Have a Question? Call Us: (855) 997-4655

Chapter 13 Bankruptcy Attorney Stockton CA

Do You Need a Chapter 13 Bankruptcy Attorney?

It’s time to consider bankruptcy in Stockton 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 Stockton 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

Stockton 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 Stockton and the surrounding areas.

More About Hiring a Chapter 13 Bankruptcy Attorney in Stockton 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 payment strategy to your financial institutions, and it typically lasts 3 to five years. It provides 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 car payments, repay taxes you owe, avoid a bank from foreclosing on your house, keep non-exempt residential or commercial property that you deem valuable, 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 debts would be launched at the end of the repayment period. The financial amount designated to lenders under a Chapter 13 bankruptcy should amount to the quantity they would have gotten if a Chapter 7 bankruptcy had been submitted.

To file Chapter 13 bankruptcy, you should have a “routine income source” and disposable earnings to apply towards your repayments. Especially when you live in Stockton CA or in a nearby city.

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

A Chapter 13 bankruptcy enables you to make up your overdue payments over time and to reinstate your initial payment arrangement. It might also be a better option when you have a valuable non-exempt residential or commercial property that you wish to keep. To keep a non-exempt residential or commercial property, you need to pay the lender for the worth of the home.

An exemption limitation would apply to any equity you have in the property. Equity is simply a distinction between the value of the home and exactly 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 includes equity of $1,500. When you have a residential or commercial property 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 up-to-date on your payments. Likewise, if you decide to keep making your typical payments on the loan, you can keep the home throughout and after your bankruptcy term is complete.

If the equity is not covered by your exemptions, your financial institution might opt to sell that possession then disperse 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 money payment. Current bankruptcy laws enable a couple filing together to each claim a complete set of exemptions, indicating more 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 debts you can not erase in bankruptcy include debts for personal injury/death brought on by DWI/DUI, back kid assistance, spousal support, financial obligations connected to family assistance, student loans, income tax financial obligations within the last 3 years along with any other tax debts, penalties for traffic tickets, criminal restitution, and any debts you forget to list in your bankruptcy documents, unless you notify the creditor of your bankruptcy case. Other than those non-dischargeable debts, whatever else consisted of in your bankruptcy case will be discharged at the end of your decided upon bankruptcy period.