(425)452-9797 • jonathan@advantagelegalgroup.com
550 Kirkland Way, Suite 208 • Kirkland, WA 98033
(425)452-9797 • jonathan@advantagelegalgroup.com
550 Kirkland Way, Suite 208 • Kirkland, WA 98033
The purpose of bankruptcy is to help people find relief and get a fresh start. If you are feeling stressed, overwhelmed, or paralyzed by your financial situation, you should certainly consider the option Chapter 7 bankruptcy provides. You owe it to yourself to come in for a free consultation to discuss your individual situation.
Contact us today to arrange an office visit with a trusted, knowledgeable bankruptcy lawyer.
Divorce, job loss, illness, disability, and business failure are common circumstances that lead clients to seek debt relief. Unexpected medical costs or out-of-control credit card debt can quickly overwhelm an individual or family. However, there is a way out. You can make a fresh start, and we can help.
Bankruptcy laws are in place for a purpose. The laws exist to help people like you get the relief they need. At Advantage Legal Group, we focus solely on this area of law. We can explain how these laws apply to your specific circumstances and help you effectively eliminate your debt. If you are considering filing bankruptcy, trust your case to a lawyer who focuses solely on these matters and will handle your case well, the first time. Again, we generally file hundreds of cases per year.
People commonly misconceive the effect filing for bankruptcy can have on their lives. They believe they will never be able to reestablish their credit, never get a credit card again, or never buy a house. This is not the case.
Bankruptcy is meant to brighten your horizon, not darken it. You can reestablish your credit after bankruptcy. Contact the caring, compassionate, and experienced attorneys at Advantage Legal Group to arrange a free consultation to discuss your legal options for a fresh start.
Chapter 7 bankruptcy is the simplest and most popular way to a financial fresh start and eliminating debt. Technically, the debtor's assets are to be taken and sold so that the proceeds can be distributed to the debtor's creditors. In practice, however, most debtors do not lose any of their property. This is because of many important exemptions that protect consumers.
At Advantage Legal Group, our practice is focused solely on helping individuals and families find debt relief through filing Chapter 7 bankruptcy. We are committed to providing personalized service and attentive guidance in a culture of care. Our knowledgeable attorneys and supportive staff want to help you get a fresh start. Contact us today to arrange a free office consultation.
The most important exemptions for most Washington state residents include the following:
In Washington, we have we have an encompassing list of exempt property. While there are limitations to these exemptions, most consumers are able to keep all of their belongings while eliminating their debt. You should be aware, however, that bankruptcy does not discharge child support, student loans, drunk driving debts, and certain federal taxes.
At Advantage Legal Group, we can help you understand how the new bankruptcy laws apply to your individual situation. Filing bankruptcy is a document-driven process. When you come to our office to discuss your options for Chapter 7 bankruptcy, we will ask you to bring a few things with you so we can fully evaluate your situation. You will need six months of pay stubs, six months of bank statements, your last four tax returns, and any bill that do not appear on your credit reports. We will order your credit reports for you.
It is a hard step to take and a tough decision to make, but overwhelmingly, our clients feel relieved after they file bankruptcy. At Advantage Legal Group, our practice is completely committed to helping individuals and families find debt relief through Chapter 7 bankruptcy. You can trust that we will be able to answer your questions and effectively advocate on your behalf. Direct your specific questions to a knowledgeable attorney who works exclusively in bankruptcy law.
There is no reason not to take advantage of our free office consultations for a complete explanation of how the current bankruptcy laws apply to your unique financial situation. Contact us today. We look forward to helping you get a fresh start.
The differences between Chapter 7 and Chapter 13 bankruptcy begin with a means test. In order to file under Chapter 7, your family income cannot exceed the Washington median income for families of a similar size. If you qualify for Chapter 7 bankruptcy, you can discharge unpaid credit cards, medical bills, certain kinds of loans, and other forms of unsecured debt.
If your income is too high, you can file for bankruptcy under Chapter 13. Under Chapter 13, your debt will be restructured in order to allow you to pay off a percentage of what you owe over a 3 or 5 year period. In both instances, once the court approves your bankruptcy plan, there is very little creditors can do to force you to pay late fees, fines, or harass you as long as you stay current in your payments to the trustee.
At the law office of Advantage Legal Group, our attorneys prepare and file all necessary paperwork related to bankruptcy. If you are unable to make your monthly mortgage payment and stay current other bills, contact bankruptcy attorneys at Advantage Legal Group today to schedule a free consultation.
