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Chapter 13 Bankruptcy Attorney Santa Rosa CA

Do You Need a Chapter 13 Bankruptcy Attorney?

It’s time to consider bankruptcy in Santa Rosa 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 Santa Rosa 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

Santa Rosa 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 Santa Rosa and the surrounding areas.

More About Hiring a Chapter 13 Bankruptcy Attorney in Santa Rosa 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.

chapter_13_bankruptcy In Chapter 13 bankruptcy, you propose a repayment plan to your lenders, and it typically lasts three to five years. It offers 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 vehicle payments, repay taxes you owe, avoid a bank from foreclosing on your house, keep non-exempt home that you consider important, stop interest from gaining on your tax debt, and far more.

When you follow the terms of your contract to repay your debts, all your remaining dis-chargeable debts would be released at the end of the repayment duration. The financial amount appointed to financial institutions under a Chapter 13 bankruptcy must amount 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 “regular income” and non reusable earnings to use towards your repayments. Especially when you live in Santa Rosa CA or in a nearby city.

Usually, a chapter 13 bankruptcy is used when you want to keep safe assets, such as a vehicle or home, where you have more equity in the protected assets that you can secure by utilizing your bankruptcy exemptions. It’s a reorganization of the debts you owe your creditors that are not non-dischargeable financial obligations.

A Chapter 13 bankruptcy enables you to make up your past due payments over time and to restore your initial payment contract. It may also be a better option when you have an important non-exempt home that you wish to keep. To keep a non-exempt property, you should 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 residential or commercial property. Equity is just a distinction between the worth of the residential or commercial property and what you owe on it. For instance, if you have a truck valued at $10,000 with a loan of $8,500, the truck only consists of equity of $1,500. When you have a residential or commercial property that is held by a loan, the equity you own in that home is covered by your exemptions. That is if you are current on your payments. Likewise, 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 total.

If the equity is not covered by your exemptions, your lender might decide to sell that possession then distribute the cash arising from the sale. In this case, you would be entitled to the worth of your exemption in the sold-off possession as a cash payment. Current bankruptcy laws allow a married couple filing together to each claim a complete set of exemptions, suggesting more property 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 eliminate in bankruptcy include debts for personal injury/death triggered by DWI/DUI, back child assistance, alimony, financial obligations associated with family assistance, student loans, income tax financial obligations within the last 3 years in addition to other tax financial obligations, charges for traffic tickets, criminal restitution, and any financial obligations you forget to list in your bankruptcy papers, unless you notify the lender of your bankruptcy case. Besides those non-dischargeable debts, everything else included in your bankruptcy case will be discharged at the end of your decided upon bankruptcy duration.