Shoreline Chapter 13 Lawyer
Do You Need a Chapter 13 Bankruptcy Attorney?
It’s time to consider bankruptcy in Shoreline 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 Shoreline 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
Shoreline 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 Shoreline 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 lenders, and it normally lasts three to five years. It provides to pay all or part of your financial obligation from any future earnings you earn. You can utilize Chapter 13 to make up missed out on car payments, pay back taxes you owe, prevent a bank from foreclosing on your home, keep non-exempt home that you deem valuable, stop interest from gaining on your tax debt, 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 duration. The monetary amount assigned to creditors under a Chapter 13 bankruptcy must be equal to the quantity they would have gotten if a Chapter 7 bankruptcy had been filed. To file Chapter 13 bankruptcy, you should have a "regular source of income" and disposable income to apply to your payments. Especially when you live in Shoreline WA or in a nearby city.
Usually, a chapter 13 bankruptcy is used when you want to keep protected properties, such as a car or house, where you have more equity in the protected possessions that you can protect by utilizing your bankruptcy exemptions. It's a reorganization of the debts you owe your creditors that are not non-dischargeable financial obligations.
A Chapter 13 bankruptcy permits you to make up your past due payments with time and to restore your initial payment agreement. It may likewise be a much better option when you have a valuable non-exempt property that you wish to keep. To keep a non-exempt residential or commercial property, you should pay the creditor for the value of the property.
An exemption limit would apply to any equity you have in the home. Equity is just a distinction 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 only contains equity of $1,500. When you have a property that is held by a loan, the equity you own in that property is covered by your exemptions. That is if you are up-to-date on your payments. Also, if you opt 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 lender might decide to sell off that property and 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 asset as a cash payment. Existing bankruptcy laws allow a couple filing together to each claim a complete set of exemptions, indicating 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 remove in bankruptcy include debts for personal injury/death brought on by DWI/DUI, back kid assistance, alimony, financial obligations related to household assistance, trainee loans, income tax debts within the last 3 years in addition to any other tax debts, penalties for traffic tickets, criminal restitution, and any debts you forget to list in your bankruptcy papers, unless you inform the financial institution of your bankruptcy case. Aside from those non-dischargeable financial obligations, everything else consisted of in your bankruptcy case will be released at the end of your agreed upon bankruptcy duration.
Map of Shoreline WA
The Bankruptcy Experts
Monday - Friday: 8:00am - 6:00pm
Saturday: 10:00am - 4:00pm