Do You Need a Chapter 13 Bankruptcy Attorney?
It’s time to consider bankruptcy in Santa Rosa 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 Santa Rosa 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
Santa Rosa 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 Santa Rosa 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 strategy to your lenders, and it generally lasts 3 to 5 years. It provides to pay all or part of your debt from any future earnings you make. You can utilize Chapter 13 to make up missed cars and truck payments, pay back taxes you owe, avoid a bank from foreclosing on your house, keep non-exempt residential or commercial property that you deem important, stop interest from gaining on your tax debt, and far more.
When you follow the regards to your arrangement to repay your debts, all of your remaining dis-chargeable financial obligations would be released at the end of the repayment duration. The financial quantity assigned to financial institutions under a Chapter 13 bankruptcy need to amount to the amount they would have received if a Chapter 7 bankruptcy had been submitted.
To file Chapter 13 bankruptcy, you should have a “regular income” and disposable income to apply towards your payments. Especially when you live in Santa Rosa CA or in a nearby city.
Normally, a chapter 13 bankruptcy is used when you wish to keep protected possessions, such as a vehicle or house, where you have more equity in the secured properties that you can safeguard using your bankruptcy exemptions. It’s a reorganization of the debts you owe your creditors that are not non-dischargeable financial obligations.
A Chapter 13 bankruptcy permits you to make up your overdue payments in time and to renew your original payment contract. It might also be a much better alternative when you have a valuable non-exempt home that you wish to keep. To keep a non-exempt property, you need to pay the lender for the worth 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 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 consists of equity of $1,500. When you have a residential or commercial property that is held by a loan, the equity you own because home is covered by your exemptions. That is if you are up-to-date on your payments. Likewise, if you choose to keep making your typical 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 lender may choose to sell that asset 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 possession as a cash payment. Present bankruptcy laws permit a couple filing together to each claim a complete set of exemptions, meaning 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 eliminate in bankruptcy include debts for individual injury/death brought on by DWI/DUI, back kid assistance, alimony, debts connected to household assistance, trainee loans, earnings tax financial obligations within the last three years along with other tax debts, charges for traffic tickets, criminal restitution, and any debts you forget to list in your bankruptcy papers, unless you notify the financial institution of your bankruptcy case. Besides those non-dischargeable financial obligations, whatever else consisted of in your bankruptcy case will be discharged at the end of your agreed upon bankruptcy duration.
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