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Bankruptcy in Spanaway, Washington
Located between Puyallup, Parkland, Eatonville, McCord and Fort Lewis Air force Bases, Spanaway is one of the oldest communities in Western Washington. Spanaway was originally was composed of Canadian settlers who raised cattle as part of the fur trading business and was first associated with the one the oldest and formally most prominent Canadian companies, as well as the first engage and fur trading and later retail stores in North American, the Hudson’s Bay Company. The company still exists today and is headquartered in Toronto, Canada. Spanaway now exists mostly as a bedroom community in Pierce County, with a population of just over 27,000.
Due to the recent economic recession, many hardworking Spanaway residence are no longer able to pay all their debts. Many have filed for bankruptcy in order to get rid of dischargeable debt and continue to feed and keep a roof over their head for their family.
Looking for a bankruptcy attorney in Spanaway, WA?
Spanaway Bankruptcy Attorneys
Experienced WA State debt relief lawyers.
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What is a Spanaway bankruptcy?
Bankruptcy is a federal court case that provides a financial fresh start to people who have so much debt it would be practically impossible to pay it all back. If people did not have the right to this fresh start, they might drop out of the work force if it felt like they were only working to pay their debts.
Creditors would not know where they stand and any partial debt payment could be very unfair to some creditors without the bankruptcy process. In addition, if people thought taking out debt was too risky, they might not use credit at all and the economy would suffer. In fact, many economists believe that it would come to a grinding halt.
A Spanaway bankruptcy involves filing a “petition for relief” with the bankruptcy court. This petition includes information about your property, your debts, your income and your budget, among other details, that shows why you have the right to a financial fresh start. The end result of a Spanaway bankruptcy case is a “discharge”.
The discharge is an injunction against creditors every trying to collect a debt again, basically cancelling the debt. Some debts, such as back taxes, court fines, and back alimony and child support cannot be discharged through a Spanaway bankruptcy. Most student loans also cannot be wiped out through a Spanaway bankruptcy.
In a Chapter 7 bankruptcy, people get their discharge after only about three months after they show they don’t have any property that could be legally liquidated to pay some of the debt. In a Chapter 13 bankruptcy, people also file a repayment plan with the court that pays back what they can afford over three to five years.
Part of a meaningful fresh start involves keeping the property necessary to go forward in life. The property you are allowed to keep in your Spanaway bankruptcy is called “exempt”. For example, 100% of most retirement plans are 100% exempt. Most people are allowed to keep their homes and cars as well. It is important to consult a lawyer about what property is exempt.
After a Spanaway bankruptcy, a person’s debts will be listed as “discharged in bankruptcy” on their credit report. It is important that a person who has filed bankruptcy checks their credit report after receiving their discharge to make sure all their debt is listed as discharged, showing that they have successfully obtained a financial fresh start.
If a creditor tries to collect a debt that was discharged in your Spanaway bankruptcy, they could be liable for sanctions.
Helping debt relief clients throughout Pierce, WA for over a decade!
Chapter 7 Bankruptcy in Washington State.
Chapter 7 bankruptcy in Spanaway, WA
Thinking about filing a Spanaway Chapter 7?
Our Spanaway Chapter 7 bankruptcy lawyers are here to help!
We are Spanaway Chapter 7 bankruptcy attorneys. Our lawyers assist clients throughout Pierce, WA in need of debt relief. We assist clients in wiping out their credit card debts, medical bills, Pay Day loans, judgments and other qualifying debts. Most of our Spanaway Chapter 7 bankruptcy clients also keep 100% of their property.
WASHINGTON STATE BANKRUPTCY 101:
How can a Spanaway Chapter 7 bankruptcy help me and my family?
Filing a Chapter 7 Bankruptcy is one of your guaranteed legal rights under the United States Constitution and federal law. It allows you to discharge many kinds of debt, and helps you and your family get a new financial start after you have experienced economic hardship.
There are several different kinds of bankruptcy, but the most common bankruptcies for consumers are chapter 7 and chapter 13. Here we are going to discuss how a Spanaway Chapter Bankruptcy can help protect you during these difficult times while giving you a fresh financial start.
