Get Bankruptcy Lawyer Guidance In Pasco, The Tri-Cities & Franklin County

There are times when something we do results in legal consequences, but in some cases, the results may have both legal and financial ramifications. Financial matters are often complex and confusing for many people, but if these financial matters are part of a legal and economic outcome, it can feel both bewildering and overwhelming to have to deal with them.

This is where we can help. Our bankruptcy lawyers have over 30 years of combined legal experience helping people throughout Washington State to get better outcomes in matters of financial law. We can help with issues such as:

• Bankruptcy Filing
• Home Foreclosure
• Surprise Medical Bills
• Creditor harassment

Of course, lawyers aren’t mandatory, and Americans can exercise the right to represent themselves in court if they choose. However, bankruptcy law is enormously complex, and the consequences of poor decisions can be catastrophic. It’s always a better idea to work with experienced bankruptcy attorneys who understand financial law and can help guide people to more favorable outcomes.

This advice holds true everywhere in the USA, including the Pacific Northwest, with its many locations and attractions. For some Americans, this region is the ideal place to travel, work, and even take up residence. But as with other states of our nation, it has a lot of agency in the area of administrating state and municipal laws. People from different parts of the country who are moving to Washington State can choose from many fantastic areas, like Pasco, the Tri-Cities area, and other parts of Franklin County. Like in other states in the USA, residency in Washington means complying with laws set at the federal, state, and local levels. These laws oversee a spectrum of different areas, like criminal and even financial activities. They are also not meant for only private citizens. Organizations and institutions, like the banking systems Franklin County residents use, are subject to these laws as well.

Sadly, even with a dynamic economy and many economic opportunities, there is still no guarantee of financial success for every American. Poor circumstances or even poor choices may lead some Pasco and Franklin County residents into a situation of unsustainable debt. At that point, they become subject to the state and federal laws that apply to their specific situation. The best way to navigate such a situation is to get educated on the basics of bankruptcy. After this, then talk to experienced bankruptcy attorneys in Pasco and consider filing for bankruptcy.

Bankruptcy is not an action so much as a financial status, but it’s not a great one, so many people don’t view it very favorably. While it is true that bankruptcy is not a positive experience, it’s not a financial “terminal diagnosis”. One of the primary goals of bankruptcy is to assist people in financial recovery.

Bankruptcy provides both legal expectations and protections for the people who file for it, creating an economic environment in which debt can be addressed and ultimately paid back. Federal laws are in place to regulate bankruptcy, though some regard these more as guidelines. This is because states are afforded much autonomy when it comes to crafting their regional bankruptcy policy. This ensures that the regulations they have are actually relevant to their regional needs and interests. Washington State has followed this expectation, creating policies for how residents of Pasco, the tri-cities, and others in Franklin County file for bankruptcy.

Filing for bankruptcy means applying for a general kind of financial status. One general trait that is true of all bankruptcy cases is an unmanageable amount of debt. However, within bankruptcy, there are specific categories referred to as “chapters.” These chapters have particular characteristics or requirements to qualify. A Pasco bankruptcy lawyer in Franklin County can help people see which chapter fits their situation, such as:

Chapter 13 bankruptcy has a nickname among financiers and is informally known as “the wage earner’s plan.” One of the chief requirements for qualification is having some gainful employment or, at the very least, a reliable stream of revenue. A typical example of someone who meets this requirement is a full-time employee who is paid a monthly salary. Because Chapter 13 filings are only accepted when people still have some stable income, this category of bankruptcy is often viewed as less severe.

Chapter 13 bankruptcy handles debt management through the creation of a financial plan. This is a structured payment schedule, usually lasting anywhere from three to five years, with installments. Many people will already be familiar with this structure from other payment plans, like payments on a car loan or even reducing a mortgage debt. The amount required for installments is calculated by assessing a number of economic factors, including expenses, income, and cost of living.

