Marysville Bankruptcy Lawyer
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Chapter 13 Bankruptcy
Chapter 7 Bankruptcy
The Law Offices of Jason S. Newcombe
Our Marysville, WA bankruptcy attorneys provide debt relief services to clients throughout Snohomish County. We handle all Chapter 7 and all Chapter 13 bankruptcy cases.
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Is a Washington State bankruptcy your best debt relief best option?
If you can qualify, the answer is probably yes.
For many our clients, filing for bankruptcy is their best option because trying to manage debts with monthly payments you cannot afford creates severe economic hardship and unneeded stress.
Marysville is a city of over 60,000 hard working people. The housing market took a large downturn for most Marysville residence during the recession. This is turn negatively impacted the financial situation of many of our friends and neighbors here in Snohomish County.
Over the past 20 years, Marysville, has become a booming suburb of Snohomish County, but has still maintained its small town roots. However, like most of Washington State, many residents have suffered financially due to the recession and mortgage meltdown.
Many Snohomish County residents can benefit from Chapter 7 and Chapter 13 bankruptcy protection by having their unsecured debts discharged and obtain a fresh financial start. By filing for bankruptcy, you have the benefits of an “automatic stay” again further collection and legal action against them by their creditors.
Due to falling real estate values, many Washington State bankruptcy clients have stripped and discharged their second mortgage through a successful Chapter 13 Bankruptcy. This has enabled to keep their home, while wiping out a significant amount of negative equity. This means they have only had to pay their first mortgage to keep their home.
At the same time, these clients have also discharged (wiped out) all of their credit debts, pay day loans and medical bills. They have also stopped lawsuits and repossession actions dead in their tracks. They have also permanently stopped wage garnishments, not to mention all of the harassing creditor calls that come at all hours of the day and night.
Our Marysville bankruptcy lawyers will review your entire financial situation and help determine if filing for bankruptcy is your best financial option. If your finances enable you to qualify, we will help you determine if a Chapter 7 or a Chapter 13 is your best path to financial freedom from crushing debt.
How can filing for bankruptcy help me and my family?
Chapter 7 bankruptcy
If you are in Chapter 7 and are making payments for a car, house, boat or other expensive item, you can keep this property if you continue to make payments. You can also “surrender” the property and walk away from the debt. These creditors can recover the property because it is “secured” by the property. Only “unsecured” creditors receive money from the liquidation process. If the surrendered property is worth less than the loan, the difference is called a “deficiency” and is discharged.
To stay in Chapter 7 you need to show you are not abusing the bankruptcy system. If the law says you have enough income to pay your unsecured creditors something after taking care of secured debts and other necessities, you may face an objection to a Chapter 7 for abuse of the system. A means test looks at your last six months of income. If that income is over the average for your state, expenses are deducted in a strict means test. If money is left over for unsecured creditors, you may have to convert your case to a Chapter 13 or face a dismissal of your Chapter 7.
Our Marysville bankruptcy attorneys are skilled at working the Federal and Washington State bankruptcy laws when it comes qualifying and the means test. We can help you decide which option is best for you and your family. A good Marysville bankruptcy knows how to maximize their client's protection by carefully analyzing each client's unique financial situation and skillfully applying the debt relief laws when it comes to household expenses, property exemptions, and personal debts.
Chapter 13 bankruptcy
A Chapter 13 is a plan to pay your creditors over three to five years. You can consolidate all debt in this plan. You can catch up on a mortgage, pay off a car loan, pay back taxes or back child support. All debt has to be included in the plan. You pay a percentage of your unsecured debt depending on what you can afford. Any debt that is not paid is discharged as long as it is a dischargeable debt. A Chapter 13 discharged more kinds of debt than a Chapter 7.
Most people would like the quick fresh start offered by Chapter 7, but there are some situations where a Chapter 13 is actually more beneficial, such as when someone wants to save a house from foreclosure by catching up on the mortgage over time. Even if you have a high income and are required to pay 100% of your unsecured debt, a Chapter 13 can be a better option than non-bankruptcy consolidations. It is more predictable and carries the guarantee of federal court orders that are valid all over the United States.
A good bankruptcy lawyers knows how to property qualify and Chapter 13 client and then skillfully draft a plan that is not only affordable but that will be accepted by the trustee.