Do You Need a Chapter 13 Bankruptcy Attorney?
It’s time to consider bankruptcy in Richmond 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 Richmond 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
Richmond 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 Richmond and the surrounding areas.
More About Hiring a Chapter 13 Bankruptcy Attorney in Richmond 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.
In Chapter 13 bankruptcy, you propose a repayment plan to your lenders, and it generally lasts three to 5 years. It provides to pay all or part of your financial obligation from any future income you make. You can use Chapter 13 to make up missed out on automobile payments, repay 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 financial obligation, and much more.
When you follow the regards to your contract to repay your financial obligations, all of your staying dis-chargeable financial obligations would be launched at the end of the payment duration. The financial quantity designated to financial institutions under a Chapter 13 bankruptcy must amount to the quantity they would have gotten if a Chapter 7 bankruptcy had been submitted.
To file Chapter 13 bankruptcy, you need to have a “regular income source” and disposable earnings to use to your payments. Especially when you live in Richmond CA or in a nearby city.
Usually, a chapter 13 bankruptcy is utilized when you want to keep guaranteed properties, such as an automobile or house, where you have more equity in the secured assets that you can safeguard by using your bankruptcy exemptions. It’s a reorganization of the financial obligations you owe your financial institutions that are not non-dischargeable financial obligations.
A Chapter 13 bankruptcy allows you to make up your past due payments in time and to reinstate your initial repayment arrangement. It might likewise be a better option when you have an important non-exempt residential or commercial property that you want to keep. To keep a non-exempt home, you need to pay the creditor for the value of the home.
An exemption limitation would apply to any equity you have in the residential or commercial property. Equity is merely a distinction between the worth of the residential or commercial 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 just includes equity of $1,500. When you have a home 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. Likewise, if you choose to keep making your regular 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 may opt to sell off that possession and then disperse the money arising from the sale. In this case, you would be entitled to the value of your exemption in the sold-off possession as a cash payment. Present bankruptcy laws allow a married couple filing together to each claim a full set of exemptions, indicating 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 brought on by DWI/DUI, back child support, spousal support, debts related to household assistance, trainee loans, income tax debts within the last 3 years along with other tax financial obligations, penalties for traffic tickets, criminal restitution, and any debts you forget to list in your bankruptcy papers, unless you notify the lender of your bankruptcy case. Aside from those non-dischargeable financial obligations, everything else included in your bankruptcy case will be discharged at the end of your agreed upon bankruptcy duration.
Learn More About Richmond CA
Map of Richmond CA