Bellevue // King County
The city of Bellevue Washington is ranked among the top 4 cities in live in the United States, it’s name derived from French, meaning “Beautiful View.” Regardless of how beautiful the view is, sometimes debt can creep up behind you and leave you stranded. Simply put, the most affordable solution for dealing with high amount of debt is to file for bankruptcy. Being harrassed by bill collectors is something no Bellevue resident should ever have to go through. The only other option you have is ignoring the debt and hope it disappears with time. Although most people in Bellevue do try to settle their outstanding debts, only to encounter a pushy debt settlement agency that can’t get the same efficient results as filing for bankruptcy.
Why Bankruptcy in Bellevue?
Filing for Bankruptcy in Bellevue Washington is often the cheapest and most predictable way to get out of crushing amounts of debt. Your other options include ignoring certain debt and hoping it will go away or trying to settle your debt, which often times fails due to inexperience and other factors we can discuss later. Some people try to settle their debt through a Bellevue debt settlement agency. Although most people don’t know, ignoring and settling your debt will also affect your credit report, just as much as filing for bankruptcy in Bellevue.
A Bellevue Washington bankruptcy essentially cancels your debt so you will never have to pay it back to the lender. This is called a “discharge” because it any debt you cannot afford to pay back. Of course, we can’t discharge every type of debt in a Bellevue Washington bankruptcy. Some exceptions to the discharge include fraudulent debt, student loans, taxes and child support. It is not always cut and dry as to what debt can be discharged and you should talk to an attorney about what debt will be discharged in a Washington bankruptcy. We offer affordable payment plans for people living in Bellevue Washington.
The moment you file for bankruptcy in Bellevue, you can take advantage of something called “Automatic Stay“, after which we begin the discharge process which puts your creditors on hold that you will not pay a certain debt and they can recognize their collections efforts are dead and they need to remove that debt from their books. If you are able to pay some debt in your Bellevue Washington bankruptcy, the case allows creditors a legal and fair way to share. Usually they get nothing in a Chapter 7 case, but may be able to share some money from the sale of property. A Chapter 13 allows them to share a monthly payment that you make for three to five years.
Chapter 13 Bankruptcy in Bellevue
When you do a Chapter 13 bankruptcy plan, it allows you to spread the debt evenly over the course of 3 to 5 years. You pay all your debt back, following a predictable and legal procedure that allows all creditors to see what each other is getting in the payments. This is one of the reasons why non-bankruptcy debt consolidation plans fail, they don’t want to accept less than another company who is also owed money.
Many of our thousands clients are surprised when we tell them that they can keep most of their property when they file for Bankruptcy in Bellevue. Because like most necessities, property is “exempt” from being taken away by the courts to pay your debt back. There is a lot of flexibility when it comes to exemptions in Bellevue Washington, because you can pick whether to follow Washington laws or Federal bankruptcy laws to exempt your property. You could have some property that you want to keep, and you may be able to protect it by simply paying your creditors the value of the property over the term of a Bellevue Chapter 13 plan. As you can see, it is important to talk to an experienced Bellevue Washington bankruptcy attorney if you are at all concerned about your property.
Chapter 7 Bankruptcy in Bellevue
A Chapter 7 Bellevue Washington bankruptcy is knows as a liquidation, because there is a possibility that some of your property could be liquidated or sold to pay off part of your debt. This applies when you have insufficient cash flow to cover a payment plan in a Chapter 13 Bellevue bankruptcy. The court looks for property that can be sold to pay back your debt, but the law allows exemptions for most household goods, retirement plans, modest cars , equity in most homes and other necessities. Realistically, the vast majority of people who file Chapter 7 in Bellevue Washington do not have to give up any of their property. Most people who file for Chapter 7 in Bellevue don’t lose any of their property because it’s protected by law, though if they want to keep things like cars and homes they are making payments for, they have to keep making the payment. Under the current law, you can file only one Bellevue Chapter 7 Washington bankruptcy every 8 years.
What are the differences between Chapter 13 and Chapter 7?
The current Bellevue Washington bankruptcy law requires people who make over the median income to go through a “means test” to determine whether they should be required to go through a Chapter 13 repayment plan. Even if your household makes more than the average, you may still qualify for a Chapter 7 depending on your expenses. Otherwise, you must file a Chapter 13 repayment plan.
The benefits of bankruptcy.
- Some types of debt are immediately discharged.
- You can keep some or most of your property, in some cases.
- Your cash flow is immediately increased.
One of the key aspects of filing for Bellevue Washington bankruptcy is the increase of your cash flow. Consider talking to an experienced Bellevue Washington Attorney if you are thinking about filing for bankruptcy. You can either keep staying current on your debt payments and it’s obvious that you will never get ahead or you simply cannot make your debt payments.
If you stop paying the bills, any creditor can sue you and garnish your wages, which means 25% of your take-home pay after taxes will be immediately deducted by the creditor to pay back the debt.
What about my home foreclosure?
The bankruptcy laws in Bellevue Washington give you the right to a fresh start so you don’t feel like there is no point in working, being productive and improving yourself. There is a pressure valve in our economic system, it allows our economy to be more productive overall and has been part of the US Constitution since it was written. Basically, it lets you get back on track with a realistic cash flow so you feel like you are working for a better future for you and your family, not your creditors with no light at the end of the tunnel. Remember we also offer affordable payment plans.
Call Erin Lane in Bellevue (206) 387-8500
Chapter 7 Bankruptcy in Bellevue Washington.
Chapter 13 Bankruptcy in Bellevue Washington.
The differences between Chapter 7 and Chapter 13.
We have Affordable Payment Plans.
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