A bankruptcy is a federal court case, and there are many requirements and many pages of documents to prepare. Often there are things you may not know about that can cause problems, so it is very important that you talk to an experienced attorney. We have over 20 years of combined experience helping people in bankruptcy, and we do all the hard work, make sure that you know your rights, and protect your assets. We will make sure your case goes smoothly, and will appear with you in court.
We can help you:
• Stop Harrassing Phone Calls
• Stop Garnishments and Lawsuits
• Stop Home Foreclosures
• Help You Free Up Extra Cash Each Month
A chapter 7 bankruptcy protects you from creditors, and allows you to discharge credit cards, payday loans, medical bills, old utility and cell phone bills, and sometimes even old income taxes. It will not usually discharge student loans, and does not discharge fines, most taxes, debt from fraud, or debt as the result of death or personal injury as the result of driving under the influence or alcohol, drugs, or other substances. It also does not discharge debt that is “secured’ such as loans on houses and cars, unless you surrender them back to the creditors you owe. It can temporarily stop a foreclosure, but to save a house in the long run, see the discussion on chapter 13 below.
A chapter 7 is available to people that have just enough, or not enough, money each month to pay their basic living expenses like rent, food, phone, utilities, etc. If you show that you have a significant amount left over each month, then you may need to do a chapter 13 case instead.
You normally can keep most things that you own in a bankruptcy, and they will not be sold by the Trustee to pay your creditors. “Exemptions” protect your car and other possessions in a bankruptcy and are one the most important things we will discuss with you. If you are expecting an inheritance or life insurance proceeds, it is very important to discuss these issues with us.
Spanaway Chapter 7 bankruptcy attorneys serving all of Pierce County.
Thinking about filing a Spanaway Chapter 13?
Spanaway Chapter 13 Bankruptcy Attorneys
We are Spanaway Chapter 13 bankruptcy attorneys. We assist clients in need of debt relief throughout Pierce, WA save their home from foreclosure. Do you have questions about Washington bankruptcy law and whether or not you can qualify for protection under the Bankruptcy Code?
If so, our Pierce County Chapter 13 bankruptcy lawyers are here to answer your questions.
A chapter 13 bankruptcy is simply a court-approved payment plan, where you will pay some of your debts back and discharge others. It is the kind of bankruptcy you file if you have some disposable income each month after paying for your basic living expenses like mortgage/rent, food, utilities, etc.
Chapter 13 is for you if you want to:
• DISCHARGE UNSECURED DEBT. Like a chapter 7, a chapter 13 will usually discharge most unsecured debt, like credit cards, payday loans, medical bills, and old utility and cell phone bills.
• PAY BACK TAXES. Pay back the IRS or department of Revenue over a period of 3 to 5 years, and be protected by the court while you do it. Normally, the IRS or Department of Revenue can levy against you and take most of your pay check, all of your bank account and even sell your possessions. A chapter 13 bankruptcy will protect you, and you can pay them back over 3 to 5 years, on your terms.
• STOP FORECLOSURE. Catch up on missed mortgage payments and save your house.
• GET YOUR DRIVERS LICENSE BACK. Pay fines through your plan and get your driver’s license back.
• PAY BACK CHILD SUPPORT. Child support garnishments can be 55% of your pay check! A chapter 13 allows you to get caught up over 3 to 5 years, and can result in a lot more disposable income each month, by paying back the amount you are behind over a period of 3 to 5 years.
• LOWER THE AMOUNT YOU PAY FOR YOUR CAR OR OTHER VEHICLES--OR FURNITURE, JEWELRY OR OTHER ITEMS. In a chapter 13 plan, you can actually “cram down” the amount you pay on a vehicle to its current retail value, instead of what you owe on it, as long as it is a refinance, or you purchased it more than 2 ½ years before you file your bankruptcy case. You can lower the interest on the loans, as well, even if you purchased the vehicle more recently. This can add up to a lot of savings! You can also “cram down” furniture and jewellery purchased more than 1 year ago in much the same way.
• STRIP OFF YOUR SECOND MORTGAGE. If the amount you owe on your first mortgage is much more than the value of your house, you may be able to strip the second mortgage off your house, and discharge it in a chapter 13 plan. Be sure to talk to us if you are interested in this option.
Looking for a Spanaway Chapter 13 bankruptcy attorney near you? Our Pierce County offices are conveniently located in downtown Tacoma where your Washington State bankruptcy petition will be filed.