Lake Forest Park Chapter 13 Lawyer
Do You Need a Chapter 13 Bankruptcy Attorney?
It’s time to consider bankruptcy in Lake Forest Park 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 Lake Forest Park 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
Lake Forest Park 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 Lake Forest Park 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 strategy to your financial institutions, and it generally lasts 3 to 5 years. It provides to pay all or part of your financial obligation 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 house, keep non-exempt home that you deem valuable, stop interest from gaining on your tax financial obligation, and a lot more. When you follow the regards to your agreement to repay your financial obligations, all your staying dis-chargeable debts would be released at the end of the repayment period. The financial amount appointed to financial institutions under a Chapter 13 bankruptcy need to amount to the quantity they would have received if a Chapter 7 bankruptcy had been filed. To file Chapter 13 bankruptcy, you should have a "routine income source" and non reusable earnings to use to your repayments. Especially when you live in Lake Forest Park WA or in a nearby city.
Typically, a chapter 13 bankruptcy is utilized when you want to keep guaranteed assets, such as a vehicle or home, where you have more equity in the secured assets 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 financial obligations.
A Chapter 13 bankruptcy permits you to make up your past due payments over time and to renew your original repayment arrangement. It may also be a much better choice when you have an important non-exempt home that you wish to keep. To keep a non-exempt residential or commercial property, you need to pay the creditor for the worth of the property.
An exemption limit would apply to any equity you have in the residential or commercial property. Equity is simply a difference in 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 contains equity of $1,500. When you have a property that is held by a loan, the equity you own because home is covered by your exemptions. That is if you are updated on your payments. Likewise, if you decide to keep making your regular 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 that possession then disperse the cash arising from the sale. In this case, you would be entitled to the worth of your exemption in the sold-off asset as a cash payment. Current bankruptcy laws allow a married couple filing together to each claim a full set of exemptions, suggesting more home can be secured. 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 remove in bankruptcy consist of financial obligations for individual injury/death caused by DWI/DUI, back kid support, alimony, debts associated with household assistance, student loans, earnings tax financial obligations within the last three years along with any other tax financial obligations, penalties for traffic tickets, criminal restitution, and any financial obligations you forget to list in your bankruptcy papers, unless you inform the lender of your bankruptcy case. Other than those non-dischargeable debts, everything else included in your bankruptcy case will be discharged at the end of your agreed upon bankruptcy duration.
Map of Lake Forest Park WA
The Bankruptcy Experts
Lake Forest Park Washington
Monday - Friday: 8:00am - 6:00pm
Saturday: 10:00am - 4:00pm