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Snohomish County Bankruptcy Lawyers
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Bankruptcy Attorneys in Everett
The Law Offices of Jason S. Newcombe
Everett, WA bankruptcy lawyers.Call now for answers.
Bankruptcy lawyers in Everett, Washington
Are you experiencing financial hardship, and find that at the end of each month you don’t have enough money left over to pay all of your bills? Are you receiving harassing phone calls and letters from your creditors? Are you being sued or having your wages or bank accounts garnished? Are you looking at a foreclosure on your house? If so, our Everett bankruptcy lawyers may have good news.
More importantly, you’re not alone. Millions of Americans are experiencing layoffs, cuts in their work hours, and many are having no luck finding work at all. The loss of health insurance coverage leaves many families vulnerable to huge medical bills. Fortunately, help is available. Our bankruptcy attorneys in Everett, Washington want you to know that you have options.
Our Everett bankruptcy attorneys would like to offer your a free basic initial consultation to go over all of your financial options, including filing for bankruptcy. Not everyone who is experiencing financial problems has to file for bankruptcy, and this is something we will look at carefully during your initial consultation. But you have the legal right under the Constitution to file for bankruptcy if you qualify, and for many people it is the way to get a fresh start financially.
Our Everett bankruptcy attorneys can stop the harassing calls, the garnishments and lawsuits, the repossession of your car or a foreclosure on your house. We can help you get a clear idea of all of your legal rights, help you discharge thousands of dollars in debt, and help you sleep better at night.
Call now for an initial consultation.
Bankruptcy attorneys Everett.
HOW DOES IT WORK?
Is a Washington State bankruptcy the right move for you?
Our Everett bankruptcy lawyers will ask you to collect information, such as your last 6 months of income, your last 2 years of tax returns, mortgage and vehicle loan documents, and other information. You will have the chance to meet with one of our experienced attorneys, who will go over the details of your situation.
Our Everett bankruptcy attorneys will also help you discover all of your options. We will help you to decide how to best deal with late payments, foreclosures, threats of lawsuits and repossessions, and other issues. The bankruptcy attorneys in our Everett offices are experienced debt relief professionals. We're here to help you understand all of your options.
If it turns out that you have few or no options left, we may recommend a bankruptcy filing.
What is a Bankruptcy?
Under federal law, cities, businesses, and individuals, can file a case in federal court to get protection from their “creditors”, that is, the individuals and businesses they owe money to.
There are many chapters of bankruptcy, which our Everett bankruptcy lawyers can explain in more detail when you call. The different bankruptcy chapter include the followiing:
Chapter 7 - A liquidation bankruptcy for individuals and businesses that have NO disposable income.
Chapter 7 bankruptcy is explained in more detail below.
Chapter 9 - For cities that have to file for bankruptcy.
Chapter 11 - A debt reorganization for businesses or individuals who have disposable income and over $1,081,500 in secured debt (cars, houses, jewelry on account, etc.), and/or $360,525 in unsecured debt (credit cards, medical bills, etc.).
Chapter 12 - A reorganization bankruptcy for family farmers and fishermen.
Chapter 13 - A debt reorganization for individuals who have less than $1,081,500 in secured debt (cars, houses, jewelry on account, etc.), and less than $360,525 in unsecured debt (credit cards, medical bills, etc.).
Chapter 13 is explained in more detail below.
CHAPTER 7 BANKRUPTCY
A chapter 7 bankruptcy is the most common kind of bankruptcy. Our Everett bankruptcy lawyers file hundreds of Chapter 7 bankruptcy cases every year.
Additionally, over one million bankruptcies are filed in this country every year. And, many of these are couples, so the actual number of people filing was much higher. The overwhelming majority of these bankruptcies are chapter 7 bankruptcy cases.
Our Everett bankruptcy lawyers can usually help you determine if you can qualify for Chapter 7 bankruptcy relief relatively quickly. Basically, Chapter 7 protection is available only to those who show NO disposable income. This means that they do not have anything left over after paying for basic living expenses like rent, food, utilities, etc.
A chapter 7 bankruptcy is a “liquidation” bankruptcy which means that someone called a bankruptcy trustee may be able to take money or sell things to pay your creditors. However, this is not as bad as it might sound, because you get to claim “exemptions” for houses, cars, jewelry, clothes, and household goods and furniture, and many other items, and so in the vast majority of cases the trustee cannot collect anything.
This is one of the first things we look at during your initial consultation. Will you be able to keep all of your property in a Chapter 7 bankruptcy? For most of our Snohomish County bankruptcy clients, the answer is YES! But make sure NOT to transfer or give away anything valuable before you come and see us because this can cause problems. If you have questions about what property you will be able to keep after filing for bankruptcy, call our offices today and speak with one of our Everett bankruptcy lawyers.
How long does a Chapter 7 bankruptcy typically last?
A chapter 7 bankruptcy takes about 4 months to complete.
Call now for an initial consultation.
Bankruptcy lawyers Everett.
