Do You Need a Chapter 13 Bankruptcy Attorney?
It’s time to consider bankruptcy in Richmond 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 Richmond 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
Richmond 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 Richmond 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 typically lasts 3 to 5 years. It uses to pay all or part of your debt from any future income you make. You can use Chapter 13 to make up missed cars and truck payments, repay taxes you owe, avoid a bank from foreclosing on your home, keep non-exempt home that you consider important, stop interest from gaining on your tax debt, and a lot more.
When you follow the terms of your contract to repay your debts, all of your remaining dis-chargeable financial obligations would be released at the end of the payment period. The monetary amount designated to lenders under a Chapter 13 bankruptcy need to amount to the quantity they would have gotten if a Chapter 7 bankruptcy had been submitted.
To file Chapter 13 bankruptcy, you need to have a “routine source of income” and non reusable income to use towards your repayments. Especially when you live in Richmond CA or in a nearby city.
Usually, a chapter 13 bankruptcy is utilized when you wish to keep secured properties, such as a vehicle or home, where you have more equity in the protected properties that you can safeguard by using your bankruptcy exemptions. It’s a reorganization of the financial obligations you owe your financial institutions that are not non-dischargeable debts.
A Chapter 13 bankruptcy enables you to make up your past due payments gradually and to restore your original payment arrangement. It might likewise be a much better option when you have a valuable non-exempt property that you want to keep. To keep a non-exempt residential or commercial property, you should pay the creditor for the worth of the property.
An exemption limit would apply to any equity you have in the property. Equity is merely a difference between the worth of the home 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 includes 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. Also, if you choose to keep making your normal payments on the loan, you can keep the home throughout and after your bankruptcy term is complete.
If the equity is not covered by your exemptions, your lender might opt to sell off that asset and after that distribute the cash 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. Existing bankruptcy laws enable a married couple filing together to each claim a complete set of exemptions, suggesting more residential or commercial property 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 debts you can not eliminate in bankruptcy include debts for individual injury/death brought on by DWI/DUI, back child support, alimony, financial obligations connected to family support, student loans, income tax debts within the last 3 years in addition to any other tax financial obligations, penalties for traffic tickets, criminal restitution, and any debts you forget to list in your bankruptcy papers, unless you inform the financial institution of your bankruptcy case. Aside from those non-dischargeable financial obligations, everything else consisted of in your bankruptcy case will be discharged at the end of your agreed upon bankruptcy period.
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