Newcastle Chapter 13 Lawyer
Do You Need a Chapter 13 Bankruptcy Attorney?
It’s time to consider bankruptcy in Newcastle 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 Newcastle 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
Newcastle 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 Newcastle 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 plan to your lenders, and it usually lasts 3 to 5 years. It offers to pay all or part of your financial obligation from any future earnings 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 property that you deem important, stop interest from gaining on your tax debt, and a lot 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 payment duration. The monetary quantity assigned 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 must have a "routine income source" and non reusable earnings to use towards your repayments. Especially when you live in Newcastle WA or in a nearby city.
Usually, a chapter 13 bankruptcy is used when you wish to keep safe properties, such as a car or house, where you have more equity in the secured assets that you can secure by utilizing your bankruptcy exemptions. It's a reorganization of the debts you owe your lenders that are not non-dischargeable financial obligations.
A Chapter 13 bankruptcy enables you to make up your past due payments with time and to restore your initial repayment contract. It may likewise be a much better alternative when you have a valuable non-exempt home that you wish to keep. To keep a non-exempt home, you should pay the creditor for the value of the residential or commercial property.
An exemption limitation would apply to any equity you have in the residential or commercial property. Equity is just a difference between the worth of the residential or commercial property and what you owe on it. For instance, if you have actually 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 in that home 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 residential or commercial property throughout and after your bankruptcy term is total. If the equity is not covered by your exemptions, your creditor may opt to sell off that asset and then disperse the money arising from the sale. In this case, you would be entitled to the value of your exemption in the sold-off property as a money payment. Current bankruptcy laws permit a couple filing together to each claim a complete set of exemptions, meaning more residential or commercial property 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 debts for personal injury/death brought on by DWI/DUI, back child assistance, alimony, debts associated with household support, student loans, earnings tax financial obligations within the last 3 years in addition to other tax debts, penalties 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 financial obligations, whatever else consisted of in your bankruptcy case will be discharged at the end of your agreed upon bankruptcy duration.
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