If you're curious about bankruptcy, you may be dealing with significant financial difficulties and wondering if there's a way to hit the financial reset button? If you've fallen behind on bills and are feeling overwhelmed, you are not alone. Hard working people in Olympia, and all over America, fall behind on bills every day. Sometimes this results in a never ending downward spiral of debt that can make you feel hopeless. Money problems generate a great deal of stress that affects everyone in your family until you finally reach the breaking point.
Debt collectors compound your anxiety, especially if they're calling you at all times of the day, making you feel like a failure in life if you can't pay. Collection agencies are notorious for buying debt from creditors for pennies on the dollar, and then using cruel and deceitful tactics in an attempt to get money that you that you simply don't have to spare.
Our Olympia bankruptcy lawyers can show you the way to put an end to debt and get a fresh financial start. Bankruptcy laws exist to help people find relief from the crushing pressure of debt. Most Olympia residents are unaware that they have legal rights as a debtor, which may further empower debt collectors to be even more aggressive, possibly even seeking wage garnishment.
You may think that bankruptcy is a last resort. What you may not realize is that the government wants you to be an active participant in our nation's economy, but if you're mired in debt this is impossible. This is the reason why the government created bankruptcy laws, and allows people like you to take advantage of the opportunity for a fresh financial start.
Filing for bankruptcy in Olympia is like hitting a financial reset button. If you have questions about Chapter 7 or Chapter 13 bankruptcy, our Thurston County bankruptcy lawyers are ready to answer them and help you determine whether you can file.
Now is the time to end debt, put money problems in the past, and benefit from a fresh start.
Filing for bankruptcy is a way to wipe the slate clean, and does not make you a failureOlympia is the picturesque capital of Washington State and the County Seat of Thurston County. Incorporated in 1859, Olympia boasts a population of nearly 50,000, as of 2010, and is a major cultural center of the Puget Sound area. Olympia is only 60 miles from Seattle, Washington's largest city, and also close to endless recreation opportunities along the Olympic Coast all the way North to Port Angeles.
Olympia has a large number of public parks and nature conservation areas that offer a draw for nature enthusiasts all over the country. From the Woodard Bay Natural Resources Conservation Area to the Nisqually National Wildlife Refuge, numerous state parks can bring you face to face with some of the most beautiful and diverse flora and fauna on the continent. Thurston County is home to many more suburban areas, cities, and parks. Our Washington State bankruptcy attorneys serve clients throughout the Thurston County region and in neighboring counties, including the cities of Seattle, Burien, Federal Way, Kent, Bellevue, Shoreline, Renton, and Des Moines, just to name a few.
To get more detailed information about the City of Olympia, follow this link to their official homepage. Here you will find all sorts of helpful and useful information about Olympia, including how the local government functions. If you live in Thurston County, Washington, your bankruptcy case will be filed at the United State District Court for the Western District of Washington , which is located in downtown Seattle and Tacoma. The U.S District Courthouse is where your meeting of creditors will be held, and you can more information about this meeting when you speak with an attorney.
If you visiting Olympia in Thurston County, Washington, there are many online resources that can help you discover activities and events going on during your stay. Many of the best Olympia attractions can be found on the “Visit Olympia” website. Olympia is a thriving city, but many people who call it home are struggling financially, and if you're one of them, you may be looking for a solution. Our Olympia bankruptcy attorneys have the experience and qualifications required to help you find a lasting solution to debt relief, if you qualify to file. Contact our law office in Olympia today and find out via a free consultation. If you do, your lawyer will show you how you can finally get a break from intractable debt.
Do you qualify for bankruptcy and if so, what happens next?One of our attorneys in Olympia can review your finances and determine whether bankruptcy is right for you, and if you meet the qualifications necessary to file. People all over the country reap the benefits of bankruptcy protection every day, and many wonder why they didn't pursue filing at an earlier date.
Sometimes people are hesitant to file because they've been given false information, or simply do not understand how these laws are intended to work. Misconceptions may result in a person making financial blunders that could have been avoided had they filed before they did.