There are two chief criteria required for people to file for and qualify for Chapter 13 bankruptcy. The first is being able to submit verifiable proof of either a regular, incoming salary or a reliable revenue stream that can still provide some fixed income. The second requirement is that there are limits to how much debt is allowable. Only a debt of less than 2.75 million qualifies for Chapter 13 bankruptcy.

Chapter 7 bankruptcy, by contrast, tends to be viewed as a more severe form of bankruptcy and debt management. This category pays off debt through a simple but drastic method: liquidating assets to try and recover cash to go toward debt repayment. Many people find Chapter 7 bankruptcy a far less appealing alternative but may have little choice if they can’t qualify for Chapter 13.

Chapter 7’s liquidation process is dependent on an evaluation that looks at all currently owned assets. If any items are themselves the subject of some debt, such as a car that is still taking loan payments or a mortgage on a home, those items are excluded from the assessment. Any other items that are owned are fair game including vehicles, furniture, personal or professional equipment, artwork, and even liquid assets like cash, investments, and other accounts. Both individuals and businesses can file for Chapter 7 bankruptcy.

There are some situations where it’s not practical—or simply impossible—to buy a high-cost item in a lump sum cash payment. This is where loans or payment plans become crucial. These plans allow people to buy a costly item and then pay back the total slowly through installments. In these cases, if trouble occurs and people start missing payments, that gives who holds the loan or the payment plan legal permission to take back the item that hasn’t been paid for. This is called repossession, and Pasco residents should educate themselves on the different repossession regulations in place that have different policies for various categories of repossession.

Pasco residents should be aware that once an item is subject to repossession, the group or organization repossessing it does not require the consent of the owner to take it back. However, Franklin County residents still have a few consumer rights in this situation. Bankruptcy lawyers in Pasco can be helpful in these situations by doing things like securing an exemption on specific items by filing for certain types of bankruptcy. One example of this is getting a vehicle rendered as “off limits” for repossession because it is required for a person to continue working and paying off debt.

The vast majority of Americans take out a mortgage on a home since most people, even with all their life savings, often can’t afford to pay cash on a home. If too many of the mortgage payments are missed, then that home may be repossessed by the mortgage holder; only now is it a specific process called “foreclosure.” Washington State has its own specific laws and regulations to manage this in Pasco, Kennewick, and other parts of Franklin County. Once a home is slated for foreclosure, the mortgage holder, often a bank, now owns the home and has the legal right to evict residents and sell the home in an attempt to recover the remaining debt.

Pasco County residents concerned about foreclosure should educate themselves on this process. There are specific details that can impact how this process works. For example, homeowners usually don’t have to worry because a payment is late by a few days. However, if there’s no mortgage payment after four months, mortgage holders are granted the authority to enact a foreclosure.

There are some instances where debt is owed and can be paid, but the debtor refuses to, which results in wage garnishment. Wage garnishment is a court order where part of a person’s salary is automatically denied to them and held in reserve toward paying off a specific debt. One of the most common examples of this is if a divorced spouse agrees to pay child support, then doesn’t actually make these agreed upon payments. If this goes on too long, their salary is garnished, and a part of it is automatically diverted to cover these back payments.

Pasco residents facing wage garnishment are not totally without legal options. Washington State regulations are in place to limit the maximum amounts of garnishment, and this includes provisions for exemptions.

Under current state laws, wage garnishment has a maximum amount of up to 25% of a person’s weekly wage. The amount a person pays is usually calculated by assessing various economic factors. Total salary, living expense requirements, and any other outstanding debt obligations, like mortgages or car loans, all figure into how a Washington State bankruptcy attorney may have some leeway to mitigate a wage garnishment’s final amount.

While the United States is one of the most advanced countries in the world in terms of medical treatment, that does not mean such treatment is widely accessible or low-cost. For those without comprehensive health insurance from an employer, a serious accident or sudden disease diagnosis can wipe out entire savings. This is also the case for serious, long-term conditions that are discovered during medical checkups, such as diabetes later in life.

