King & Snohomish County Washington Consumer Bankruptcy Attorney
Consumer bankruptcy is the form of bankruptcy for individual debtors who usually seek relief through either Chapter 7 bankruptcy or Chapter 13 bankruptcy, and a Lynnwood bankruptcy lawyer can help you if you need to file for bankruptcy in Washington. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) made significant changes to bankruptcy law for consumer debtors, so it is now harder to file for Chapter 7, and most people instead have to file Chapter 13 to repay a portion of their debts.
You need not have fears about being able to qualify to file for bankruptcy as an attorney will be able to walk you through the entire process and ensure that you are able to discharge your debts and regain your financial freedom. It is important to secure legal representation because people who attempt to file bankruptcy on their own often commit major mistakes that complicate their cases and make it more difficult to obtain relief.
Types of Consumer Bankruptcy Cases
Chapter 7 bankruptcy and Chapter 13 bankruptcy are typically the two options a person will have when filing for consumer bankruptcy. In most cases, debtors must receive credit counseling from an approved agency within 180 days before they file for bankruptcy under any chapter.
Chapter 7 bankruptcy is also known as liquidation bankruptcy and involves a court discharging all of your debts with no obligation to repay them. This is certainly the preference for most people, but Chapter 7 also requires passing a bankruptcy means test, which is a test used to determine if a debtor has the means to repay a portion of their debts.
When a person cannot pass the means test, then Chapter 13 is usually the fallback option because this is the chapter that involves a person entering a plan to repay a portion of their debts over the court of three to five years. After the repayment plan is complete, then the court will discharge the remaining debts.
Call Us Today to Schedule a Free Consultation with a King or Snohomish County Consumer Bankruptcy Lawyer
Are you an individual debtor who desperately needs financial relief? Bountiful Law can help you file for Chapter 7 or Chapter 13 bankruptcy in Washington.
Our firm has a solid understanding of all bankruptcy laws and will be able to best assist you with all of your own unique needs. Call 425.775.9700 or contact us online to arrange a free consultation so we can sit down with you and really go over everything you are dealing with.