For example, debt collectors may sometimes convince a debtor to pay down a delinquent credit card account debt by cashing out their part of their retirement. This happens because the debtor doesn't realize that they can retain 100% of their retirement AND discharge all or most of their unsecured debt when they file for bankruptcy.
Our Thurston County bankruptcy attorneys urge you to heed this advice: Never trust a debt collector to give you reliable advice concerning your finances. Debt collection agencies care only about getting money, so the last thing they want is for you to speak with an Olympia bankruptcy attorney who will outline your legal rights.
Debunking bankruptcy myths and misconceptionsBankruptcy is a powerful financial tool that allows you to pursue a fresh financial start when you most need it. People sometimes abuse the system, but the overwhelming majority of people who contact our law office are hard working people who ran into unexpected money problems. Myths surrounding bankruptcy are pervasive, and can prevent someone from bettering their situation. For this reason, our Olympia bankruptcy lawyers compiled the following list of myths...
Myth 1: Filing for bankruptcy means personal failure. The myth that bankruptcy means failure is often perpetuated by debt collectors who may say this when pressuring debtors into making payments they can't afford. Falling behind on bills because of a debilitating injury, getting laid off from work, or a nationwide recession doesn't make someone a failure, and these are the events that usually motivate someone to file for bankruptcy.
Bankruptcy is a tool that lets you regain control over your finances, eliminate debt, and start over financially. It has nothing to do with failure.
If your budget is already pushed to its limit after paying monthly bills, one moment of bad luck can cause you to miss mortgage payments or keep up with credit card obligations. It doesn't take long before getting back on track becomes impossible. Most people who reach this tipping point would have been better off filing for bankruptcy at an earlier date, but the myth of failure prevented them from even considering bankruptcy.
Myth 2: Declaring bankruptcy means losing everything. This myth is also perpetuated by creditors. Popular entertainment also portrays bankruptcy as moving vans pulling into your driveway, and movers taking all of the possessions out your house before it goes up for auction. The truth is that in most Thurston County bankruptcy cases, the debtor keeps their Olympia home, their possessions, their car, 100% of their retirement, and up to $125,000 of home equity.
Every case warrants a close review because they are all different, so our Olympia bankruptcy attorneys will carefully examine your situation before offering their experienced counsel. Regardless, the myth that bankruptcy causes you to lose everything is entirely false.
Myth 3: Filing for bankruptcy resolves every financial problem. Bankruptcy can stop the endless cycle of unmanageable debt, but it can't cure all financial issues. Filing for bankruptcy won't prevent you from future debt problems unless you remain committed to a responsible lifestyle. Neither Chapter 7 or Chapter 13 bankruptcy will get rid of student loan debt or certain fines, so its benefits must be weighed if this applies to you.
Myth 4: Bankruptcy destroys your credit. Filing for bankruptcy definitely affects your credit, but not as adversely or as long as most people think. If you maintain healthy finances and pay bills on time after your bankruptcy is done and your debt is discharged, you should have no trouble opening new lines of credit. Your credit score should also quickly improve.
A Chapter 7 bankruptcy will stay on your credit report for ten years. Chapter 13 bankruptcies last for seven years. In truth, settling debts that's been sold to a debt collection agency may have a far more detrimental impact on your credit than declaring bankruptcy. Debt collectors may tell you that settling a debt for a reduced amount will save you money and help your credit, but the opposite is usually true. Settled debt still shows as a blemish on your credit report, so if you settle multiple credit cards that are delinquent, your credit history could look far worse than it would with a bankruptcy.
Remember: Never trust a creditor or debt collector to provide you with reliable financial advice.
Myth 5: If you're going to file for bankruptcy, you can max out your credit cards. This myth could get you in serious trouble. Maxing out credit cards before declaring bankruptcy may not only cause your petition to be denied, you could even be prosecuted for criminal bankruptcy fraud. Bankruptcy is a powerful tool that allows you to get a fresh financial start, so don't take advantage of the law by risking incarceration. Speak to one of our Olympia lawyer and get the facts. Then follow the legal steps required to make sure you get the relief you need.
