Do You Need a Chapter 13 Bankruptcy Attorney?
It’s time to consider bankruptcy in Fresno 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 Fresno 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
Fresno 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 Fresno 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 usually 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 car payments, pay back taxes you owe, prevent a bank from foreclosing on your house, keep non-exempt home that you deem valuable, stop interest from gaining on your tax financial obligation, and a lot more.
When you follow the regards to your contract to repay your debts, all of your remaining dis-chargeable financial obligations would be released at the end of the payment period. The financial amount appointed to financial institutions under a Chapter 13 bankruptcy should amount to the quantity they would have gotten if a Chapter 7 bankruptcy had actually been filed.
To file Chapter 13 bankruptcy, you must have a “regular income source” and non reusable earnings to apply to your payments. Especially when you live in Fresno CA or in a nearby city.
Usually, a chapter 13 bankruptcy is used when you want to keep guaranteed possessions, such as an automobile or home, where you have more equity in the secured properties that you can protect by using your bankruptcy exemptions. It’s a reorganization of the financial obligations you owe your lenders that are not non-dischargeable financial obligations.
A Chapter 13 bankruptcy allows you to make up your overdue payments with time and to reinstate your original repayment contract. It might also be a better alternative when you have an important non-exempt residential or commercial property that you wish to keep. To keep a non-exempt property, you must pay the creditor for the value of the residential or commercial property.
An exemption limit would apply to any equity you have in the property. Equity is simply a distinction between the value of the 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 includes equity of $1,500. When you have a residential or commercial property that is held by a loan, the equity you own because property is covered by your exemptions. That is if you are up-to-date on your payments. Likewise, if you choose to keep making your normal payments on the loan, you can keep the property throughout and after your bankruptcy term is complete.
If the equity is not covered by your exemptions, your financial institution may decide to sell that asset and 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 possession as a cash payment. Current bankruptcy laws enable a couple filing together to each claim a complete set of exemptions, meaning 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 erase in bankruptcy consist of financial obligations for individual injury/death triggered by DWI/DUI, back kid support, alimony, financial obligations associated with household assistance, trainee loans, income tax debts within the last three years as well as other tax debts, penalties for traffic tickets, criminal restitution, and any debts you forget to list in your bankruptcy papers, unless you notify the lender of your bankruptcy case. Aside from those non-dischargeable financial obligations, everything else consisted of in your bankruptcy case will be discharged at the end of your agreed upon bankruptcy duration.
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