Seattle Chapter 13 Lawyer
Do You Need a Chapter 13 Bankruptcy Attorney?
It’s time to consider bankruptcy in Seattle 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 Seattle 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
Seattle 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 Seattle 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 creditors, and it usually lasts three to 5 years. It provides to pay all or part of your debt 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 consider valuable, stop interest from gaining on your tax financial obligation, and far more. When you follow the terms of your agreement to repay your financial obligations, all your remaining dis-chargeable debts would be released at the end of the repayment period. The monetary quantity assigned to lenders under a Chapter 13 bankruptcy should amount to the amount they would have gotten if a Chapter 7 bankruptcy had actually been submitted. To file Chapter 13 bankruptcy, you need to have a "routine source of income" and non reusable income to use to your repayments. Especially when you live in Seattle WA or in a nearby city.
Usually, a chapter 13 bankruptcy is used when you want to keep guaranteed properties, such as an automobile or home, where you have more equity in the protected possessions that you can secure by utilizing your bankruptcy exemptions. It's a reorganization of the financial obligations you owe your creditors that are not non-dischargeable financial obligations.
A Chapter 13 bankruptcy allows you to make up your past due payments over time and to restore your initial repayment arrangement. It might likewise be a much better alternative when you have a valuable non-exempt residential or commercial property that you want to keep. To keep a non-exempt home, you must pay the lender for the value 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 value of the property and exactly what you owe on it. For instance, 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 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. Likewise, if you decide to keep making your normal 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 might choose to sell off that possession then disperse the money resulting from the sale. In this case, you would be entitled to the worth of your exemption in the sold-off possession as a money payment. Present bankruptcy laws enable a married couple filing together to each claim a complete set of exemptions, meaning 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 financial obligations you can not erase in bankruptcy include financial obligations for individual injury/death triggered by DWI/DUI, back kid support, spousal support, debts related to household assistance, trainee loans, income tax debts within the last 3 years in addition to other tax financial obligations, penalties for traffic tickets, criminal restitution, and any debts you forget to list in your bankruptcy documents, unless you notify the financial institution of your bankruptcy case. Other than those non-dischargeable debts, whatever else included in your bankruptcy case will be released at the end of your decided upon bankruptcy period.
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