Do You Need a Chapter 13 Bankruptcy Attorney?
It’s time to consider bankruptcy in Stockton 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 Stockton 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
Stockton 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 Stockton 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 plan to your lenders, and it usually 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 out on car 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 a lot more.
When you follow the terms of your arrangement 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 quantity assigned to creditors under a Chapter 13 bankruptcy must be equal to the quantity they would have gotten if a Chapter 7 bankruptcy had actually 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 Stockton CA or in a nearby city.
Generally, a chapter 13 bankruptcy is utilized when you wish to keep protected properties, such as a car or home, where you have more equity in the protected properties that you can safeguard 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 overdue payments in time and to renew your initial payment arrangement. It may also be a better option when you have a valuable non-exempt residential or commercial property that you want to keep. To keep a non-exempt property, you must pay the creditor for the worth of the residential or commercial property.
An exemption limitation would apply to any equity you have in the residential or commercial property. Equity is simply a difference between the value of the home and exactly what you owe on it. For example, 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 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 property 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 asset and then distribute the money arising from the sale. In this case, you would be entitled to the value of your exemption in the sold-off possession as a money payment. Existing bankruptcy laws allow a couple filing together to each claim a full set of exemptions, meaning more residential or commercial property can be secured.
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 remove in bankruptcy include debts for individual injury/death caused by DWI/DUI, back child assistance, alimony, debts connected to family assistance, trainee loans, earnings tax financial obligations within the last three years in addition to other tax debts, penalties for traffic tickets, criminal restitution, and any debts you forget to list in your bankruptcy documents, unless you inform the financial institution of your bankruptcy case. Other than those non-dischargeable debts, whatever else included in your bankruptcy case will be released at the end of your decided upon bankruptcy duration.
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