Kennewick Chapter 13 Lawyer
Do You Need a Chapter 13 Bankruptcy Attorney?
It’s time to consider bankruptcy in Kennewick 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 Kennewick 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
Kennewick 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 Kennewick 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 creditors, and it normally lasts 3 to 5 years. It uses to pay all or part of your debt from any future income you make. You can utilize Chapter 13 to make up missed out on cars and truck payments, repay taxes you owe, prevent a bank from foreclosing on your home, keep non-exempt residential or commercial property that you consider valuable, stop interest from gaining on your tax financial obligation, and much more. When you follow the regards to your agreement to repay your debts, all of your staying dis-chargeable debts would be launched at the end of the repayment duration. The financial amount designated to creditors under a Chapter 13 bankruptcy should amount to the amount they would have received if a Chapter 7 bankruptcy had actually been submitted. To file Chapter 13 bankruptcy, you should have a “regular income source” and disposable earnings to use towards your payments. Especially when you live in Kennewick WA or in a nearby city.
Usually, a chapter 13 bankruptcy is utilized when you wish to keep protected properties, such as a vehicle or house, where you have more equity in the protected possessions that you can secure by using your bankruptcy exemptions. It’s a reorganization of the debts you owe your creditors that are not non-dischargeable debts.
A Chapter 13 bankruptcy allows you to make up your past due payments in time and to reinstate your original repayment contract. It may also be a better option when you have an important non-exempt residential or commercial property that you want to keep. To keep a non-exempt property, you need to pay the financial institution for the value of the property.
An exemption limit would apply to any equity you have in the residential or commercial property. Equity is just a distinction between the value of the property and 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 property is covered by your exemptions. That is if you are up-to-date on your payments. Also, if you decide to keep making your normal payments on the loan, you can keep the property throughout and after your bankruptcy term is complete. If the equity is not covered by your exemptions, your financial institution might decide to sell that asset and after that distribute the cash arising from the sale. In this case, you would be entitled to the worth of your exemption in the sold-off property as a money payment. Present bankruptcy laws allow a married couple filing together to each claim a full set of exemptions, implying more 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 include financial obligations for individual injury/death caused by DWI/DUI, back child assistance, spousal support, debts connected to 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 papers, unless you notify the financial institution of your bankruptcy case. Aside from those non-dischargeable debts, everything else consisted of in your bankruptcy case will be discharged at the end of your decided upon bankruptcy period.
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