Do You Need a Chapter 13 Bankruptcy Attorney?
It’s time to consider bankruptcy in Orange County 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 Orange County 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
Orange County 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 Orange County 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 plan to your financial institutions, and it normally lasts three to five years. It offers to pay all or part of your financial obligation from any future earnings you make. You can utilize Chapter 13 to make up missed automobile payments, repay taxes you owe, avoid a bank from foreclosing on your home, keep non-exempt property that you deem valuable, stop interest from gaining on your tax financial obligation, and far more.
When you follow the regards to your agreement to repay your financial obligations, all your remaining dis-chargeable financial obligations would be released at the end of the payment duration. The monetary quantity appointed to lenders under a Chapter 13 bankruptcy need to be equal to the quantity they would have received if a Chapter 7 bankruptcy had been submitted.
To file Chapter 13 bankruptcy, you need to have a “regular source of income” and disposable income to apply towards your payments. Especially when you live in Orange County CA or in a nearby city.
Normally, a chapter 13 bankruptcy is used when you want to keep guaranteed assets, such as a cars and truck or house, where you have more equity in the protected properties that you can safeguard by 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 overdue payments with time and to restore your original repayment agreement. It might likewise be a better alternative when you have a valuable non-exempt property that you wish to keep. To keep a non-exempt residential or commercial property, you should pay the creditor for the worth of the home.
An exemption limitation would apply to any equity you have in the home. Equity is simply a difference in between the value of the property and what you owe on it. For instance, if you have actually 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 residential or commercial property 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 normal payments on the loan, you can keep the property throughout and after your bankruptcy term is total.
If the equity is not covered by your exemptions, your financial institution might choose to sell off that property and then disperse the cash arising from the sale. In this case, you would be entitled to the worth of your exemption in the sold-off possession as a cash payment. Present bankruptcy laws permit a married couple filing together to each claim a complete set of exemptions, indicating more residential or commercial 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 erase in bankruptcy consist of debts for personal injury/death triggered by DWI/DUI, back kid assistance, alimony, debts related to household support, trainee loans, earnings tax debts within the last three years in addition to any other tax debts, penalties for traffic tickets, criminal restitution, and any debts you forget to list in your bankruptcy documents, unless you inform the lender of your bankruptcy case. Other than those non-dischargeable financial obligations, everything else included in your bankruptcy case will be released at the end of your agreed upon bankruptcy period.
Map of Orange County CA