Do You Need a Chapter 13 Bankruptcy Attorney?
It’s time to consider bankruptcy in Oakland 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 Oakland 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
Oakland 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 Oakland 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 strategy to your creditors, and it typically lasts 3 to 5 years. It uses to pay all or part of your financial obligation from any future income you earn. You can use Chapter 13 to make up missed out on cars and truck payments, pay back taxes you owe, avoid a bank from foreclosing on your home, keep non-exempt home that you deem valuable, stop interest from gaining on your tax financial obligation, and far more.
When you follow the terms of your agreement to repay your debts, all of your staying dis-chargeable financial obligations would be released at the end of the repayment period. The financial quantity assigned to lenders under a Chapter 13 bankruptcy must be equal to the quantity they would have gotten 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 Oakland CA or in a nearby city.
Usually, a chapter 13 bankruptcy is utilized when you wish to keep secured possessions, such as an automobile or home, where you have more equity in the secured assets that you can secure by utilizing your bankruptcy exemptions. It’s a reorganization of the financial obligations you owe your creditors that are not non-dischargeable financial obligations.
A Chapter 13 bankruptcy permits you to make up your overdue payments over time and to reinstate your initial payment contract. It may likewise be a much better choice when you have an important non-exempt home that you want to keep. To keep a non-exempt home, you must pay the lender for the worth of the home.
An exemption limitation would apply to any equity you have in the home. Equity is simply a difference between the worth 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 just includes equity of $1,500. When you have a residential or commercial property that is held by a loan, the equity you own in that property is covered by your exemptions. That is if you are current on your payments. Likewise, if you opt to keep making your typical 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 lender might choose to sell off that property then disperse the money arising from the sale. In this case, you would be entitled to the worth of your exemption in the sold-off asset as a money payment. Present bankruptcy laws allow 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 remove in bankruptcy include financial obligations for individual injury/death triggered by DWI/DUI, back kid assistance, spousal support, debts associated with household support, student loans, income tax debts within the last three years along with 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. Other than those non-dischargeable financial obligations, whatever else consisted of in your bankruptcy case will be discharged at the end of your agreed upon bankruptcy period.
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