Mercer Island Chapter 13 Lawyer
Do You Need a Chapter 13 Bankruptcy Attorney?
It’s time to consider bankruptcy in Mercer Island 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 Mercer Island 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
Mercer Island 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 Mercer Island 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 plan to your financial institutions, and it typically lasts 3 to five years. It provides to pay all or part of your financial obligation 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 house, keep non-exempt property that you deem important, stop interest from gaining on your tax financial obligation, and much more. When you follow the regards to your contract to repay your financial obligations, all your staying dis-chargeable debts would be launched at the end of the payment period. The monetary quantity appointed to creditors under a Chapter 13 bankruptcy must amount to the quantity they would have received if a Chapter 7 bankruptcy had actually been submitted. To file Chapter 13 bankruptcy, you must have a "regular income" and disposable income to use towards your payments. Especially when you live in Mercer Island WA or in a nearby city.
Typically, a chapter 13 bankruptcy is used when you want to keep secured possessions, such as a vehicle or house, where you have more equity in the secured properties that you can secure using your bankruptcy exemptions. It's a reorganization of the financial obligations you owe your lenders 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 agreement. It might also be a better choice when you have a valuable non-exempt residential or commercial property that you want to keep. To keep a non-exempt property, you must pay the financial institution for the worth of the residential or commercial property.
An exemption limit would apply to any equity you have in the home. Equity is merely a distinction 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 includes equity of $1,500. When you have a home 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 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 creditor might decide to sell that asset and then distribute the money resulting from the sale. In this case, you would be entitled to the worth of your exemption in the sold-off property as a cash payment. Current bankruptcy laws allow a 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 financial obligations you can not eliminate in bankruptcy consist of financial obligations for individual injury/death brought on by DWI/DUI, back kid assistance, spousal support, debts associated with family support, trainee loans, earnings tax debts within the last three years along with other tax financial obligations, penalties for traffic tickets, criminal restitution, and any financial obligations you forget to list in your bankruptcy documents, unless you inform the lender of your bankruptcy case. Other than those non-dischargeable debts, everything else consisted of in your bankruptcy case will be released at the end of your decided upon bankruptcy duration.
Map of Mercer Island WA
The Bankruptcy Experts
Mercer Island Washington
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