Do You Need a Chapter 13 Bankruptcy Attorney?
It’s time to consider bankruptcy in San Diego 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 San Diego 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
San Diego 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 San Diego 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 creditors, and it normally lasts 3 to 5 years. It uses to pay all or part of your financial obligation from any future income you earn. You can utilize Chapter 13 to make up missed out on automobile payments, pay back taxes you owe, prevent a bank from foreclosing on your home, keep non-exempt home that you consider valuable, stop interest from gaining on your tax debt, and a lot more.
When you follow the regards to your contract to repay your debts, all of your remaining dis-chargeable debts would be launched at the end of the repayment period. The financial amount appointed to creditors under a Chapter 13 bankruptcy need to be equal to the quantity they would have received if a Chapter 7 bankruptcy had actually been submitted.
To file Chapter 13 bankruptcy, you must have a “routine source of income” and disposable income to use to your payments. Especially when you live in San Diego CA or in a nearby city.
Normally, a chapter 13 bankruptcy is utilized when you want to keep guaranteed assets, such as a vehicle or house, where you have more equity in the secured properties that you can secure by utilizing 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 enables you to make up your past due payments in time and to renew your original payment agreement. It might also be a better option when you have a valuable non-exempt residential or commercial property that you want to keep. To keep a non-exempt property, you should pay the financial institution for the worth of the residential or commercial property.
An exemption limit would apply to any equity you have in the 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 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 because property is covered by your exemptions. That is if you are updated 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 creditor may decide to sell that property then distribute 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 cash payment. Existing bankruptcy laws permit a couple filing together to each claim a complete set of exemptions, indicating more home 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 triggered by DWI/DUI, back child assistance, alimony, debts connected to household assistance, student loans, income tax financial obligations within the last 3 years along with 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 lender of your bankruptcy case. Besides those non-dischargeable financial obligations, whatever else consisted of in your bankruptcy case will be discharged at the end of your agreed upon bankruptcy period.
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