Home Foreclosure - The Difference between Chapter 7 and Chapter 13
Chapter 7 Bankruptcy
While filing for Chapter 7 will temporarily halt foreclosure actions, banks can still file for stay of relief, enabling them to foreclose on your home if it is clear that you will not be able to bring your past-due mortgage current and continue your other payments. Once your credit card and unsecured debt is discharged, you may have enough monthly disposal income to make your mortgage payment or to negotiate a loan modification. If you had fallen behind in you payments, most lenders would probably require you to bring the mortgage current, or negotiate a loan modification; if you can't do this, they will probably file a foreclosure as soon as your bankruptcy is closed.
Chapter 13 Bankruptcy
Under Chapter 13, past-due mortgage payments can be rolled into your repayment plan. However, Chapter 13 repayment plans do not allow you to reduce your monthly mortgage payment. If you want to reduce your monthly mortgage payment you'll need to negotiate a loan modification with your bank. Even so, past-due mortgage payments can be included in your repayment plan so long as you are able to continue making your monthly mortgage payment. Chapter 13 also allows you to discharge a percentage of your unsecured debt (credit card), and that reduction of your total debt load may allow you regain you stability with your mortgage payment.
Personal Property - Chapter 7 and Chapter 13 Bankruptcy
Another important difference between Chapter 7 and Chapter 13 bankruptcy is how certain items of personal property are handled. In Chapter 7 bankruptcy, the court can seize and liquidate some of your personal property in order to pay your creditors a portion - or all - of what you owe them. Typically, luxury items like plasma screen TVs, expensive appliances, high-end electronic equipment, or expensive cars are targeted. In Chapter 13 bankruptcy, since you are required to pay a portion of your debt through a repayment plan, you may be able to avoid having your property seized or liquidated.
Questions? Contact Bankruptcy Attorneys at Advantage Legal Group Today
If you are thinking of filing for bankruptcy, contact bankruptcy lawyers Advantage Legal Group today to schedule a free consultation and learn how we can help you.
When one spouse has incurred a great deal of debt in his or her name only, he or she can file for bankruptcy without requiring their spouse to do so as well. However, in filing for bankruptcy, salary and other asset information of the non-filing spouse is required, in order to determine if the filing spouse qualifies for Chapter 7 or Chapter 13.
Additionally, while a non-filing spouse is not liable for a filing spouse's debt, if joint property is owned between them their estate may be not be immune to actions on the part of creditors. At Advantage Legal Group, our attorneys work with individuals and couples in cases involving filing for bankruptcy by just one spouse.
While couples are often tempted to borrow money, take out a second mortgage, or consolidate credit cards, doing so may actually be more expensive and counterproductive in the long run. Our lawyers understand the financial issues facing couples when only one spouse needs to file for bankruptcy. We can advise you in how to help protect your credit and the steps you need to take to begin rebuilding your credit score.
If you or your spouse needs to file for bankruptcy, Advantagel Legal Group today to schedule an appointment to discuss your case. We can order a credit report, evaluate your financial situation, and determine the best course of action available to you.
When only One Spouse needs to file for Chapter 7:
While only one spouse may be filing for bankruptcy, the court will consider household income in order to determine if the filing spouse is eligible to file for Chapter 7. In cases where a filing spouse has little disposable income but a non-filing spouse earns substantially more, the income of both will be reported on bankruptcy forms. If the household income is more than the qualifying median income required for filing Chapter 7, the filing spouse may have to file under Chapter 13. In either case, the court will consider what your current monthly income (CMI) is by deducting expenses your spouse pays that are not related to monthly household costs. After determining your CMI, the court will then determine you disposable income.
For example, if your spouse pays $500 on a car loan, $500 will be deducted from your total costs in order to determine your monthly disposable income.
When One Spouse must file under Chapter 13
If the household income of a filing spouse disqualifies him or her for Chapter 7, he or she can still file under Chapter 13. Under Chapter 13, a trustee is appointed by the court in order to administer the repayment of debt according to a plan agreed to by the filing spouse's creditors. While the non-filing spouse will not be involved in the Chapter 13 repayment plan, his or her income will be considered when determining the repayment schedule.
Credit Reports and Non-Filing Spouses
In theory, any debt carried by one spouse that is his or hers alone, will not appear on the other spouse's credit report. Additionally, bankruptcy on the part of one spouse should not appear on the credit report of a non-filing spouse unless they have joint debt together.
If you need additional information regarding bankruptcy and single filing by one spouse only, contact bankruptcy attorneys at Advantage Legal Group today to schedule an appointment to discuss your case.
