Tacoma Chapter 13 Lawyer
Do You Need a Chapter 13 Bankruptcy Attorney?
It’s time to consider bankruptcy in Tacoma 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 Tacoma 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
Tacoma 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 Tacoma 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 strategy to your lenders, and it generally lasts 3 to five years. It offers to pay all or part of your financial obligation from any future earnings you make. You can use Chapter 13 to make up missed car payments, repay taxes you owe, prevent a bank from foreclosing on your house, keep non-exempt property that you consider important, stop interest from gaining on your tax debt, and far more. When you follow the terms of your contract to repay your debts, all your staying dis-chargeable debts would be released at the end of the payment period. The monetary quantity appointed to creditors under a Chapter 13 bankruptcy must be equal to the amount they would have received if a Chapter 7 bankruptcy had actually been filed. To file Chapter 13 bankruptcy, you should have a "routine income" and non reusable income to use towards your repayments. Especially when you live in Tacoma WA or in a nearby city.
Typically, a chapter 13 bankruptcy is used when you want to keep safe properties, such as a car or house, where you have more equity in the protected properties that you can protect by using 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 enables you to make up your overdue payments in time and to reinstate your initial repayment contract. It might also be a much better choice when you have an important non-exempt home that you wish to keep. To keep a non-exempt home, you must pay the creditor for the value of the home.
An exemption limit would apply to any equity you have in the property. Equity is just a distinction in between the value of the home and exactly what you owe on it. For example, 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 home 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 opt to keep making your typical payments on the loan, you can keep the home throughout and after your bankruptcy term is complete. If the equity is not covered by your exemptions, your lender may decide 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 asset as a cash payment. Current bankruptcy laws permit a married couple filing together to each claim a full 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 debts you can not remove in bankruptcy consist of debts for personal injury/death triggered by DWI/DUI, back child support, spousal support, financial obligations related to family assistance, student loans, income tax financial obligations within the last 3 years as well as any other tax financial obligations, charges 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. Other than those non-dischargeable debts, whatever else consisted of in your bankruptcy case will be released at the end of your agreed upon bankruptcy period.
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