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Bainbridge Island Chapter 13 Lawyer

Do You Need a Chapter 13 Bankruptcy Attorney?

It’s time to consider bankruptcy in Bainbridge Island 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 Bainbridge Island 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

Bainbridge Island 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 Bainbridge Island and the surrounding areas.

More About Hiring a Chapter 13 Bankruptcy Attorney in Bainbridge Island WA

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.

Bankruptcy AttorneyIn Chapter 13 bankruptcy, you propose a repayment strategy to your lenders, and it normally 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 automobile payments, pay back taxes you owe, avoid a bank from foreclosing on your house, keep non-exempt home that you deem valuable, stop interest from gaining on your tax debt, and much more. When you follow the terms of your arrangement to repay your financial obligations, all of your remaining dis-chargeable financial obligations would be released at the end of the repayment period. The financial quantity designated to lenders under a Chapter 13 bankruptcy must be equal to the quantity they would have gotten if a Chapter 7 bankruptcy had actually been filed. To file Chapter 13 bankruptcy, you should have a "routine income source" and non reusable earnings to apply to your payments. Especially when you live in Bainbridge Island WA or in a nearby city.

Generally, a chapter 13 bankruptcy is utilized when you want to keep guaranteed assets, such as a cars and truck or house, where you have more equity in the secured assets that you can secure 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 enables you to make up your overdue payments gradually and to renew your original payment arrangement. It may 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 must pay the financial institution for the value of the property.

An exemption limitation would apply to any equity you have in the property. Equity is simply a distinction between the value of the 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 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 decide to keep making your typical payments on the loan, you can keep the residential or commercial property throughout and after your bankruptcy term is complete. If the equity is not covered by your exemptions, your financial institution might opt to sell that asset then distribute the cash arising 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 enable a married couple filing together to each claim a complete set of exemptions, meaning more residential or commercial property can be protected. 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 erase in bankruptcy consist of financial obligations for personal injury/death caused by DWI/DUI, back child assistance, spousal support, financial obligations associated with household assistance, trainee loans, income tax debts within the last three years as well as any other tax financial obligations, charges for traffic tickets, criminal restitution, and any financial obligations you forget to list in your bankruptcy documents, unless you inform the lender of your bankruptcy case. Besides those non-dischargeable debts, everything else consisted of in your bankruptcy case will be released at the end of your agreed upon bankruptcy duration.

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The Bankruptcy Experts
Bainbridge Island Washington

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Saturday: 10:00am - 4:00pm

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