Do You Need a Chapter 13 Bankruptcy Attorney?
It’s time to consider bankruptcy in Irvine 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 Irvine 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
Irvine 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 Irvine 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 creditors, and it usually lasts three to five years. It uses to pay all or part of your debt from any future income you earn. 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 residential or commercial property that you consider valuable, stop interest from gaining on your tax debt, and much more.
When you follow the regards to your arrangement to repay your financial obligations, all of your staying dis-chargeable financial obligations would be released at the end of the repayment duration. The financial amount appointed to financial institutions under a Chapter 13 bankruptcy should amount to the quantity they would have received if a Chapter 7 bankruptcy had actually been filed.
To file Chapter 13 bankruptcy, you must have a “routine source of income” and non reusable income to use towards your payments. Especially when you live in Irvine CA or in a nearby city.
Typically, a chapter 13 bankruptcy is used when you want to keep safe assets, such as a cars and truck or home, where you have more equity in the secured assets that you can safeguard by utilizing your bankruptcy exemptions. It’s a reorganization of the financial obligations you owe your creditors that are not non-dischargeable debts.
A Chapter 13 bankruptcy permits you to make up your past due payments with time and to reinstate your initial repayment arrangement. It might also be a much better choice when you have an important non-exempt residential or commercial property that you want to keep. To keep a non-exempt property, you need to pay the lender for the worth of the property.
An exemption limit would apply to any equity you have in the property. Equity is just a distinction in 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 consists of equity of $1,500. When you have a home that is held by a loan, the equity you own in that home is covered by your exemptions. That is if you are up-to-date 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 complete.
If the equity is not covered by your exemptions, your financial institution might decide to sell off that possession 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 money payment. Present bankruptcy laws permit a married couple filing together to each claim a full 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 eliminate in bankruptcy include debts for personal injury/death brought on by DWI/DUI, back kid assistance, spousal support, financial obligations related to household support, student loans, income tax debts within the last three years in addition to other tax financial obligations, penalties for traffic tickets, criminal restitution, and any financial obligations you forget to list in your bankruptcy documents, unless you inform the financial institution of your bankruptcy case. Besides those non-dischargeable debts, whatever else consisted of in your bankruptcy case will be released at the end of your agreed upon bankruptcy period.
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