Lake Stevens Chapter 13 Lawyer
Do You Need a Chapter 13 Bankruptcy Attorney?
It’s time to consider bankruptcy in Lake Stevens 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 Stevens 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 Stevens 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 Stevens 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 lenders, and it normally lasts three to 5 years. It offers to pay all or part of your financial obligation from any future income you make. You can use Chapter 13 to make up missed vehicle payments, repay taxes you owe, avoid a bank from foreclosing on your home, keep non-exempt residential or commercial property that you deem important, stop interest from gaining on your tax debt, and far more. When you follow the terms of your arrangement to repay your debts, all your remaining dis-chargeable debts would be released at the end of the repayment duration. The monetary amount appointed to creditors under a Chapter 13 bankruptcy need to be equal to the quantity they would have received if a Chapter 7 bankruptcy had been submitted. To file Chapter 13 bankruptcy, you must have a "routine income source" and disposable income to apply towards your repayments. Especially when you live in Lake Stevens WA or in a nearby city.
Usually, a chapter 13 bankruptcy is used when you wish to keep safe possessions, such as a car or house, where you have more equity in the secured possessions that you can safeguard by utilizing your bankruptcy exemptions. It's a reorganization of the debts you owe your lenders that are not non-dischargeable debts.
A Chapter 13 bankruptcy allows you to make up your past due payments over time and to restore your original repayment arrangement. It might likewise be a much better option when you have a valuable non-exempt home that you want to keep. To keep a non-exempt residential or commercial property, you should 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 merely a difference between the worth of the home 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 just consists of equity of $1,500. When you have a 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. Also, if you decide to keep making your typical 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 creditor might decide to sell off that asset then disperse the cash resulting 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. Present bankruptcy laws permit a couple filing together to each claim a complete 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 financial obligations you can not erase in bankruptcy include debts for personal injury/death brought on by DWI/DUI, back child assistance, spousal support, financial obligations related to household assistance, trainee loans, income tax financial obligations within the last 3 years along with any other tax debts, charges for traffic tickets, criminal restitution, and any financial obligations you forget to list in your bankruptcy documents, unless you inform the financial institution of your bankruptcy case. Aside from those non-dischargeable debts, whatever else consisted of in your bankruptcy case will be released at the end of your decided upon bankruptcy duration.
Map of Lake Stevens WA
The Bankruptcy Experts
Lake Stevens Washington
Monday - Friday: 8:00am - 6:00pm
Saturday: 10:00am - 4:00pm