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Federal Way Chapter 13 Lawyer

Do You Need a Chapter 13 Bankruptcy Attorney?

It’s time to consider bankruptcy in Federal Way 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 Federal Way 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

Federal Way 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 Federal Way and the surrounding areas.

More About Hiring a Chapter 13 Bankruptcy Attorney in Federal Way 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 plan to your lenders, and it generally lasts 3 to five years. It provides to pay all or part of your financial obligation from any future earnings you earn. You can utilize Chapter 13 to make up missed automobile payments, repay taxes you owe, avoid a bank from foreclosing on your house, keep non-exempt property that you consider important, stop interest from gaining on your tax debt, and much more. When you follow the regards to your agreement to repay your financial obligations, all of your remaining dis-chargeable financial obligations would be released at the end of the repayment duration. The monetary amount appointed to financial institutions under a Chapter 13 bankruptcy need to 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 income source" and non reusable income to use to your payments. Especially when you live in Federal Way WA or in a nearby city.

Normally, a chapter 13 bankruptcy is used when you want to keep guaranteed possessions, such as a vehicle or home, where you have more equity in the protected properties that you can safeguard by utilizing 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 allows you to make up your overdue payments in time and to renew your initial repayment arrangement. It might likewise be a much better option when you have an important non-exempt home that you wish to keep. To keep a non-exempt home, you must pay the creditor for the value of the property.

An exemption limit 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 contains equity of $1,500. When you have a residential or commercial property 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. Likewise, if you opt to keep making your normal payments on the loan, you can keep the home throughout and after your bankruptcy term is complete. If the equity is not covered by your exemptions, your lender might decide to sell off that possession 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 property as a cash payment. Present bankruptcy laws enable a couple filing together to each claim a complete set of exemptions, indicating more home 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 erase in bankruptcy include debts for individual injury/death triggered by DWI/DUI, back child support, alimony, financial obligations related to family assistance, trainee loans, income tax financial obligations within the last 3 years in addition to any other tax financial obligations, charges for traffic tickets, criminal restitution, and any debts you forget to list in your bankruptcy papers, unless you inform the financial institution of your bankruptcy case. Aside from those non-dischargeable financial obligations, everything else consisted of in your bankruptcy case will be discharged at the end of your agreed upon bankruptcy duration.

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The Bankruptcy Experts
Federal Way Washington

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Monday - Friday: 8:00am - 6:00pm

Saturday: 10:00am - 4:00pm

Sunday: Closed

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