Do You Need a Chapter 13 Bankruptcy Attorney?
It’s time to consider bankruptcy in Los Angeles 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 Los Angeles 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
Los Angeles 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 Los Angeles 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 strategy to your creditors, and it usually lasts three to five years. It provides to pay all or part of your debt from any future income you earn. You can use Chapter 13 to make up missed out on car payments, pay back taxes you owe, avoid a bank from foreclosing on your house, keep non-exempt home that you consider important, stop interest from gaining on your tax financial obligation, and a lot more.
When you follow the regards to your arrangement to repay your financial obligations, all of your remaining dis-chargeable financial obligations would be released at the end of the payment period. The financial amount appointed to lenders under a Chapter 13 bankruptcy must amount to the amount they would have received if a Chapter 7 bankruptcy had been filed.
To file Chapter 13 bankruptcy, you need to have a “routine source of income” and non reusable income to apply to your payments. Especially when you live in Los Angeles CA or in a nearby city.
Normally, a chapter 13 bankruptcy is used when you want to keep secured properties, such as an automobile or house, where you have more equity in the protected possessions that you can secure using your bankruptcy exemptions. It’s a reorganization of the debts you owe your lenders that are not non-dischargeable financial obligations.
A Chapter 13 bankruptcy enables you to make up your past due payments over time and to reinstate your initial payment contract. It might likewise be a much better alternative when you have a valuable non-exempt residential or commercial property that you wish to keep. To keep a non-exempt home, you should pay the lender for the value of the residential or commercial property.
An exemption limit would apply to any equity you have in the residential or commercial property. Equity is simply a difference between the worth of the home and what you owe on it. For example, if you have actually a truck valued at $10,000 with a loan of $8,500, the truck just includes equity of $1,500. When you have a property that is held by a loan, the equity you own because residential or commercial property is covered by your exemptions. That is if you are up-to-date on your payments. Likewise, if you opt to keep making your regular payments on the loan, you can keep the residential or commercial property throughout and after your bankruptcy term is total.
If the equity is not covered by your exemptions, your financial institution might decide to sell off that property then 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. Current bankruptcy laws enable a married couple filing together to each claim a complete set of exemptions, implying more home 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 financial obligations you can not eliminate in bankruptcy consist of financial obligations for individual injury/death brought on by DWI/DUI, back child support, alimony, financial obligations associated with family support, trainee loans, earnings tax financial obligations within the last three years along with other tax financial obligations, penalties for traffic tickets, criminal restitution, and any debts you forget to list in your bankruptcy documents, unless you notify the financial institution of your bankruptcy case. Aside from those non-dischargeable financial obligations, whatever else included in your bankruptcy case will be released at the end of your decided upon bankruptcy duration.
Map of Los Angeles CA