filing bankruptcy in Washington
A lot of people who go about filing bankruptcy in Washington choose to file chapter 7 bankruptcy. This typically means a court appointed trustee will be appointed to sell your property and assets in order to repay your creditors with the proceeds from the sale. Creditors will be paid according to their assigned priority under chapter 7 bankruptcy rules.
If you happen to have no assets then your case is going to be considered a no asset chapter 7 bankruptcy. Most of your unsecured debt will end up being discharged after around four to six months. Unsecured debt usually includes hospital bills, unsecured personal loans and credit card debt. There are certain types of debt that will not be supported and it is important to discuss your debt with a Washington bankruptcy attorney. Corporations, partnerships, individuals and married couples may all be able to also file chapter 7 bankruptcy.
The first step is going to be contacting a Washington bankruptcy lawyer. Your bankruptcy attorney will be able to answer your bankruptcy questions and determine whether you qualify for chapter 7 bankruptcy. If you choose to file for the bankruptcy, your Washington bankruptcy attorney will file your petition and schedules in the appropriate state bankruptcy court. To file chapter 7 bankruptcy will temporarily hold debt collection efforts under law.
It has become a lot more difficult to file chapter 7 bankruptcy. The state laws have changed to encourage more people to file for chapter 13 bankruptcy to repay all or a portion of their outstanding debt. The Bankruptcy Abuse Prevention and Consumer Act also added some requirements to file chapter 7 bankruptcy. All individuals must also complete a certified credit counseling course before they go about filing prior to the discharging of their debt and for them to be able to pass an income test to qualify to file chapter 7 bankruptcy.
The income test will be able to analyze your average income and compare it to other Washington residents. If your income is below the income for other families in the state then you can file chapter 7 bankruptcy. If your average income ends up being above the Washington average income, you may have to consult with a Washington bankruptcy lawyer for additional help.
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