Do You Need a Chapter 13 Bankruptcy Attorney?
It’s time to consider bankruptcy in Sacramento 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 Sacramento 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
Sacramento 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 Sacramento 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 strategy to your financial institutions, and it usually lasts three to 5 years. It provides 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, avoid a bank from foreclosing on your house, keep non-exempt home that you deem valuable, stop interest from gaining on your tax debt, and far more.
When you follow the terms of your agreement to repay your financial obligations, all of your staying dis-chargeable financial obligations would be released at the end of the repayment duration. The financial amount assigned to lenders under a Chapter 13 bankruptcy must be equal to the amount they would have gotten if a Chapter 7 bankruptcy had been submitted.
To file Chapter 13 bankruptcy, you must have a “regular source of income” and disposable earnings to apply to your repayments. Especially when you live in Sacramento CA or in a nearby city.
Typically, a chapter 13 bankruptcy is utilized when you want to keep guaranteed possessions, such as a cars and truck or house, where you have more equity in the protected properties that you can secure by utilizing your bankruptcy exemptions. It’s a reorganization of the financial obligations you owe your financial institutions that are not non-dischargeable financial obligations.
A Chapter 13 bankruptcy enables you to make up your past due payments in time and to renew your original repayment arrangement. It might likewise be a better alternative when you have a valuable non-exempt home that you want to keep. To keep a non-exempt residential or commercial property, you must pay the financial institution for the worth of the home.
An exemption limitation would apply to any equity you have in the property. Equity is merely a distinction between the worth 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 just includes 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 updated on your payments. Also, if you choose to keep making your typical 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 may opt to sell 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 asset as a cash payment. Present bankruptcy laws allow a married couple filing together to each claim a complete set of exemptions, indicating 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 financial obligations you can not erase in bankruptcy include debts for personal injury/death triggered by DWI/DUI, back child assistance, spousal support, debts related to family support, student loans, income tax debts within the last three years along with other tax financial obligations, charges for traffic tickets, criminal restitution, and any financial obligations you forget to list in your bankruptcy documents, unless you notify the creditor of your bankruptcy case. Besides those non-dischargeable financial obligations, everything else consisted of in your bankruptcy case will be discharged at the end of your decided upon bankruptcy period.
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