Chapter 13 and Chapter 7 bankruptcies in Washington StateChapter 13 or Chapter 7 bankruptcy each has its own advantages. Your current financial situation and the type of assistance you require will likely aid your decision in which option to pursue. Chapter 7 costs less, is simpler, and moves along faster than Chapter 13. However, Chapter 13 bankruptcy allows people whose median household income is too high to file for Chapter 7 to seek debt relief. There may be other reasons to consider one over the other.
Our Olympia Chapter 7 bankruptcy attorneys explain the processFiling for Chapter 7 bankruptcy stops all debt collection, including wage garnishments, vehicle repossessions, pay day loans, and home foreclosures. A trustee is appointed by the bankruptcy court who is authorized to sell your property in an effort to reimburse creditors equally and fairly. However, it's rare for someone to lose property to the trustee.
Bankruptcy laws were written in ways so that people could get a fresh start in a dignified way. This would hardly be possible if they have to give up most of their possessions. Retirement plans, child support, and public benefits that include unemployment compensation are 100% exempt during a bankruptcy in Washington State.
There are also exemptions that protect home equity, household belongings, and vehicles up to a certain dollar value for each category. Exemptions offer flexibility when determining where they would be most helpful for you as an individual or married couple. Your Chapter 7 bankruptcy lawyer in Olympia can help you determine how these exemptions can be best used given your overall finances.
Unsecured debt is almost always wiped out when you file Chapter 7. This typically includes credit cards, pay day loans, medical bills, and other loans where no collateral was used to secure the debt. If your take home pay is near the median Washington household income for families of your average size, a means test can determine whether you're responsible for any unsecured debt. Our Olympia bankruptcy attorneys can almost always figure out whether this applies to a client ahead of time.
Your Olympia Chapter 13 bankruptcy lawyer can help with debt problemsIf you earn above the median household income you may still be able to file for Chapter 13 bankruptcy. In this scenario, your debt is consolidated into a manageable monthly payment plan for three to five years.
Petitioning the bankruptcy court for Chapter 13 stops all debt collection and creditor harassment. It is sometimes called the "home saver plan," because mortgage arrears and penalties can be added to the payments to stop home foreclosure. You can get caught up on payments and retain your status as a homeowner.
Most of the Chapter 13 bankruptcy cases we handle in Washington result in most or all unsecured debt being discharged after the payment schedule has expired. Even if all unsecured debt has to be repaid, which is extremely rare, the filer will benefit from an orderly payment plan that eliminates debt while allowing them to keep their home.
The automatic stay and its many benefitsBeing constantly harassed by debt collectors when you're behind on bills is one of the most emotionally draining parts of dealing with money problems. Debt collection agencies essentially do the dirty work for creditors, because they often purchase delinquent debt for pennies on the dollar, and then do whatever they can to make a profit at the expense of people who are barely getting by.
These businesses are merciless, and will attempt to intimidate you or fill your head with falsehoods about bankruptcy. The majority of people are unaware that they have legal rights in regards to debt, so harassment is a tool that often gets results.
Don't let debt collectors manipulate or scare you into making a costly financial blunder. The automatic stay injunction immediately goes into effect when you file for bankruptcy. Once in place, it is illegal for any creditor to contact you, or attempt to collect a debt. This is the main reason why debt collectors in Olympia hate hearing from our legal team.
Debt collectors hate us because they are well aware of our reputation in Washington.
Contact a Thurston County bankruptcy attorney for a free consultationDon't live through another day of unmanageable debt. Contact one of our Olympia bankruptcy attorneys and get reliable help from a professional who will fight to provide you with the maximum financial protection available by law.
Our flat rate fees are affordable and you never have to worry about hidden costs. We even offer payment plans under certain conditions. Enjoy a new financial start free from debt with help from our team of experienced Olympia debt relief lawyers.
Your initial consultation is free.