Chapter 7 Bankruptcy Lawyer
Those interested in filing for bankruptcy under Chapter 7 must first pass an income means test. The means test used compares your income against the Washington median income for households of a similar size. The state median income figures used are taken from the most recent reporting year maintained by the Bureau of Census.
Under the bankruptcy means test, your Current Monthly Income (CMI) is compared against the state's median CMI to determine if you are eligible to file for Chapter 7 bankruptcy. CMI is the average monthly gross income earned in the six month period prior to filing for bankruptcy. Included in CMI are financial gifts or assistance from family members, income from a non-filing spouse, income from all job sources, and any income from a closely held business. Social Security income and business expenses are excluded from CMI.
When CMI Exceeds Washington's Median Income
When a person's CMI exceeds the state's median income, a number of deductions can be claimed and applied against CMI. Here, a complicated formula is used to deduct certain expenses from CMI in order to determine a person's Net Monthly Income (NMI). The formula employed assumes NMI indicates the amount of money a person has each month to pay off creditors.
While there are specific requirements surrounding each, the following expenses are deducted from CMI when determining NMI:
If your NMI is in excess of $166.66, you are not eligible to file for bankruptcy under Chapter 7. However, you may apply for an adjustment in your expenses if job loss, illness, costly child care payments, or a substantial pay cut impacts your financial situation. You can apply for a special circumstances waiver which allows you to file for Chapter 7 without having to first pass the means test. You will have to convince the court your expenses are genuine and that you have no other means or alternative of discharging your debt except through Chapter 7 bankruptcy.
The means test and NMI calculations can be complicated. Sophisticated computer software is often required to determine if a person is eligible to file under Chapter 7, especially when NMI calculations are involved. At Advantage Legal Group, our bankruptcy lawyers have the financial resources and tools needed to determine if you are eligible to file for Chapter 7. Even if you pass the means test, under Section 707(b) of the bankruptcy act, a United States Trustee or a party to your case, can ask the court to deny your Chapter 7 petition. If a creditor or US Trustee believes you have the ability to repay most of what you owe - even if you pass the means test - you will need an attorney to fight for you in bankruptcy court.
Be prepared and informed - contact Chapter 7 bankruptcy attorneys at Advantage Legal Group today.
How It works:
Step 1: Itemize income resources and debts
Before filing for bankruptcy you must first identify all your sources of income, your monthly living expenses, and any major financial transactions undertaken by you in the last two years. You must also list all secured and unsecured debts including credit card accounts, loans, medical bills, student loans, etc. You will also be required to list any assets you have in the form or real estate and personal property.
Step 2: Filing for Bankruptcy - Chapter 7
If you choose to hire an attorney to help, you will then need to file a two page petition and a handful of other forms in the Western District of Washington's federal bankruptcy court. In the process of filing out the paperwork required, you will need to list all property you believe is exempt from liquidation under the bankruptcy laws. It is extremely important to complete your paperwork accurately since a judge, trustee and your creditors will review it. If either believes you have not told the truth, your petition could be denied. The cost for filing is roughly $299 and may be waived in certain circumstances.
Step 2: Filing for Chapter 13
When filing for Chapter 13, a debt reorganization plan must be submitted, detailing how you plan on repaying creditors. You must determine how much disposable income you have after you've paid monthly living expenses. The plan you provide must represent an honest appraisal of your expenses and ability to repay the debt you incurred. It must also ensure that unsecured debt creditors (for example, credit card companies) will receive as much as if you had filed for Chapter 7. Under the terms of Chapter 13, you will be required to pay off 80% to 100% of your debt over a 3 or 5 year period. The cost for filing under Chapter 13 is $274 and cannot be waived.
If your Chapter 13 plan is accepted, monthly payments will likely be deducted from your wages and dispersed to creditors by a court-appointed trustee.
Step 4: The 341 Meeting with Creditors
A month after you file for bankruptcy, you must attend a meeting with all of your creditors. Referred to as the 341 meeting (named after the bankruptcy code section that created it), any objections to your bankruptcy must be raised and discussed then. In Chapter 7 341 meetings, creditors almost never attend. In Chapter 13 bankruptcy, only a few creditors who have concerns about your proposed plan are likely to attend. Questions will be limited by the trustee.
Step 5: Court Approval of Chapter 13 Repayment Plans
A judge must first authorize or approve a proposed Chapter 13 debt re-organization plan. Assuming the judge accepts your plan and you adhere to its schedule and requirements, any debt remaining after the term set for the plan expires will be discharged.
Contact Bankruptcy Attorneys at Advantage Legal Group Today
If you have questions about how to prepare for bankruptcy or would like additional information regarding our practice, contact bankruptcy lawyers at Advantage Legal Group today.
