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Chapter 13 Bankruptcy Attorney Redding CA

Do You Need a Chapter 13 Bankruptcy Attorney?

It’s time to consider bankruptcy in Redding 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 Redding 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

Redding 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 Redding and the surrounding areas.

More About Hiring a Chapter 13 Bankruptcy Attorney in Redding 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 payment plan to your creditors, and it normally lasts 3 to five years. It uses to pay all or part of your financial obligation from any future income you make. You can use Chapter 13 to make up missed vehicle payments, repay taxes you owe, prevent a bank from foreclosing on your house, keep non-exempt property that you consider valuable, stop interest from gaining on your tax financial obligation, and a lot more.

When you follow the regards to your agreement to repay your debts, all of your staying dis-chargeable debts would be launched at the end of the payment duration. The financial amount appointed to creditors under a Chapter 13 bankruptcy need to amount to the amount they would have received if a Chapter 7 bankruptcy had actually been filed.

To file Chapter 13 bankruptcy, you should have a “regular source of income” and disposable income to use towards your repayments. Especially when you live in Redding CA or in a nearby city.

Usually, a chapter 13 bankruptcy is used when you want to keep safe properties, such as an automobile or house, where you have more equity in the protected assets that you can safeguard by utilizing your bankruptcy exemptions. It’s a reorganization of the financial obligations you owe your lenders that are not non-dischargeable debts.

A Chapter 13 bankruptcy enables you to make up your past due payments with time and to restore your original repayment agreement. It may likewise be a much better alternative when you have an important non-exempt property that you wish to keep. To keep a non-exempt residential or commercial property, you should pay the lender for the value of the home.

An exemption limit would apply to any equity you have in the home. Equity is merely a distinction in between the value of the home and 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 consists of equity of $1,500. When you have a home that is held by a loan, the equity you own in that residential or commercial property is covered by your exemptions. That is if you are up-to-date on your payments. Also, if you choose to keep making your typical 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 may decide to sell that asset and after that disperse the money resulting from the sale. In this case, you would be entitled to the worth of your exemption in the sold-off property as a money payment. Current bankruptcy laws allow a married couple filing together to each claim a full set of exemptions, implying more residential or commercial property can be secured.

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 remove in bankruptcy include financial obligations for individual injury/death brought on by DWI/DUI, back child support, alimony, financial obligations related to household assistance, trainee loans, earnings tax debts within the last 3 years in addition to 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 lender of your bankruptcy case. Other than those non-dischargeable debts, whatever else included in your bankruptcy case will be released at the end of your agreed upon bankruptcy duration.

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