Do You Need a Chapter 13 Bankruptcy Attorney?
It’s time to consider bankruptcy in San Francisco 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 San Francisco 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
San Francisco 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 San Francisco 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 creditors, and it usually lasts 3 to five 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 car 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 much more.
When you follow the regards to your contract to repay your debts, all of your staying dis-chargeable financial obligations would be released at the end of the repayment duration. The monetary quantity assigned to financial institutions under a Chapter 13 bankruptcy should amount to the quantity they would have received if a Chapter 7 bankruptcy had actually been submitted.
To file Chapter 13 bankruptcy, you should have a “routine income source” and disposable income to apply towards your payments. Especially when you live in San Francisco CA or in a nearby city.
Generally, a chapter 13 bankruptcy is utilized when you wish to keep secured properties, such as a cars and truck or house, where you have more equity in the protected assets that you can protect 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 permits you to make up your overdue payments over time and to reinstate your initial payment arrangement. It may likewise be a much better option 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 lender for the value of the residential or commercial property.
An exemption limitation would apply to any equity you have in the property. Equity is just a distinction between the worth of the home and exactly 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 contains equity of $1,500. When you have a home that is held by a loan, the equity you own because 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 regular payments on the loan, you can keep the home throughout and after your bankruptcy term is total.
If the equity is not covered by your exemptions, your creditor may opt to sell off that property and after that disperse the cash resulting from the sale. In this case, you would be entitled to the value of your exemption in the sold-off asset as a money payment. Current bankruptcy laws allow a married couple filing together to each claim a full set of exemptions, indicating 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 debts you can not remove in bankruptcy include financial obligations for individual injury/death caused by DWI/DUI, back child support, spousal support, financial obligations associated with household assistance, trainee loans, income tax debts within the last three years along with other tax financial obligations, penalties for traffic tickets, criminal restitution, and any financial obligations you forget to list in your bankruptcy papers, unless you notify the financial institution of your bankruptcy case. Besides those non-dischargeable debts, whatever else included in your bankruptcy case will be discharged at the end of your decided upon bankruptcy duration.
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