Most people are reluctant to declare bankruptcy for fear of losing their home, their car, or their personal possessions. In reality, you may be able to keep most of your things, depending on the kind of bankruptcy your file for and the specifics of your case. And, while home foreclosure is a worry for those filing for bankruptcy, foreclosures are often more expensive for banks than modifying a loan or refinancing a house altogether.
At Advantage Legal Group, Attorneys at Law, we prepare clients for life before, during, and after bankruptcy by explaining what they can keep, what they will likely have to sell, and what they may be able to keep by working with creditors. In many cases, whether you file under Chapter 7 or Chapter 13 will determine what you can keep after bankruptcy.
If you are considering filing for bankruptcy but are unsure of the consequences, contact Advantage Legal Group today to schedule an appointment and get the information you need to regain your financial footing.
Chapter 7 Bankruptcy
Under the terms of Chapter 7 bankruptcy, most of your unsecured debt should be wiped out. However, the court may sell some of your personal items and property in order to pay creditors all or a portion of what you owe them. In general, non-essential luxury items like art collections, a boat, expensive clothes or jewelry, or certain kinds of appliances could be sold. Workers' compensation benefits, Social Security disability income, assets from a prepaid college fund, and retirement funds are usually exempt. If you can continue making payments on your car, you will likely be able to keep it.
Chapter 13 Bankruptcy
Since Chapter 13 involves a restructuring of your debt, it is frequently used to allow you to keep your home, cars, and personal property under its terms. Under Chapter 13, a trustee is appointed by the court after you file. You will be required to repay a percentage of what you owe over a 3 or 5 year period. As such, any debt owed on credit cards or loans will be incorporated into the terms of your repayment plan. The court will not need to sell your property since the debt against it will be paid down according to the terms of your Chapter 13 repayment plan. Additionally, you should be able to keep your home since Washington provides a generous homestead exemption.
Questions? Contact Bankruptcy Attorneys at Advantage Legal Group Today
Contrary to what many believe, the purpose of bankruptcy is not to make people destitute; rather, bankruptcy is intended to give people a second chance, a fresh start. If you have questions regarding how bankruptcy impacts your assets and personal property, contact bankruptcy attorneys at Advantage Legal Group today to schedule a confidential consultation.
Divorce impacts bankruptcy in the division of marital property and the division of marital debt. In the state of Washington, any assets or property acquired over the course of a marriage must be equitably divided, including retirement funds, equity in a home, bank accounts, and other assets. In the case of debt, however, the terms of a divorce settlement do not affect the agreement you and your spouse have with creditors.
Co-Signor? Co-Obligor?
As such, even if you never used a credit card or drove your spouse's car, if your name is on the loan or account, you can be held responsible its debt - even if your divorce settlement indicates your spouse will pay it off. For these reasons, it's essential to determine how assets and debts will be assigned since this will impact whether you qualify for Chapter 7 or Chapter 13 bankruptcy.
At Advantage Legal Group Attorneys at Law, we work closely with CPAs, forensic accountants, and business evaluators when necessary in representing clients filing for bankruptcy during or after filing for divorce. To schedule an appointment and learn how we can help you, contact bankruptcy and divorce lawyers at Advantage Legal Group today.
Chapter 7 and Chapter 13 Bankruptcy and Divorce
While Chapter 7 essentially wipes out certain kinds of non-secured debt, like credit card debt, Chapter 13 involves a reorganization of your debt according to a payment schedule agreed to between you and your creditors. As a result, in most Chapter 13 bankruptcy cases, it's possible to keep your home and car as long as you can continue making monthly payments.
The Impact of Marital Debt on Bankruptcy
If you spouse declares bankruptcy during or after your divorce, the creditors involved may decide to try and collect unpaid debt from you. If your spouse agreed to pay off jointly held credit cards or a car loan you signed your name to, a creditor will likely demand payment from you when it becomes clear they won't collect from your former spouse. Since your divorce settlement doesn't modify your legal contractual obligations to your creditors, you may have very little choice but to pay off the debt or declare bankruptcy yourself. You would then have the option of suing your former spouse for violating the terms of the divorce agreement.
Bankruptcy and Obligations under Your Divorce Settlement
Filing for bankruptcy will not discharge child custody or spousal support obligations. If you can no longer afford child support of spousal support payments, you will need a post-divorce modification in order to modify payments without threat of wage garnishment, asset seizure, or jail time.
Contact Bankruptcy at Advantage Legal Group Today
There are a number of financial and legal issues that must be considered before, during and after divorce regarding bankruptcy. If you have questions and would like to discuss the legal options available to you, contact bankruptcy attorneys at Advantage Legal Group today.
