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Washington bankruptcyAre you tired of your debts and are unable to pay them off? More than that all debt management processes have failed and there is no other option than filing for bankruptcy. If you are facing any such situation then here is a piece that can help you in getting to know the process of bankruptcy and how to file it is Washington . Before we proceed, it is advised that you think about an alternative to filing bankruptcy as it can result in spoiling your credit report for the coming many tears . Moreover, it is also advised that you take the help of an attorney who can guide you through the process and help you file all the papers in order correctly . Lately new bankruptcy laws have been introduced and filing bankruptcy has become a difficult task these days . However, with the help of an attorney you can easily file and bankruptcy after understanding the whole process .
In Washington you can file consumer bankruptcy under chapter 7 (liquidation) or chapter 13 (reorganization) . Let us see the details involved in the bankruptcy proceedings in Washington. Commercial bankruptcy can be filed under chapter 11 and for farmers under chapter 12 . Alterations made after the new lawsAnybody who wishes to file bankruptcy has to undergo a credit counseling 180 days prior to filing the petition in the court so that an alternative to filing bankruptcy can be sought . If there is no other option then you are required to undergo a means test that would determine which chapter you can file bankruptcy under.
For applying for this means test you are supposed to give you average income to the court six months before the filing of the petition so that it can be compared with the median income that is applicable in Washington .If your income is found to be below the median income then you are allowed to file bankruptcy under chapter 7 and if it is found to be above the median income then you are supposed to file under chapter 13 .
Besides this if you would be unable to pay $6,000 in the nest five years to the creditors then also you are allowed to file under chapter 7.But if you can pay over $10,000 in the coming five years then you are denied of filing under chapter 7 . When filing bankruptcy in Washington it is advised that you be prepared with all your paperwork. You should have all the details about the debts, assets, income and a repayment plan ready .
When listing out your assets include all real estate properties, bank accounts, details of investments in stocks and bonds, mutual fund, fixed deposits, life insurance etc .
Make a list of all your debts in accordance to priority starting with child custody payments, alimony, tax debts, secured debts and unsecured debts . Mention the name of your creditors and how much amount do you owe to each of them with the type of debt .
When making a list of your income you should include income from all sources also other than your salary.
If filing under chapter 13 then you are supposed to provide a repayment plan which would determine how do you plan to pay your debts over a period of 3-5 years . Filing Washington bankruptcyThe cost of filing chapter 7 bankruptcy is $274 and for chapter 13 it is $189. When you file the petition in the court it is reviewed by the court and a trustee is appointed for your case . Along with the petition you are supposed to file all your paperwork along with the certificate for credit counseling .
After you have filed all your debts go into automatic stay and this would prevent the creditors from contacting you directly and if there is any foreclosure in process then it is also stopped . The creditors can only contact you through the trustee appointed by the court.The trustee proceeds over all the meetings held with the creditors and in case of chapter 7 would liquidate property other than that exempt to pay off your debts and in case of chapter 13 would distribute the payments that you make among the creditors .
Within 30 days of filing bankruptcy a creditor meeting is called that is held in the presence of the trustee and whatever doubts the creditors have can be resolved in this meeting.
After this meeting the court approves of the plan or the liquidation and the payments start proceeding. Washington bankruptcy exemptionsWhen you file for bankruptcy in Washington there are some assets and income that are exempt from this filing. Some of the major exemptions include: Besides, these there are many other things that are exempt from bankruptcy proceedings. Taking the help of bankruptcy attorneyIf you are filing bankruptcy in Washington then it is advised that you take the help of an attorney so that he or she can guide you through the whole process .
Some of the attorneys in Washington are mentioned below.
CBG Law Group:
Contact details: 11100 NE 8th Street, Suite 380, Bellevue, WA 98004 ; Phone: 425-283-0432; Fax: 425-283-5560.
Contact details: 528 2nd Avenue South, Kent, WA 98032 ; (253)
479-0241 Telephone
Marc Stern:
Contact details: 1825 - NW 65th Street, Seattle, WA 98117, Telephone : 866-822-0103, Fax: 206-297-8778.
Terry Law Firm P.S:
Contact details: 1851 Central Place South, Suite 118, Kent, Washington 98030 ; Phone: 253-852-6100; Fax: 253-852-6379. OR at 920 Alder Ave Ste. 201, Sumner, WA 98390-1401; Phone: 253-299-6800. Other Articles
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