Sadly, even when facing such steep medical expenses, some may be in for a further unpleasant surprise when additional costs not discussed in an estimate appear on the final bill. Pasco bankruptcy lawyers can provide immediate help to intervene in “surprise bills.” Just as importantly, Washington State created laws to protect residents from surprise billing. People should never assume that a bill can’t be contested just because it came from a licensed medical practice.

Many residents of Pasco, the tri-cities, and other parts of Franklin County use credit cards. They’re one of the most convenient ways to make online purchases. Unfortunately, that same convenience can make it easy to overuse credit cards, which can escalate into large debts. Severe credit card debt is a mounting problem throughout the United States, and Washington State is no exception.

It’s possible to be proactive about credit card debt and stay ahead of it, and there are even outside sources of assistance. Government services are available that provide credit reports, debt counseling, and other services. However, when debts get too big and payments are missed, credit card companies get an expansion on their legal powers in this situation. They may be focused on smaller things, like securing a single payment, or focus on the big picture and try to recover all the remaining debt. Bankruptcy attorneys in Pasco and Franklin County can assist people facing these situations.

Financial laws in Washington State govern how people must act, but these laws also apply to financial organizations. There are consumer lending laws they are expected to follow that provide guidance on how banks and other loan organizations may act, and this includes their representatives, such as collection agencies and their agents. Laws that govern what creditors are legally allowed to do exist at both the Federal and state levels.

It is a sad reality that sometimes creditors overstep their legal boundaries, relying on the debtor's ignorance to recoup debts. Someone in debt is in a naturally disadvantaged position and may assume that if a creditor takes some action on them, however extreme, it must be legal, or they wouldn’t do it.

This is not always the case, and Pasco residents have rights that must be respected. Creditors cannot, for example, ignore a “no visitors” policy at a debtor’s workplace and they also cannot call debtors late at night or early in the morning as a disorientation or intimidation tactic. Any Pasco, tri-cities, or Franklin County resident who feels they may be harassed by creditors should talk to a bankruptcy attorney immediately to assess the legality of the situation.

In a normal litigation situation, any resident of Pasco, the tri-cities area, or other parts of Franklin County who is defending against a lawsuit is always advised to seek guidance from an experienced litigation attorney. This is especially true in situations involving injury or slander. There are, however, specific circumstances where a lawsuit is best handled by a financial expert, particularly a bankruptcy attorney, such as when lawsuits are centered around debts owed.

For example, a person may have missed payments on a credit card, which eventually resulted in numerous missed payments or even a complete cessation of payments. The credit card company to whom the debt is owed may at first try to work with the individual. If that doesn’t work, they may elect to work with a collection agency and try to get a creditor to recover some money. If that result still isn’t satisfactory, they may finally decide as a last resort to serve notice of litigation as, if that case is won, they can seize the funds. However, just like with a normal lawsuit, Pasco residents and others around Franklin County still have some legal options available. An experienced Franklin County bankruptcy attorney can help people resolve this distressing situation.

Banks are the common destination people go to for loans, but they aren’t the only legitimate alternatives. Other financial groups can offer loans to people, including credit unions and companies that specialize in offering “advances” on paychecks, with the understanding that once the salary arrives, it will go toward paying back that loan. These companies make what are known as “payday loans.”

Some people may initially find such companies to be preferable because they tend to offer easier and faster approval rates, making it possible for some who might not qualify for a loan at a bank to secure funds quickly. However, there are downsides here, though people will only find out if they break the conditions of the loan. The penalties, even for a late payment, can be much more severe compared to a bank. Late fees, missed payment penalties, and spiking interest rates can quickly add up, with new debt that eclipses the original loan. When trapped in this cycle, the best way to break it is to seek the advice of an experienced Pasco bankruptcy attorney in Franklin County.