Most people are under the mistaken impression that after you file for bankruptcy, it takes years to rebuild your credit. While it may take a few years to rebuild a solid credit score, most people are able to qualify for a low-balance credit card in the months following bankruptcy. If you manage to stay current on monthly bills, rent, or mortgage payments, you should be able to qualify for a credit line of $500. If you use the card responsibly and pay off balances in a timely fashion, your credit score will improve, qualifying you for loans and higher credit card limits. At Advantage Legal Group, Attorneys at Law, we explain the steps you can take to rebuild your credit after declaring bankruptcy. Our office can request a copy of your credit report and identifies steps you can take to manage your money carefully and re-establish a solid credit score.
If you can no longer pay the minimum amount due on your credit cards, declaring bankruptcy may be your only option. Before you take out a second mortgage or transfer balances to a lower interest rate credit card, contact bankruptcy lawyers at Advantage Legal Group today to learn how we can help you.
Rebuilding Credit after Filing for Chapter 7 Bankruptcy
After your bankruptcy has been processed and your unsecured debt removed, you can begin rebuilding your credit simply by staying current on rent payments.
If you have credit cards that you did not owe any money on prior to your bankruptcy, avoid putting charges on them. However, don't cancel them. If you close out credit card accounts that you don't use, this could adversely effect your credit score. As your credit score improves over time, you may be able to qualify for a home loan over the course of a few years.
Rebuilding Credit after Filing for Chapter 13 Bankruptcy
Chapter 13 bankruptcy involves a restructuring of personal debt, allowing you to pay a percentage of what you owe over a 3 or 5 year period. Consequently, most people filing under Chapter 13 are able to keep their home and their cars. If you maintain regular, monthly payments, you should be able to rebuild your credit fairly quickly. Once creditors see that you have managed to comply with your repayment plan, you should be able to qualify for small loans or low-balance credit cards. If you manage your finances responsibly, you should be able to rebuild your credit score over the course of a few years.
Need more Information? Contact Bankruptcy Attorneys at Advantage Legal Group
Most people think declaring bankruptcy means long-term financial ruin. With the right kind of planning and accompanying responsible financial decisions, it doesn't have to. If you have questions regarding bankruptcy and rebuilding your credit, contact bankruptcy attorneys at Advantage Legal Group today.
Do I have to Qualify for Bankruptcy?
In general, there is no standard requirement for filing for bankruptcy. However, whether or not your income is more or less than the median income in the state of Washington will determine whether you can file under Chapter 7 or must file under Chapter 13. These questions are best answered by speaking to an experienced bankruptcy attorney. Contact the bankruptcy attorneys at Advantage Legal Group today. What is the difference between Chapter 7 and Chapter 13 Bankruptcy?
In order to file under Chapter 7, your income must be less than the median income in the state of Washington. If you qualify, your unsecured debt - credit cards, medical bills, and certain kinds of loans - will be wiped out. However, it is possible that the court may sell some of your property in order to pay your creditors a portion of what you owe. Typically, non-essential or luxury items are sold. If you cannot maintain monthly payments on your house, it may be foreclosed upon as well.
In a Chapter 13 bankruptcy, your debt is restructured according to a payment plan approved by the court. A trustee is appointed by the court, tasked with ensuring you make payments on time and creditors receive what they are owed. In general, people who file under Chapter 13 are required to pay back 80% to 100% of what they owe over the course of 3 or 5 years.
I need to file for bankruptcy but my Spouse doesn't. Can I file alone?
Yes, if the debt in question is yours and yours alone. If, for example, you have debt on credit cards that are in your name only, you can file alone. However, since you are married and presumably jointly own a home or other property with your spouse, your spouse's financial information will need to be reported on bankruptcy documents.
Can I get a Credit Card after Bankruptcy?
It is relatively easy to rebuild your credit after bankruptcy. If you diligently pay your bills, especially your mortgage, and do not fall behind on payments, you should be able to qualify for a low-balance credit card a few months after filing for bankruptcy. If you handle your credit card responsibly, you can often quickly improve your credit score.
Should Cancel I Cancel My Credit Cards to Improve My Credit Score?
Your credit score reflects a number of factors - not just whether you are late on payments. Creditors look at how much credit you have in proportion to your debt. So, for instance, if you have 4 credit cards with a credit line of $10,000 on each, your credit line equals $40,000. If you have $5,000 of debt on each one, you owe 50% of your total credit line. If you decide to cancel two cards and consolidate the remaining balance on the other two cards, you would now have $20,000 in credit and $20,000 in debt. This would hurt your credit score since your cards would now be maxed out.
