Bankruptcy

Basics

moneyAt Bountiful Law, we recognize the difficulties of unmanageable debt. It’s frightening to think that you could lose your car, your home — everything — because of debt you currently have no way of paying off.

Don’t fear your finances; get help from our experienced bankruptcy and taxation law attorney’s at Bountiful Tax. We can assist you with:

  • Bankruptcy basics— Answers to common questions regarding bankruptcy, plus what you’ll need to bring to your bankruptcy consultation
  • Chapter 7 bankruptcy— About Chapter 7 bankruptcy and the benefits of filing
  • Chapter 13 bankruptcy— About Chapter 13 bankruptcy and the benefits of filing
  • How can bankruptcy help?— Bankruptcy benefits, including automatic stays and the types of debt that can be discharged
  • What property can I keep?— What assets you’ll likely keep during Chapter 7 and 13 bankruptcy, including topics like home foreclosure defense and vehicle repossession
  • Life after bankruptcy— What to expect after filing for bankruptcy, such as how your credit score will be affected and tips to keep you out of debt
  • Bankruptcy and tax issues— How your taxes can be discharged through bankruptcy

The Attorney’s at Bountiful Law have more than 20 years of bankruptcy and taxation law experience. We are ready to help you find the debt relief solution you need to get you back on your feet and on your way to a debt-free life.

Looking for bankruptcy or IRS help? Contact Bountiful Law at (425)-775-9700 or [email protected] Our experienced lawyers can help you find the most suitable debt relief option.

Contact Lawrence Blue | Bankruptcy and Tax Assistance

Chapter 7

Chapter 7 bankruptcy is the most common form of filing. Often referred to as “liquidation” or a “fresh start” bankruptcy, a debtor is allowed to keep possessions up to a certain dollar value called “exemptions.” Anything above the allowed value can be taken and sold by the Trustee to pay down your debts. In most cases, you are able to keep or “exempt” all of the property you own.

Once you complete the process, many of your debts will be discharged. These include debts such as:
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  • Medical Bills
  • Credit Card Debts
  • Eviction debts
  • Repossession debts
  • Most Lawsuits
  • Garnishments
  • Most business debts

Non-dischargeable debts include:

  • Past due child support
  • Past due spousal support
  • Student Loans
  • Criminal fines
  • Most taxes
  • Injuries cause by DUI

If you own a house or car, you must continue to pay these loans if you desire to keep the property. However, if you can no longer afford them, or simply no longer want them, you can give the property back to the lender. If there is still a remaining balance or penalties, it will be included in your discharge and the lender cannot come after you.

If you are considering filing chapter 7 bankruptcy, please contact our office for a free 30 minute initial consultation.

Chapter 13

Chapter 13 is commonly referred to as “personal reorganization” bankruptcy, filing under chapter 13 involves making payments of all or some of your debts to creditors over time. A typical chapter 13 plan last from 3 to 5 years, and allows you to keep all or most of your property. A chapter 13 may be necessary if you are dealing with any of the following issues:

  • Mortgage arrears
  • Car payment arrears
  • Past due child support
  • Past due spousal support
  • Taxes collection
  • Criminal fines
  • Embezzlement or fraud
  • Civil Judgment for intentional conduct (i.e. assault)
  • Reducing interest or payments to an affordable level
  • Want to keep valuable property

Depending on your income and the value of your property you may be required to pay towards some or all of your unsecured debts. However, at the end of your plan, most unsecured debts will be discharged.

If you are considering filing chapter 13 bankruptcy, contact our office for a free 30 minute initial consultation.