Do You Need a Chapter 13 Bankruptcy Attorney?
It’s time to consider bankruptcy in San Jose 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 Jose 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 Jose 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 Jose 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 financial institutions, and it generally lasts three to five years. It offers to pay all or part of your financial obligation from any future income you earn. You can utilize Chapter 13 to make up missed out on vehicle payments, repay taxes you owe, prevent a bank from foreclosing on your home, keep non-exempt residential or commercial property that you deem valuable, stop interest from gaining on your tax debt, and a lot more.
When you follow the regards to your agreement to repay your debts, all of your staying dis-chargeable financial obligations would be released at the end of the payment duration. The monetary quantity designated to financial institutions under a Chapter 13 bankruptcy should be equal to the quantity they would have gotten if a Chapter 7 bankruptcy had been submitted.
To file Chapter 13 bankruptcy, you should have a “routine income” and disposable earnings to use towards your repayments. Especially when you live in San Jose CA or in a nearby city.
Normally, a chapter 13 bankruptcy is used when you want to keep guaranteed possessions, such as a cars and truck or house, where you have more equity in the protected possessions that you can secure by utilizing your bankruptcy exemptions. It’s a reorganization of the financial obligations you owe your creditors that are not non-dischargeable financial obligations.
A Chapter 13 bankruptcy enables you to make up your past due payments with time and to restore your initial repayment agreement. It may likewise be a better choice when you have a valuable non-exempt home that you wish to keep. To keep a non-exempt residential or commercial property, you must pay the lender for the value of the residential or commercial property.
An exemption limit would apply to any equity you have in the residential or commercial property. Equity is just a distinction between the worth of the residential or commercial property 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 just includes equity of $1,500. When you have a residential or commercial property that is held by a loan, the equity you own in that 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 residential or commercial 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 distribute the cash resulting from the sale. In this case, you would be entitled to the worth of your exemption in the sold-off property as a cash payment. Current bankruptcy laws allow a married couple filing together to each claim a full set of exemptions, indicating more home 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 individual injury/death brought on by DWI/DUI, back child support, spousal support, financial obligations associated with family assistance, trainee loans, income tax debts within the last three years along with 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 creditor of your bankruptcy case. Aside from those non-dischargeable financial obligations, everything else included in your bankruptcy case will be discharged at the end of your decided upon bankruptcy duration.
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