bankruptcy in Palm Springs 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 Palm Springs 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

Palm Springs 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 Palm Springs and the surrounding areas.

More About Hiring a Chapter 13 Bankruptcy Attorney in Palm Springs CA

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.

chapter_13_bankruptcy In Chapter 13 bankruptcy, you propose a repayment plan to your creditors, and it usually lasts 3 to 5 years. It uses to pay all or part of your debt from any future earnings you earn. You can utilize Chapter 13 to make up missed car payments, pay back taxes you owe, prevent a bank from foreclosing on your house, keep non-exempt home that you consider important, stop interest from gaining on your tax debt, and much more.

When you follow the regards to your agreement to repay your debts, all your staying dis-chargeable debts would be launched at the end of the payment duration. The monetary quantity assigned to financial institutions under a Chapter 13 bankruptcy need to amount 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 “regular income source” and disposable income to use to your payments. Especially when you live in Palm Springs CA or in a nearby city.

Usually, 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 secured properties that you can secure using 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 enables you to make up your past due payments over time and to restore your initial repayment contract. It may likewise be a much better choice when you have an important non-exempt residential or commercial property that you want to keep. To keep a non-exempt residential or commercial property, you must pay the creditor for the worth of the 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 property and 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 contains 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 up-to-date 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 complete.

If the equity is not covered by your exemptions, your creditor might choose to sell off that possession then disperse the money arising 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. Present bankruptcy laws permit a married couple filing together to each claim a full set of exemptions, suggesting more 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 erase in bankruptcy include debts for individual injury/death triggered by DWI/DUI, back kid support, alimony, financial obligations related to household assistance, student loans, income tax debts within the last three years along with any other tax debts, penalties for traffic tickets, criminal restitution, and any financial obligations 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 included in your bankruptcy case will be released at the end of your decided upon bankruptcy duration.