Anacortes Chapter 13 Lawyer
Do You Need a Chapter 13 Bankruptcy Attorney?
It’s time to consider bankruptcy in Anacortes 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 Anacortes WA
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
Anacortes 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 Anacortes 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 financial institutions, and it normally lasts three to 5 years. It uses to pay all or part of your debt from any future earnings you make. You can utilize Chapter 13 to make up missed car payments, repay taxes you owe, avoid a bank from foreclosing on your home, keep non-exempt property that you consider valuable, stop interest from gaining on your tax debt, and much more. When you follow the terms of your agreement to repay your debts, all of your remaining dis-chargeable financial obligations would be launched at the end of the payment period. The financial amount appointed to lenders under a Chapter 13 bankruptcy must be equal to the amount they would have gotten if a Chapter 7 bankruptcy had actually been submitted. To file Chapter 13 bankruptcy, you need to have a "routine income source" and non reusable earnings to apply to your payments. Especially when you live in Anacortes WA or in a nearby city.
Generally, a chapter 13 bankruptcy is utilized when you want to keep secured possessions, such as a car 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 debts you owe your financial institutions that are not non-dischargeable debts.
A Chapter 13 bankruptcy enables you to make up your past due payments in time and to reinstate your original repayment agreement. It may likewise be a much better option when you have an important non-exempt residential or commercial property that you want to keep. To keep a non-exempt home, you must pay the creditor for the worth of the property.
An exemption limitation would apply to any equity you have in the home. Equity is simply a distinction between the value of the residential or commercial property and exactly what you owe on it. For example, if you have a truck valued at $10,000 with a loan of $8,500, the truck only consists of equity of $1,500. When you have a property that is held by a loan, the equity you own in that home is covered by your exemptions. That is if you are up-to-date 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 total. If the equity is not covered by your exemptions, your financial institution might choose to sell off that property 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 possession as a cash payment. Present bankruptcy laws enable a married couple filing together to each claim a complete set of exemptions, implying more residential or commercial property can be safeguarded. All of this is common in Washington and throughout the region, and remember, the time to do something is now.
The non-dischargeable debts you can not eliminate in bankruptcy include debts for personal injury/death brought on by DWI/DUI, back child assistance, spousal support, debts connected to household assistance, trainee loans, earnings tax financial obligations within the last 3 years in addition to other tax debts, charges for traffic tickets, criminal restitution, and any financial obligations you forget to list in your bankruptcy papers, unless you notify the lender of your bankruptcy case. Aside from those non-dischargeable debts, everything else included in your bankruptcy case will be released at the end of your agreed upon bankruptcy duration.
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