Do You Need a Chapter 13 Bankruptcy Attorney?
It’s time to consider bankruptcy in San Francisco 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 Francisco 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 Francisco 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 Francisco 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 plan to your lenders, and it typically 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 automobile payments, repay taxes you owe, avoid a bank from foreclosing on your house, keep non-exempt residential or commercial property that you deem important, stop interest from gaining on your tax financial obligation, and a lot more.
When you follow the regards to your contract to repay your financial obligations, all of your remaining dis-chargeable debts would be released at the end of the repayment period. The financial amount designated to financial institutions under a Chapter 13 bankruptcy should amount to the quantity they would have gotten if a Chapter 7 bankruptcy had been filed.
To file Chapter 13 bankruptcy, you should have a “routine income source” and non reusable income to use to your repayments. Especially when you live in San Francisco CA or in a nearby city.
Generally, a chapter 13 bankruptcy is utilized when you wish to keep safe properties, such as a vehicle or house, where you have more equity in the secured possessions that you can safeguard 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 permits you to make up your past due payments with time and to reinstate your original payment contract. It may also be a better alternative when you have a valuable non-exempt property that you want to keep. To keep a non-exempt residential or commercial property, you should pay the lender for the worth of the home.
An exemption limitation would apply to any equity you have in the home. Equity is merely a distinction 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 consists of equity of $1,500. When you have a home that is held by a loan, the equity you own in that residential or commercial property is covered by your exemptions. That is if you are current on your payments. Also, if you choose to keep making your typical payments on the loan, you can keep the residential or commercial 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 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 property as a cash payment. Current bankruptcy laws enable a couple filing together to each claim a full set of exemptions, implying 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 remove in bankruptcy consist of debts for individual injury/death triggered by DWI/DUI, back kid support, spousal support, financial obligations related to family assistance, trainee loans, earnings tax financial obligations within the last 3 years in addition to other tax debts, charges 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 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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