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Lynnwood Chapter 13 Lawyer

Do You Need a Chapter 13 Bankruptcy Attorney?

It’s time to consider bankruptcy in Lynnwood 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 Lynnwood 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

Lynnwood 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 Lynnwood and the surrounding areas.

More About Hiring a Chapter 13 Bankruptcy Attorney in Lynnwood 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 payment strategy to your financial institutions, and it typically lasts three to five years. It provides 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 car payments, repay taxes you owe, prevent a bank from foreclosing on your home, keep non-exempt property that you consider valuable, stop interest from gaining on your tax debt, and far more. When you follow the terms of your contract to repay your debts, all your staying dis-chargeable debts would be launched at the end of the repayment duration. The financial quantity 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 filed. To file Chapter 13 bankruptcy, you should have a "routine income source" and disposable income to apply towards your repayments. Especially when you live in Lynnwood WA or in a nearby city.

Usually, a chapter 13 bankruptcy is used when you wish to keep secured assets, such as an automobile or house, where you have more equity in the protected assets that you can secure by utilizing your bankruptcy exemptions. It's a reorganization of the financial obligations you owe your lenders that are not non-dischargeable financial obligations.

A Chapter 13 bankruptcy allows you to make up your past due payments in time and to reinstate your original repayment arrangement. It might also be a much better option when you have an important non-exempt residential or commercial property that you want to keep. To keep a non-exempt home, you need to pay the lender for the worth of the home.

An exemption limit would apply to any equity you have in the home. Equity is just a difference in between the worth of the residential or commercial property and exactly what you owe on it. For instance, if you have a truck valued at $10,000 with a loan of $8,500, the truck only includes 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 current on your payments. Also, if you choose to keep making your typical 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 opt to sell that property then distribute the money arising from the sale. In this case, you would be entitled to the value of your exemption in the sold-off possession as a money payment. Current bankruptcy laws permit a married couple filing together to each claim a complete set of exemptions, meaning more residential or commercial property 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 eliminate in bankruptcy include financial obligations for individual injury/death brought on by DWI/DUI, back child support, alimony, financial obligations associated with family support, trainee loans, income tax debts within the last 3 years as well as any other tax debts, penalties for traffic tickets, criminal restitution, and any debts you forget to list in your bankruptcy documents, unless you notify the financial institution of your bankruptcy case. Other than those non-dischargeable debts, everything else included in your bankruptcy case will be released at the end of your agreed upon bankruptcy duration.

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