Do You Need a Chapter 13 Bankruptcy Attorney?
It’s time to consider bankruptcy in San Jose 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 Jose 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 Jose 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 Jose and the surrounding areas.
More About Hiring a Chapter 13 Bankruptcy Attorney in San Jose 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 payment strategy to your lenders, and it usually lasts 3 to five years. It uses to pay all or part of your debt from any future earnings you earn. You can use Chapter 13 to make up missed car payments, repay taxes you owe, avoid a bank from foreclosing on your home, keep non-exempt residential or commercial property that you consider important, stop interest from gaining on your tax financial obligation, and a lot more.
When you follow the regards to your agreement to repay your financial obligations, all of your remaining dis-chargeable financial obligations would be launched at the end of the repayment duration. The financial amount designated to creditors under a Chapter 13 bankruptcy need to amount to the amount they would have gotten if a Chapter 7 bankruptcy had actually been submitted.
To file Chapter 13 bankruptcy, you need to have a “routine source of income” and non reusable income to apply to your repayments. Especially when you live in San Jose CA or in a nearby city.
Usually, a chapter 13 bankruptcy is used when you want to keep protected properties, such as a car or home, where you have more equity in the secured assets that you can secure by utilizing your bankruptcy exemptions. It’s a reorganization of the debts you owe your financial institutions that are not non-dischargeable debts.
A Chapter 13 bankruptcy permits you to make up your past due payments in time and to renew your initial payment arrangement. It might also be a better alternative when you have an important non-exempt property 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 home.
An exemption limit would apply to any equity you have in the property. Equity is just a difference between the value of the residential or commercial 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 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 up-to-date on your payments. Also, if you decide to keep making your typical payments on the loan, you can keep the home throughout and after your bankruptcy term is total.
If the equity is not covered by your exemptions, your lender might decide to sell that property then disperse 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. Present bankruptcy laws allow a married couple filing together to each claim a complete set of exemptions, meaning more residential or commercial property can be safeguarded.
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 remove in bankruptcy consist of debts for individual injury/death triggered by DWI/DUI, back kid assistance, spousal support, debts associated with household assistance, trainee loans, income tax debts within the last three years in addition to any other tax debts, charges for traffic tickets, criminal restitution, and any financial obligations you forget to list in your bankruptcy papers, unless you notify the financial institution of your bankruptcy case. Other than those non-dischargeable debts, everything else included in your bankruptcy case will be discharged at the end of your decided upon bankruptcy period.
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