Puyallup Chapter 7 Bankruptcy Lawyer
has been working with clients for many years, and he can answer your questions without hesitation. Use our free consultation as a tool for your success.
The simplest way to see a Chapter 7 bankruptcy filing is as a total washout of your debts, without any monthly payments or commitments. Once you file, all collections except child and spousal support, lawsuits, and foreclosures stop. A great benefit called “Automatic Stay” will prevent any further actions to be taken by your creditors.
If you happen to earn less than the median income in the State of Washington, you will probably be automatically eligible for a Chapter 7 bankruptcy filing in Puyallup. Although earning more than the median doesn’t automatically disqualify you, it does add another step to the approval process. The The bankruptcy laws require something called a “Means Test” by which they look at your financial situation and determine whether or not you qualify for a chapter 7, and whether you have leftover income to pay at least something to your creditors.
Thus having an experienced attorney is a necessity when dealing with something as complex as the bankruptcy code in Washington.
By filing for Chapter 7 in Puyallup Bankruptcy courts, some of your property might be used to pay creditors but this is rare, and is something your attorney will discuss with you. Although most property considered crucial is exempt from this method of repaying the debt.
The process is fairly simple, considering you will probably have one court date where you meet the creditors and agree you have been honest about your financial picture. While under oath, someone called a “trustee” who administers the cases will ask questions about the truth in your income statements, the amount of property you own, and how much debt you have.
In Washington, you can choose to use either federal or state laws to exempt property. This means your attorney can use two different sets of laws to allow you to keep more of your property. All of this will be discussed in depth with Erin M. Lane, as you see the bankruptcy code can be very complex.