Poulsbo Chapter 13 Lawyer
Do You Need a Chapter 13 Bankruptcy Attorney?
It’s time to consider bankruptcy in Poulsbo 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 Poulsbo 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
Poulsbo 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 Poulsbo 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 generally lasts three to 5 years. It offers to pay all or part of your financial obligation from any future earnings you earn. You can utilize Chapter 13 to make up missed cars and truck payments, repay taxes you owe, prevent a bank from foreclosing on your house, keep non-exempt residential or commercial property that you consider valuable, stop interest from gaining on your tax financial obligation, and much more. When you follow the terms of your agreement to repay your debts, all your remaining dis-chargeable financial obligations would be released at the end of the payment duration. The financial amount assigned to lenders under a Chapter 13 bankruptcy should amount to the quantity they would have received if a Chapter 7 bankruptcy had actually been submitted. To file Chapter 13 bankruptcy, you need to have a "routine income source" and non reusable income to apply towards your repayments. Especially when you live in Poulsbo WA or in a nearby city.
Typically, a chapter 13 bankruptcy is used when you wish to keep protected assets, such as a vehicle or home, where you have more equity in the secured possessions that you can safeguard by using your bankruptcy exemptions. It's a reorganization of the financial obligations you owe your financial institutions that are not non-dischargeable debts.
A Chapter 13 bankruptcy allows you to make up your past due payments with time and to restore your initial repayment contract. It might likewise be a better alternative when you have an important non-exempt residential or commercial property that you want to keep. To keep a non-exempt residential or commercial property, you need to pay the creditor for the value of the property.
An exemption limit would apply to any equity you have in the property. Equity is merely a distinction in between the worth of the residential or commercial property 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 only includes equity of $1,500. When you have a home that is held by a loan, the equity you own because 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 property throughout and after your bankruptcy term is total. If the equity is not covered by your exemptions, your creditor may opt to sell that possession then 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 permit a couple filing together to each claim a full set of exemptions, implying more 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 erase in bankruptcy consist of financial obligations for individual injury/death triggered by DWI/DUI, back child support, spousal support, financial obligations related to household support, trainee loans, income tax debts within the last 3 years along with any other tax financial obligations, charges 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 financial obligations, whatever else included in your bankruptcy case will be discharged at the end of your agreed upon bankruptcy period.
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