Do You Need a Chapter 13 Bankruptcy Attorney?
It’s time to consider bankruptcy in Bakersfield 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 Bakersfield 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
Bakersfield 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 Bakersfield 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 plan to your lenders, and it generally lasts 3 to 5 years. It provides to pay all or part of your financial obligation from any future earnings you make. You can utilize Chapter 13 to make up missed automobile payments, repay taxes you owe, avoid a bank from foreclosing on your home, keep non-exempt property that you consider important, stop interest from gaining on your tax debt, 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 payment period. The financial amount designated to creditors under a Chapter 13 bankruptcy need to amount to the quantity they would have received if a Chapter 7 bankruptcy had been submitted.
To file Chapter 13 bankruptcy, you should have a “routine income” and disposable income to apply towards your repayments. Especially when you live in Bakersfield CA or in a nearby city.
Generally, a chapter 13 bankruptcy is used when you wish to keep guaranteed possessions, such as a cars and truck or house, where you have more equity in the protected possessions that you can safeguard by utilizing your bankruptcy exemptions. It’s a reorganization of the debts you owe your lenders that are not non-dischargeable debts.
A Chapter 13 bankruptcy permits you to make up your past due payments gradually and to reinstate your initial repayment agreement. It may likewise be a better option when you have an important non-exempt property that you wish to keep. To keep a non-exempt property, you must pay the lender for the worth of the property.
An exemption limitation would apply to any equity you have in the property. Equity is merely a distinction between the value of the home and exactly what you owe on it. For instance, if you have actually 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 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 regular 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 creditor might choose to sell off 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 property as a cash payment. Current bankruptcy laws permit a couple filing together to each claim a complete set of exemptions, suggesting more home 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 include debts for personal injury/death brought on by DWI/DUI, back kid support, spousal support, financial obligations associated with family support, trainee loans, income tax debts within the last 3 years along with any other tax financial obligations, charges 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. Besides those non-dischargeable financial obligations, everything else consisted of in your bankruptcy case will be released at the end of your decided upon bankruptcy duration.
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