Bonney Lake Chapter 13 Lawyer
Do You Need a Chapter 13 Bankruptcy Attorney?
It’s time to consider bankruptcy in Bonney Lake 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 Bonney Lake 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
Bonney Lake 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 Bonney Lake 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 three to five years. It offers to pay all or part of your debt from any future earnings you earn. You can use Chapter 13 to make up missed automobile payments, pay back taxes you owe, prevent a bank from foreclosing on your home, keep non-exempt home 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 launched at the end of the payment period. The financial quantity designated to creditors under a Chapter 13 bankruptcy need to amount to the amount they would have gotten if a Chapter 7 bankruptcy had been filed. To file Chapter 13 bankruptcy, you should have a "regular source of income" and non reusable income to apply towards your repayments. Especially when you live in Bonney Lake WA or in a nearby city.
Typically, a chapter 13 bankruptcy is used when you want to keep protected assets, such as a car or house, where you have more equity in the secured assets that you can safeguard by utilizing your bankruptcy exemptions. It's a reorganization of the financial obligations you owe your creditors that are not non-dischargeable debts.
A Chapter 13 bankruptcy enables you to make up your overdue payments gradually and to reinstate your original payment arrangement. It might likewise be a better alternative when you have a valuable non-exempt property that you wish to keep. To keep a non-exempt home, you must pay the financial institution for the value of the property.
An exemption limit would apply to any equity you have in the property. Equity is just a difference between the value of the home and what you owe on it. For instance, if you have a truck valued at $10,000 with a loan of $8,500, the truck just contains equity of $1,500. When you have a residential or commercial property that is held by a loan, the equity you own because property is covered by your exemptions. That is if you are up-to-date on your payments. Likewise, if you opt to keep making your normal 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 might decide to sell that asset then distribute the money resulting from the sale. In this case, you would be entitled to the worth of your exemption in the sold-off possession as a money payment. Current bankruptcy laws enable 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 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 support, alimony, debts associated with family support, student loans, income tax debts within the last 3 years along with any other tax financial obligations, penalties for traffic tickets, criminal restitution, and any debts you forget to list in your bankruptcy documents, unless you notify the creditor of your bankruptcy case. Other than those non-dischargeable debts, everything else consisted of in your bankruptcy case will be released at the end of your decided upon bankruptcy duration.
Map of Bonney Lake WA
The Bankruptcy Experts
Bonney Lake Washington
Monday - Friday: 8:00am - 6:00pm
Saturday: 10:00am - 4:00pm