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Chapter 13 Bankruptcy Attorney Long Beach CA

Do You Need a Chapter 13 Bankruptcy Attorney?

It’s time to consider bankruptcy in Long Beach 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 Long Beach 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

Long Beach 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 Long Beach and the surrounding areas.

More About Hiring a Chapter 13 Bankruptcy Attorney in Long Beach 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_bankruptcyIn Chapter 13 bankruptcy, you propose a repayment plan to your lenders, and it normally lasts three to 5 years. It uses to pay all or part of your debt from any future income you earn. You can use Chapter 13 to make up missed automobile payments, repay 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 debt, and much more.

When you follow the regards to your contract to repay your debts, all of your staying dis-chargeable debts would be released at the end of the payment duration. The financial quantity designated to creditors under a Chapter 13 bankruptcy need to be equal to the amount they would have gotten if a Chapter 7 bankruptcy had been submitted.

To file Chapter 13 bankruptcy, you must have a “regular income source” and disposable income to apply towards your payments. Especially when you live in Long Beach CA or in a nearby city.

Generally, a chapter 13 bankruptcy is used when you want to keep safe properties, such as a cars and truck or home, where you have more equity in the protected assets that you can secure by using 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 over time and to reinstate your original payment agreement. It may likewise be a much better choice when you have an important non-exempt residential or commercial property that you wish to keep. To keep a non-exempt property, you should pay the lender for the value of the property.

An exemption limit would apply to any equity you have in the home. Equity is merely a distinction in 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 just contains equity of $1,500. When you have a home that is held by a loan, the equity you own in that property is covered by your exemptions. That is if you are updated on your payments. Also, if you choose to keep making your regular payments on the loan, you can keep the residential or commercial property throughout and after your bankruptcy term is complete.

If the equity is not covered by your exemptions, your financial institution might opt to sell off that possession and after that distribute the money resulting 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. Existing bankruptcy laws enable a married couple filing together to each claim a complete set of exemptions, meaning more home 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 caused by DWI/DUI, back child assistance, spousal support, debts connected to family assistance, trainee loans, earnings tax debts within the last three years in addition to any other tax debts, charges for traffic tickets, criminal restitution, and any debts you forget to list in your bankruptcy documents, unless you inform the financial institution of your bankruptcy case. Besides 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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