A Chapter 7 bankruptcy can “discharge” (get rid of) many kinds of debt, such as:
But there are certain types of debts that a Chapter 7 bankruptcy does not discharge. Most of these kinds of debts are referred to as "secured" debts. As you can see below, however, there are other exceptions as well, such as for child support and alimony or student loans (in most cases these are NOT dischargeable). Our Everett bankruptcy attorneys can give you a clearer picture of exactly which of your debts can be discharged in a Chapter 7 bankruptcy during your initial consultation.
- Credit cards
- Medical bills
- Payday loans
- Personal loans
- Lines of credit (that are not secured by a house or other collateral
- Taxes (Income taxes that are more than 3 years old where the return has already been file. This is a tricky are of the Bankruptcy Code. So be sure to talk to one of our attorneys about this issue if you believe that it applies to you.
A chapter 7 bankruptcy cannot usually discharge:
· Car and vehicle loans, unless you surrender the vehicle back, which is often a good move. (However, you may be able to change the terms of the loan with a redemption or reaffirmation agreement—be sure to ask our attorneys if this is possible in your situation.)
· Jewelry and furniture on account, unless you surrender the items back. However, you may be able to change the terms of the loan with a redemption or a reaffirmation agreement —be sure to ask our attorneys if this is possible in your situation.
· Child Support or Alimony
· Student Loans (however, there are exceptions—be sure to ask)
· Business taxes, or income taxes newer than 3 years old
· Fines or criminal restitution
Call now for an initial consultation.
Bankruptcy Attorneys Everett.
CHAPTER 13 BANKRUPTCY
A chapter 13 bankruptcy is a reorganization of debt for people with less than $1,081,500 in secured debt (cars, houses, jewelry on account, etc.), and less than $360,525 in unsecured debt (credit cards, medical bills, etc.). Our bankruptcy lawyers in Everett are extremely experienced at filing Chapter 13 cases. We will help you to understand exactly how a Chapter 13 can benefit your family.
A chapter 13 bankruptcy takes between 3 and 5 years to complete.
It is available only to those who have disposable income—that is, they have money left over each month after paying for basic living expenses like rent, food, utilities, etc. If you have questions about whether or not a Chapter 13 bankruptcy is your best move, you should call and speak with one of our Everett bankruptcy attorneys today.
In a chapter 13 bankruptcy case, your attorney will work with you to create a plan that the Court will approve.
Like a chapter 7, a chapter 13 bankruptcy can “discharge” (get rid of) many kinds of debt, such as:
• Credit cards
• Medical bills
• Payday loans
• Personal loans
• Lines of credit (that are not secured by a house or other collateral)
• Taxes (income taxes that are more than 3 years old—a tricky calculation, so talk to one of our attorneys)
You only have to pay the amount to debts like these that you can afford. Our Everett Chapter 13 bankruptcy lawyers can help you to understand what is meant by "afford" during your initial consultation.
But, also like a Chapter 7, there are certain types of debts that a Chapter 13 bankruptcy probably cannot discharge, unless certain circumstances exist. Some of the types of debts that are non-dischargeable in a Chapter 13 bankruptcy are noted below. If you have questions about what can and can't be discharged in your Chapter 13 bankruptcy, we encourage you to all our offices and speak with one of our Everett bankruptcy lawyers.
A chapter 13 bankruptcy cannot usually discharge:
• Mortgages (unless it is a fully unsecured 2nd mortgage—ask us about this)
• Car and vehicle loans. However, you may be able to change the terms of the loan (be sure to ask us if this is possible in your situation).
• Jewelry and furniture on account (unless you surrender the items back). However, you may be able to change the terms of the loan (be sure to ask us if this is possible in your situation).
• Child Support or Alimony
• Student Loans (However, there are exception, be sure to ask us about these.)
• Business taxes, or income taxes newer than 3 years old
• Fines or criminal restitution
A Chapter 13 bankruptcy remains a very powerful financial tool. It can accomplish a tremendous amount and enable you and your family to get back on your financial feet. Our Everett bankruptcy attorneys can help you to understand how a Chapter 13 can benefit you and your family.
A Chapter 13 can protect you from all of the following:
• Foreclosure. Saves your house from foreclosure—allows you time to catch up on missed payments.
• Taxes. Pay back taxes and be protected from the IRS or the Department of Revenue.
• Child Support and Alimony. Pay back child support or alimony payments.
• Fines. In some cases, you may be able to pay off fines through your plan to avoid jail, or to get your license back.
• Strip the 2nd Mortgage off your house. If the amount you owe on the first mortgage is more than the house itself is worth, you may be able to strip off the 2nd mortgage or other junior liens, and discharge them in the bankruptcy.
• “Cram Down” the balance on your car. If you bought your car more than 2.5 years ago, or have refinanced it, you may be able to lower the balance on the contract along with the interest rate, and pay that instead. Any unpaid balance is discharged in the bankruptcy.
There are many answers to your problems. Our Everett bankruptcy attorneys are here to help. We know what you are going through right now. We help hundreds of good people throughout Snohomish County wipe out their debts every year. Please call us for an initial consultation today!
Our bankruptcy attorneys in Everett, WA are here to help!
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Everett Bankruptcy Lawyers