Many credit card companies and bill collectors try to scare financially challenged people into believing that filing for bankruptcy will ruin their lives. Nothing could be further from the truth. For our clients, filing for bankruptcy is their best financial option and provides the breathing room they need for a fresh financial start.
The Federal and Washington State bankruptcy laws are here for your protection. Because filing for bankruptcy ultimately wipes out most, if not all, of outstanding unsecured debt, your minimum payments on this debts are also wiped from your creditor report. Carefully financial and debt management after bankruptcy will increase your credit scores and help you maintain high credit scores over time.
The Federal and Washington State bankruptcy laws are here for your protection. Because filing for bankruptcy ultimately wipes out most, if not all, of outstanding unsecured debt, your minimum payments on this debts are also wiped from your creditor report. Carefully financial and debt management after bankruptcy will increase your credit scores and help you maintain high credit scores over time.
Services
Unsecured Debts include Credit cards, Medical bills, Collections, Negative Equity in a Respossesed or Surrendered Motor Vehicle or House, Payday Loans, Personal Loans, and any other debts that do not have property attached (secured) to them. A successful Chapter 7 Bankruptcy completely discharges (wipes out) all of your unsecured debts so you no longer have any legal obligaton to repay them.
Your median household income is the first quaification for whether an individual or household qualifies for Chapter 7 Bankruptcy. However, if you are above the state median income, you can still qualify for Chapter 7 Bankruptcy under a formula called the "Means Test" that is explained in detail under the "Chapter 7 Bankruptcy" section of this website.
In a Chapter 13 bankruptcy, you are required to make monthly payments to a trustee for a period of 36 to 60 months. The primary goal of a Chapter 13 bankruptcy is to consolidate your debts and set up a manageable monthly payment. Chapter 13 is primarily designed to allow you to Stop Foreclosures and Repossessions, and allows you to make up the back payments in a 36 to 60 month plan.
If you are not behind on your mortgage payment(s) or motor vehicle payment(s), you can typically keep these properties even though you have filed for bankruptcy. If you do not know whether or not you have more or less than $125,000 of equity in your home, our office can help you obtain an accurate market value of your property.
In order to even file for bankruptcy under either Chapter 7 or Chapter 13, you must now complete credit counseling with an agency approved by the United States Trustee's office. Our offices will be happy to provide appropriate recommendations for qualified agencies in order to fulfill this new requirement.
Reviews
Be the first to review William RSininger.
Write a Review