File A Chapter 7 Bankruptcy For As Low As $199
*Subject to meeting qualifications
King & Snohomish County Washington Chapter 7 Bankruptcy Attorney
When you are considering filing for bankruptcy, Chapter 7 is probably the chapter that is most like what you imagine bankruptcy being because this involves a liquidation bankruptcy in which a court discharges your debts. You will want to have the help of a Lynnwood bankruptcy lawyer when filing for Chapter 7 because the process is not easy.
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) only made it harder for people to file for Chapter 7 because of the imposition of the bankruptcy means test, which determines whether a person has the ability to repay at least a portion of their debts. You could still have bankruptcy options even when you do not qualify for Chapter 7.
Chapter 7 Bankruptcy Cases
In a Chapter 7 case, it will be a bankruptcy trustee who will gather and sell all of a debtor’s nonexempt assets and use the proceeds of those assets to pay creditors in accordance with the provisions of the Bankruptcy Code. Part of a debtor’s property could be subject to liens and mortgages that pledge the property to other creditors.
The Bankruptcy Code does allow a debtor to keep certain exempt property, but a trustee liquidates the remaining assets. All of this means that potential debtors should understand that filing for Chapter 7 can result in the possible loss of personal property.
The Washington state homestead exemption is more generous than the federal homestead exemption, and you can use it to protect a house, condominium, or mobile home that is your principal residence, although spouses cannot double the amount. The exemption depends on your home’s location and can range from as low as $172,900 in Ferry to as high as $694,800 in San Juan.
Call Us Today to Schedule a Free Consultation with a King & Snohomish County Chapter 7 Bankruptcy Lawyer
Are you hoping to file for Chapter 7 bankruptcy in King or Snohomish County? Make sure you seek the help of Bountiful Law in filing your case. Our firm can walk you through the entire Chapter 7 process and also explain your options should Chapter 7 prove unsuccessful. Call 425.775.9700 or contact us online to set up a free consultation so we can take a deeper dive into the details of your case and explain what you will be able to do.