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Chapter 7

Chapter 7 Bankruptcy Is the Quickest Way Out of Debt

Divorce, catastrophic medical expenses and job loss are some of the most common reasons people get into debt. Regardless of how you got into debt, the quickest way out is to file Chapter 7 bankruptcy.

As an experienced bankruptcy lawyer serving clients in Seattle, Washington, I offer a free initial consultation to evaluate your financial situation and determine if Chapter 7 bankruptcy is the best solution for your debt problems. 

                       ****  CALL NOW  (206) 262 - 1040 ****.

Am I Eligible to File Chapter 7 Bankruptcy?

You can file Chapter 7 bankruptcy in Washington state if your current monthly income is less than the median income. However, even if you earn more than the median income, I may determine that you are eligible based on the means test, which considers your income after certain expenses are deducted.

Will I Lose My Home or Other Assets if I File Bankruptcy?

One of the reasons to consult a lawyer is to determine if you have any assets which you would lose by filing Chapter 7 bankruptcy. Many of your assets are "exempt," meaning the bankruptcy trustee cannot take them and sell them to pay your creditors. Examples of exempt assets include retirement accounts and up to $125,000 in equity in your primary residence. However, some assets are not protected, such as a vacation home, boat or other personal belongings above a certain amount.

If you have assets that you would lose if you file Chapter 7 bankruptcy, Chapter 13 bankruptcy may be a better option for you. Although filing Chapter 7 will stop a repossession or foreclosure, you will need to catch up on your payments if you want to keep the assets.

See the practice area labeled "What Can I Keep".

Will My Credit Be Ruined if I File Chapter 7 Bankruptcy?

A bankruptcy filing will stay on your credit report for 10 years. However, a bankruptcy on your credit report does not have the stigma it once had. Some creditors may view you as a better risk after your bankruptcy, since you will be debt free.

As long as you pay your bills, your credit will quickly improve. After six months, you should be able to qualify for a car loan at an affordable interest rate. You should be able to qualify for a home loan after two to three years.

Will My Employer Find Out?

A bankruptcy filing is a public record. This means that employers will find out if they run a credit report on you. However, most people won't know unless they specifically search for that information.

Free Attorney Consultation

If you would like more information about Chapter 7 bankruptcy, please call my  my law office to schedule a free initial phone consultation. From my office in Seattle, I serve clients in Seattle, Tacoma and the surrounding communities of Washington state

                         ****  CALL NOW  (206) 262 - 1040 ****.

For A Detail Discussion of Bankruptcy Options Please Click This Link