If you are trying to protect your credit score or rebuild it, cancelling credit cards may be counterproductive. Additionally, applying for credit cards in order to transfer balances on existing ones could negatively impact your credit score. When creditors check your credit report, other creditors often assume it's because you need to borrow money or apply for additional credit to handle existing debt. As a result, your credit score could be reduced.
How long will my Bankruptcy take? Will My home be Protected?
While each case is different, the typical Chapter 7 bankruptcy takes roughly 90-100 days from start to finish. During this time, creditors have to stop contacting you and must communicate with you through your attorney. If you are facing foreclosure, filing for bankruptcy may delay the foreclosure process.
If you would like additional information regarding bankruptcy and how our lawyers can help you, contact bankruptcy attorneys at Advantage Legal Group today.
Exemptions:
Chapter 7 bankruptcy allows you to eliminate your debts in exchange for the turnover of your non-exempt property. This notion of "non-exempt" property concerns many individuals who are contemplating bankruptcy. They believe that they will lose their homes, cars, and other personal possessions. Washington law, however, provides a number of exemptions that allow individuals to keep their property while eliminating their debt through bankruptcy.
At Advantage Legal Group, we have extensive experience representing clients filing for Chapter 7 bankruptcy. We are familiar with the laws and can explain how they apply to your unique situation. Our practice focuses solely on helping individuals and families protect their personal property while getting a fresh start through bankruptcy. You deserve a debt-free life. Discover your options for a new beginning. Contact us today to arrange a free office consultation with a knowledgeable, caring bankruptcy attorney.
Washington state allows many exemptions for various real and personal property. Washington has a homestead exemption that allows you to keep your house if your equity, after cost of sale, does not exceed $125,000. Additionally, there are unlimited exemptions on 401Ks and pension plans, Social Security benefits and Supplemental Security Income, prepaid tuition for your children's education, and workers' compensation benefits.
It is important to be aware, however, that bankruptcy does not discharge child support, student loans, drunk driving debts, and certain federal taxes.
The concept of exemption is to protect the family and a standard of living. You will not be made destitute by filing bankruptcy. The purpose is to brighten your future and not jeopardize it. The attorneys and staff at our law office are committed to serving clients in a culture of care. We understand that filing bankruptcy is a difficult choice, but ultimately, the overwhelming majority of our clients feel great relief after going through the process.
We offer free office consultations to individuals and families considering filing bankruptcy. You owe it to yourself to take advantage of the opportunity to discuss what this option means for you, your property, and your family with a knowledgeable, attentive, and experienced bankruptcy lawyer. Contact us today. We want to help you get back on your feet and move toward a better financial future.
The concept of filing bankruptcy is an intimidating prospect to some people, who believe that they will lose all of their property and possessions in a filing. Because of several exemptions built into the Washington bankruptcy law, however, most people who file for bankruptcy protection do not lose any property at all. Those with substantial property can usually keep their property if they agree to pay back some of their debt.
At the law office of Advantage Legal Group, in Kirkland, Washington, we have extensive experience handling bankruptcy cases. In fact, we have dedicated our entire practice and profession to educating individuals and families on how the bankruptcy laws apply to their individual situations and guiding them through the process. We can answer your questions. Contact us today to arrange a free office consultation with a caring, trusted, and experienced bankruptcy attorney.
We file hundreds Chapter 7 bankruptcy cases each year. We know the law. We can tell you what is considered exempt and non-exempt property. In order to keep your house and car, you must keep making the payments on your mortgage and auto loan.
Washington has a homestead exemption that allows you to keep your house if your equity, after cost of sale, does not exceed $125,000. The purpose of bankruptcy is to provide individuals and families with a fresh start. At Advantage Legal Group, our lawyers and staff are committed to serving clients in a culture of care. We understand that this is a difficult decision for you. We want to help you get the debt relief you need so you can move forward, still holding on to your most important asset--your home.
Contact us today to discuss your individual questions and concerns about bankruptcy with a knowledgeable, experienced, and trusted attorney in a free office consultation.
Discharging taxes in the bankruptcy process is a very complex issue. If you are considering filing Chapter 7 bankruptcy, it will help to speak with a knowledgeable, experienced attorney who understands the law and can explain how it applies to your unique situation.
At Advantage Legal Group our practice is focused solely on helping individuals and families achieve debt elimination through bankruptcy. We are committed to providing each client with the attentive, supportive service they need to understand their options and achieve the optimum level of debt elimination available to them under the law. Contact us today to arrange a free office consultation to discuss your options for debt relief.
