Do You Need a Chapter 13 Bankruptcy Attorney?
It’s time to consider bankruptcy in Newport 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 Newport 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
Newport 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 Newport Beach 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 five years. It uses to pay all or part of your financial obligation from any future earnings you earn. You can use Chapter 13 to make up missed out on car payments, repay taxes you owe, prevent a bank from foreclosing on your home, keep non-exempt home that you consider valuable, stop interest from gaining on your tax debt, and a lot more.
When you follow the regards to your arrangement to repay your debts, all of your staying dis-chargeable debts would be released at the end of the repayment duration. The monetary quantity designated to financial institutions under a Chapter 13 bankruptcy must amount to the quantity they would have gotten if a Chapter 7 bankruptcy had been filed.
To file Chapter 13 bankruptcy, you should have a “regular income” and non reusable income to use towards your payments. Especially when you live in Newport Beach CA or in a nearby city.
Typically, a chapter 13 bankruptcy is used when you wish to keep protected assets, such as an automobile or home, where you have more equity in the protected possessions that you can safeguard 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 past due payments gradually and to renew your original payment agreement. It may also be a better alternative when you have a valuable non-exempt property that you wish to keep. To keep a non-exempt property, you must pay the financial institution for the value of the residential or commercial property.
An exemption limit would apply to any equity you have in the home. Equity is simply a distinction in between the value of the property and exactly what you owe on it. For example, if you have a truck valued at $10,000 with a loan of $8,500, the truck only contains equity of $1,500. When you have a home 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 updated on your payments. Likewise, if you opt to keep making your normal 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 decide to sell off that property and 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 cash payment. Present bankruptcy laws allow a married couple filing together to each claim a full set of exemptions, implying 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 debts you can not erase in bankruptcy consist of financial obligations for individual injury/death caused by DWI/DUI, back child support, alimony, debts associated with family assistance, trainee loans, income tax debts within the last 3 years as well as other tax financial obligations, penalties for traffic tickets, criminal restitution, and any financial obligations you forget to list in your bankruptcy documents, unless you notify the financial institution of your bankruptcy case. Other than those non-dischargeable financial obligations, whatever else included in your bankruptcy case will be discharged at the end of your decided upon bankruptcy duration.
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