Olympia Chapter 13 Lawyer
Do You Need a Chapter 13 Bankruptcy Attorney?
It’s time to consider bankruptcy in Olympia 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 Olympia 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
Olympia 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 Olympia 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 strategy to your financial institutions, and it usually lasts 3 to 5 years. It offers to pay all or part of your debt from any future earnings you earn. 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 consider valuable, stop interest from gaining on your tax financial obligation, and far more. When you follow the regards to your contract to repay your debts, all your staying dis-chargeable debts would be launched at the end of the repayment period. The financial amount appointed to creditors under a Chapter 13 bankruptcy should amount to the quantity they would have received if a Chapter 7 bankruptcy had been filed. To file Chapter 13 bankruptcy, you must have a "regular source of income" and non reusable income to use to your payments. Especially when you live in Olympia WA or in a nearby city.
Generally, a chapter 13 bankruptcy is used when you want to keep guaranteed properties, such as a cars and truck or house, where you have more equity in the secured possessions that you can protect by utilizing your bankruptcy exemptions. It's a reorganization of the financial obligations you owe your financial institutions that are not non-dischargeable financial obligations.
A Chapter 13 bankruptcy enables you to make up your past due payments in time and to renew your initial payment contract. It may likewise be a better choice when you have a valuable non-exempt property that you want to keep. To keep a non-exempt home, you must pay the lender for the worth of the residential or commercial property.
An exemption limitation would apply to any equity you have in the home. Equity is simply a difference between the worth of the home 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 consists of 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 current on your payments. Also, if you decide to keep making your typical payments on the loan, you can keep the residential or commercial property throughout and after your bankruptcy term is complete. If the equity is not covered by your exemptions, your financial institution might opt to sell that possession and after that disperse the cash arising from the sale. In this case, you would be entitled to the value of your exemption in the sold-off possession as a cash payment. Current bankruptcy laws enable a married couple filing together to each claim a full set of exemptions, indicating more 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 include debts for individual injury/death triggered by DWI/DUI, back child assistance, alimony, financial obligations associated with household assistance, student loans, income tax debts within the last 3 years as well as other tax financial obligations, charges for traffic tickets, criminal restitution, and any financial obligations you forget to list in your bankruptcy papers, unless you notify the creditor of your bankruptcy case. Aside from those non-dischargeable financial obligations, whatever else included in your bankruptcy case will be discharged at the end of your decided upon bankruptcy duration.
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