While it is true that some taxes will not be discharged, others can be. There are many rules that we will explain to you: Some federal taxes may be excepted from discharge. Income taxes under three years old are not dischargeable in bankruptcy.
Student loans generally are never dischargeable in a Chapter 7 bankruptcy but there are exceptions. We can explain the process to you and help you understand the choices that are available to you to manage your debt.
At Advantage Legal Group we provide aggressive advocacy on behalf of our clients to stop creditor harassment and help them get back on their feet. Our lawyers have many years legal practice experience and focus exclusively on bankruptcy cases. We know the law, and we can explain exactly how it applies in your unique situation.
We understand how overwhelming bills and debts can become. Rest assured that we will advocate relentlessly on your behalf within the law as it applies to taxes and student loans.
Do not dismiss the benefits of Chapter 7 bankruptcy by assuming that your debts are non-exempt. Bankruptcy is still an option. Washington law provides many exemptions for numerous types of assets. For a full explanation of how the law applies in your case, contact an experienced, knowledgeable attorney at Advantage Legal Group today.
In October of 2005, the federal government passed new bankruptcy reform legislation. Since that time, there has been a common misconception that bankruptcy does not exist anymore. In fact, most studies indicate that the new law affects less than 15% of individuals who could have filed previously. If you are feeling overwhelmed by your debts and considering filing bankruptcy, it is highly probable that you fall into the category of the 85 percent of people who are still eligible to file.
Do not dismiss your option for debt relief and financial stability through Chapter 7 bankruptcy. At Advantage Legal Group, we can tell you what your options are, according to your unique situation, within the context of Washington and federal bankruptcy law. Contact us today to arrange a free office consultation with a trusted client advocate.
Advantage Legal Group files hundreds of bankruptcy cases each year. We know the law and can provide you with a fair, knowledgeable assessment of how it applies to you.
The day you come to our office, we will begin working on your behalf, talking to the creditors and taking the necessary action to eliminate your debt.
Trust our experience and our commitment to our clients. We have focused our practice exclusively on helping individuals and families stop creditor harassment and get a fresh start through personal bankruptcy. Contact the office of Advantage Legal Group for a full explanation of the bankruptcy reform laws and how they apply to your unique situation.
If you are feeling stressed and overwhelmed with your debts and mounting bills, you may be considering filing for Chapter 7 bankruptcy. At Advantage Legal Group, in Kirkland, Washington, we can provide you with a knowledgeable assessment of your situation to help you determine if bankruptcy is the right option for you.
Consider the questions listed below. If you answer yes to three or more of the questions, you will probably want to speak with a bankruptcy lawyer right away. We can help. For a thoughtful, caring assessment of your situation and your options and for answers to your bankruptcy questions, contact our law office today.
* Is your debt over $5000, not including your car or your house?
* Are you frequently late on payments?
* Do your payments account for over 25 percent of your take home pay?
* Do you pay over 20 percent interest on your debt?
* Do you buy necessary items, such as food and clothing, on credit?
* Have you considered taking out a loan to pay other loans?
* Are you receiving harassing calls from creditors?
* Do you make regular payments without your balances going down?
* Do you have payments that are over one month behind on more than one bill?
* Are your wages being garnished?
* Are you being sued?
* Have you been turned down for credit?
* Are you frequently getting cash advances?
* Are you without any savings?
* Is your car worth more than you owe?
* Is your mortgage or rent frequently late?
* Do you have high medical bills that are not being paid by insurance?
* Do you owe income taxes you cannot pay?
If you are able to answer yes to three or more of these questions, you may need to file bankruptcy.
The total time for a Chapter 7 bankruptcy is approximately four months. However, the debtor receives the benefit of an automatic stay immediately after the petition is filed. The automatic stay means that creditors are generally not allowed to collect any debts from the debtor. The phone calls from creditors can end immediately.
Our lawyers and staff build relationships with our clients. Our practice is centered on providing personalized service and representation in an atmosphere and culture of care.
Congress did not create the bankruptcy laws to help bad guys. The laws are there to help people get out of problems honestly. When good people have serious financial problems, they owe it to themselves and their families to consider bankruptcy. There is no reason not to take advantage of our free office consultation and personalized evaluation from an honest, caring, experienced bankruptcy lawyer. Contact us today.
Under the terms of the Fair Debt Collections Practices Act (FDCPA), debt collection agencies cannot engage in abusive, harassing, or threatening behavior when attempting to collect on a debt. This means collection agencies cannot repeatedly call you at home or work, send threatening letters, or use abusive language when talking to you over the phone.
