Do You Need a Chapter 13 Bankruptcy Attorney?
It’s time to consider bankruptcy in Sacramento 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 Sacramento 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
Sacramento 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 Sacramento 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 lenders, and it usually lasts three to five years. It uses to pay all or part of your debt from any future income you earn. You can use Chapter 13 to make up missed automobile payments, pay back taxes you owe, prevent a bank from foreclosing on your house, keep non-exempt home that you deem important, stop interest from gaining on your tax financial obligation, and much more.
When you follow the regards to your agreement to repay your debts, all of your staying dis-chargeable debts would be released at the end of the repayment duration. The monetary amount designated to lenders under a Chapter 13 bankruptcy must be equal to the quantity they would have received if a Chapter 7 bankruptcy had actually been filed.
To file Chapter 13 bankruptcy, you need to have a “regular income source” and disposable income to use to your payments. Especially when you live in Sacramento CA or in a nearby city.
Usually, a chapter 13 bankruptcy is used when you want to keep guaranteed assets, such as a vehicle or house, where you have more equity in the protected properties that you can secure using your bankruptcy exemptions. It’s a reorganization of the financial obligations you owe your creditors that are not non-dischargeable debts.
A Chapter 13 bankruptcy enables you to make up your overdue payments over time and to restore your original payment agreement. It might likewise be a better alternative 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 financial institution for the value of the residential or commercial property.
An exemption limit would apply to any equity you have in the property. Equity is simply a distinction in between the worth of the residential or commercial property and exactly what you owe on it. For instance, 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 property that is held by a loan, the equity you own because property is covered by your exemptions. That is if you are up-to-date on your payments. Likewise, if you opt to keep making your regular 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 lender might opt to sell that possession and after that disperse the cash arising from the sale. In this case, you would be entitled to the value of your exemption in the sold-off possession as a money payment. Present bankruptcy laws allow a married couple filing together to each claim a complete set of exemptions, meaning more home 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 financial obligations for individual injury/death triggered by DWI/DUI, back kid support, alimony, debts related to household support, student loans, earnings tax debts within the last three years as well as other tax financial obligations, 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. Besides those non-dischargeable financial obligations, everything else included in your bankruptcy case will be released at the end of your agreed upon bankruptcy duration.
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