Port Townsend Chapter 13 Lawyer
Do You Need a Chapter 13 Bankruptcy Attorney?
It’s time to consider bankruptcy in Port Townsend 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 Port Townsend 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
Port Townsend 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 Port Townsend 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 usually lasts 3 to five years. It uses to pay all or part of your debt from any future income you earn. You can utilize Chapter 13 to make up missed automobile payments, repay taxes you owe, avoid a bank from foreclosing on your home, keep non-exempt home that you deem valuable, stop interest from gaining on your tax debt, and much more. When you follow the regards to your agreement to repay your financial obligations, all your remaining dis-chargeable debts would be released at the end of the payment period. The financial amount assigned to creditors under a Chapter 13 bankruptcy need to be equal to the amount they would have gotten if a Chapter 7 bankruptcy had been filed. To file Chapter 13 bankruptcy, you must have a "regular source of income" and disposable income to use to your payments. Especially when you live in Port Townsend WA or in a nearby city.
Usually, a chapter 13 bankruptcy is used when you want to keep safe possessions, such as a vehicle or home, where you have more equity in the secured assets that you can protect by utilizing your bankruptcy exemptions. It's a reorganization of the debts you owe your financial institutions that are not non-dischargeable debts.
A Chapter 13 bankruptcy permits you to make up your past due payments with time and to restore your original payment arrangement. It may likewise be a better choice when you have a valuable non-exempt property that you wish to keep. To keep a non-exempt property, you must pay the creditor for the value of the home.
An exemption limitation would apply to any equity you have in the residential or commercial property. Equity is simply a difference between the value of the residential or commercial property and exactly 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 home that is held by a loan, the equity you own because home is covered by your exemptions. That is if you are current 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 financial institution may decide to sell off that property 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 asset as a cash payment. Present bankruptcy laws allow a couple filing together to each claim a full set of exemptions, implying more home 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 consist of debts for personal injury/death brought on by DWI/DUI, back kid support, alimony, financial obligations related to household support, student loans, income tax debts 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 creditor of your bankruptcy case. Besides those non-dischargeable financial obligations, whatever else included in your bankruptcy case will be discharged at the end of your agreed upon bankruptcy duration.
Map of Port Townsend WA
The Bankruptcy Experts
Port Townsend Washington
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Saturday: 10:00am - 4:00pm