Do You Need a Chapter 13 Bankruptcy Attorney?
It’s time to consider bankruptcy in Redding 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 Redding 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
Redding 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 Redding 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 creditors, and it usually lasts three to 5 years. It uses to pay all or part of your debt from any future earnings you make. You can utilize Chapter 13 to make up missed out on car payments, pay back taxes you owe, avoid a bank from foreclosing on your house, keep non-exempt residential or commercial property that you consider valuable, stop interest from gaining on your tax financial obligation, and much more.
When you follow the terms of your contract to repay your debts, all your staying dis-chargeable financial obligations would be launched at the end of the repayment period. The financial amount designated to creditors under a Chapter 13 bankruptcy must amount to the amount they would have gotten if a Chapter 7 bankruptcy had been submitted.
To file Chapter 13 bankruptcy, you should have a “routine source of income” and disposable earnings to use towards your repayments. Especially when you live in Redding CA or in a nearby city.
Generally, a chapter 13 bankruptcy is utilized when you wish to keep safe properties, such as an automobile or home, where you have more equity in the secured assets that you can safeguard using your bankruptcy exemptions. It’s a reorganization of the debts you owe your creditors 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 may likewise be a better choice when you have an important non-exempt home that you want to keep. To keep a non-exempt residential or commercial property, you need to pay the creditor for the worth of the property.
An exemption limitation would apply to any equity you have in the home. Equity is just a difference in between the value of the home and 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 just includes equity of $1,500. When you have a residential or commercial property that is held by a loan, the equity you own because home is covered by your exemptions. That is if you are current 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 financial institution may choose to sell off that asset and after that distribute the money arising from the sale. In this case, you would be entitled to the value of your exemption in the sold-off asset as a cash payment. Present bankruptcy laws enable a couple filing together to each claim a full set of exemptions, implying more 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 financial obligations you can not erase in bankruptcy include debts for personal injury/death caused by DWI/DUI, back kid assistance, spousal support, debts associated with family support, trainee loans, earnings tax financial obligations within the last 3 years as well as other tax debts, penalties 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. Other than those non-dischargeable debts, everything else consisted of in your bankruptcy case will be discharged at the end of your decided upon bankruptcy period.
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