Unfortunately, the FDCPA only really applies to third party collection agencies contracted by banks, retailers, medical service providers, and others to collect unpaid debt. As a result, the FDCPA does not apply to in-house collection departments of credit card companies, banks, car dealerships, hospitals, retailers, or other businesses.
While in-house collection departments cannot make threats or pose as police officers in order to collect unpaid debt, they can call repeatedly, send stern letter after stern letter, and report delinquent payments to Equifax, Experian, and TransUnion, harming your credit score.
Filing for Bankruptcy - Putting an End to Creditor Harassment
The most effective way to stop creditor harassment is filing for bankruptcy. If you are unable to make the minimum monthly payments on your credit cards, have fallen behind on your mortgage, or are facing the repossession of one or more of your cars, filing for Chapter 7 or Chapter 13 bankruptcy may be the best way to stop creditor harassment. Filing for bankruptcy initiates an automatic stay that requires collection agencies and creditors to immediately cease all collection and foreclosure actions against you.
Additionally, once you file for bankruptcy, creditors are no longer allowed to contact you but must go through your lawyer. At Advantage Legal Group, our office handles all inquiries and issues related to creditors and collection agencies regarding our client's bankruptcy. If, for whatever reason, a collection agency or bank continues contacting you after you've filed for bankruptcy, we're prepared to file for sanctions for the violation of the automatic stay, including seeking financial damages for our client under the terms of the FDCPA.
Creditors and Filing for Bankruptcy
Once you file for bankruptcy, creditors should have no direct contact with you until your scheduled 341 meeting with them. Any objections or concerns creditors have with your bankruptcy can be voiced at that time. However, the bankruptcy judge has final say in regard to whether or not the terms of your bankruptcy are acceptable. As your attorney, Advantage Legal Group defends and asserts your rights, representing you at the 341 meeting and afterwards. If creditors continue to harass you, we file the necessary motions with the court for sanctions and pursue further legal action if necessary.
Contact Bankruptcy Attorneys at Advantage Legal Group
If you are thinking of filing for bankruptcy or are being harassed by debt collection agencies and collection departments, contact bankruptcy attorneys at Advantage Legal Group today to schedule a free consultation to learn how we can help you.
Most people have at least some wrong information about bankruptcy. Irrational fears often hold people back from utilizing this helpful process. We hope that by dispelling some of these myths, we can help you determine whether bankruptcy is the right course for you.
At Advantage Legal Group, we file hundreds bankruptcy cases each year, and our attorneys have many years combined legal practice of serving clients exclusively in this area of law. For more information about how bankruptcy laws apply to your unique situation, contact our Kirkland, Washington, law firm today.
Myth I: Bankruptcy is difficult.
While there are many rules in bankruptcy and the process may seem confusing, it is not so difficult that you should forego the benefits bankruptcy can afford you. If you have competent lawyers representing you, the process should be straightforward in most situations.
Myth II: If I file, I will never get credit again.
It is possible to rebuild your credit within months of filing bankruptcy. In many cases, clients report having an easier time obtaining credit after the bankruptcy freed them from so much debt.
Myth III: If I file, I will lose my house, car, pension, IRA, or 401(k).
Because of several exemptions built into the bankruptcy law, most people who file for bankruptcy protection do not lose any property at all. In Washington, most of these assets can be exempted.
Myth IV: My debts are uncollectible because I am unemployed.
In Washington, your creditor can sue you for six years and collect against you for another twenty years after that. An individual who is thirty years old will have to deal with the creditors until he or she is fifty-five years old. That is a long time. You have alternatives. Consider what filing Chapter 7 bankruptcy would do for you.
Myth V: If I file, I will lose my job or not get a new job.
In most cases, employers will not find out about the bankruptcy unless you choose to tell them. Either way, employers are not allowed to fire or refuse to hire someone (or take other adverse action) for filing bankruptcy.
Myth VI: My bankruptcy will hurt my spouse's credit.
When one spouse files for bankruptcy protection, his or her spouse’s credit is not affected.
Myth VII: Bankruptcy will not help me because I owe taxes.
While it is true that some taxes will not be discharged, others can be. There are many rules that we will explain to you.
At Advantage Legal Group, we handle bankruptcy and only bankruptcy. At our firm, we take pride in doing it right, and doing it right the first time. It is extremely important that you hire an attorney who is experienced in the field of bankruptcy and focuses exclusively on representing the interests of individuals and families in bankruptcy matters. Contact Advantage Legal Group for a full explanation of how the current bankruptcy laws apply to you.