Seattle Chapter 13 Bankruptcy Attorneys
Washington State Chapter 7 Bankruptcy Laws
Seattle Chapter 13 Bankruptcy Lawyers
Need to qualify for a Washington Bankruptcy?
Our Seattle Chapter 13 bankruptcy attorney can help!
Chapter 13 Bankruptcy: Repay Only the amount of Debt you Can Afford Chapter 13
Bankruptcy helps people repay debts to a lesser amount that they are currently
obligated to pay and an amount they can afford.
It forces creditors to accept smaller payment and in most cases
discharges at least a portion, if not the majority of unsecured debts. There are
many reasons people file for Chapter 13 Bankruptcy. The following are the most
common reasons: 1)
You do not qualify for Chapter 7 Bankruptcy. If you do not qualify for Chapter 7 Bankruptcy because you
are above the median income, do not pass the Means Test and/or have too much
disposable monthly income and can no longer pay your unsecured debts under your
current monthly payment obligations, a Chapter 13 Bankruptcy will force your
creditors to accept make manageable payments on your debts that you can
reasonable afford. The amount you will
have to pay per month is based upon a complex formula under the Means
Test. One of our experienced Seattle
Bankruptcy attorneys can do Means Test analysis to determine how much you will
be required to pay per month in a Chapter 13 Bankruptcy Plan. If you are above the median income, your
Chapter 13 Plan payment will be for 5 years and then the remainder of your
unsecured debt will be discharged at the end of this 5 year period and your
case will be closed. 2)
You filed for Chapter 7 Bankruptcy less than 8 years ago. If you filed for
Chapter 7 Bankruptcy less than 8 years ago and successfully received a
discharge of your unsecured debts, you cannot file for Chapter 7 Bankruptcy
again for another 8 years. If you are
again financially distressed and cannot afford to wait another 8 years to file
for Chapter 7 Bankruptcy and have filed for Chapter 7 Bankruptcy at least 4
years ago, you can file for Chapter 13 Bankruptcy. In such a case, if you are below the median
income and otherwise would have qualified for Chapter 7 Bankruptcy, it is
likely you will pay no more than a nominal payment of $100 per month toward
your unsecured creditors for 3 years in a Chapter 13 Plan and then your
remaining unsecured debt will be discharged and your case will be completed and
closed. 3) You are behind on your mortgage and want to
catch up. If you are behind on your mortgage(s) and
want to catch up, you can file for Chapter 13 Bankruptcy and make payments on
your mortgage arrearage (the amount of you are behind) spread out up to 5 years. However, you will have to resume your
regular, contractually monthly mortgage payments, as well as make payments
toward your mortgage arrearage. You
cannot modify your regular mortgage payment through Chapter 13 Bankruptcy. If your
house has a scheduled foreclosure sale date, filing for Chapter 13 Bankruptcy will stop your foreclosure sale and allow
you to catch up on your mortgage to save your home. Depending on
your income, in many cases in a Chapter 13 Bankruptcy you are eligible to
discharge all of your unsecured debt (credit cards, etc.) so you can now afford
to pay your mortgage and mortgage arrearage to save your home. 4) You want to restructure and lower
your car loan payments. A Chapter 13 Bankruptcy allows
you to restructure and lower your car loans.
Your car loans can be restructured and extended to be repaid over 5
years. A Chapter 13 bankruptcy will also
lower the interest rate on your car loan to well under 10%. And if your car loan was taken out over 910
days ago (2 ½ years ago), a Chapter 13
Bankruptcy will also lower your car loan balance to the fair current market
value of your car if the fair market value is lower than your current car loan
current balance. 5)
Stop All Additional Interest and Penalties on your IRS and other tax
debt. A Chapter 13 Bankruptcy allows you to repay
your total tax debt up to 5 years and stop any further interest any penalties
from accruing. 6) In
some cases, Chapter 13 Bankruptcy Will Discharge your Second Mortgage. If the appraised value of your home is less
than the current balance of your first mortgage so there is no equity
whatsoever to pay off any of your second mortgage, a Chapter 13 Bankruptcy will
allow you to convert your second mortgage to general unsecured nonpriority debt
where it will be discharged at end of the successful completion of your Chapter
13 Plan. Discharging a second mortgage
is complicated process that requires the help of an experienced bankruptcy
attorney. Our Seattle bankruptcy
attorneys can help you with this process.
How can a Seattle Chapter 13 bankruptcy help me?
If
you have income, our Seattle bankruptcy lawyers may be able to qualify
you for a chapter 13 bankruptcy, which is a kind of court-approved
payment plan:
• The “House Saver”. We can stop a foreclosure, and may be able to save your home.
• Stop repossessions- we can even “cram down” your car payments and the interest you pay, and make your car affordable.
• We will stop garnishments and get rid of judgments.
• We can structure a payment plan that fits your budget, and free up money for you and your family each month.
• Get federal court protection from your creditors, even the IRS!
• Stop the phone calls and letters from your creditors, and get some peace of mind!
WASHINGTON CHAPTER 13 BANKRUPTCY
WHAT IS A CHAPTER 13 BANKRUPTCY?
It
is a kind of bankruptcy where you can all or part of your debts back,
like missed mortgage payments, car payments, and other debts.
It usually lasts from 3 to 5 years long.
WHAT CAN IT DO FOR ME?
It can help you get control of your life again! That’s what!
Chapter 13 bankruptcy is a very powerful legal tool.
It can do the following:
Stop a Foreclosure
Stop Repossessions
Stop Creditor Calls & Letters
Stop Garnishments
Pay Some Creditors Back-but on YOUR terms, not THEIRS
Erase Judgments Against You
Get Your Drivers License Back
Free up Money Every Month
Get the IRS Off Your Back
Get Protection from the Court - while you pay back taxes and other debts
File a Bankruptcy and Get Protection,
- Even just 4 years after filing a Chapter 7 bankruptcy!
Restructure Debt on Your Vehicle- Pay less, with lower interest
Permanently Eliminate Many Kinds of Debts, such as:
• CREDIT CARDS
• MEDICAL BILLS
• JUDGMENTS
• OLD INCOME TAXES
• PAYDAY LOANS
• LINES OF CREDIT
• PERSONAL LOANS
• MONEY STILL OWING AFTER REPOS & FORECLOSURES
HOW DO I QUALIFY?
Federal law allows you to file for chapter 13 bankruptcy protection if you meet the following requirements:
• You need some help to get back on course financially.
• You have not filed a chapter 7 bankruptcy where you received a discharge, within the last 4 years.
•
You have some disposable income. That is, you have some money left
over every month after paying your basic living costs- but just not
enough to pay ALL of your obligations the way all those creditors want
you to.
• You do NOT owe more than $1,081, 500 in secured debt, such
as houses, cars, furniture, or jewelry on account, or more than $360,525
in unsecured debt like credit cards and medical bills. (Always look
out for 2nd mortgage deficiencies owing after a foreclosure! Unsecured
debt, and these can be pretty big!)
• You reside in the United States
• You did not voluntarily dismiss a bankruptcy case in the past 180 days.
That’s IT !
OK, I DO NEED SOME HELP.
AND IT LOOKS LIKE I QUALIFY. . . . . .
NOW WHAT? CALL NOW TO SPEAK WITH ONE OF OUR SEATTLE BANKRUPTCY ATTORNEYS
HOW CHAPTER 13 BANKRUPTCY WORKS:
1. You call us and talk to one of our friendly staff or attorneys.
We will ask you a series of questions, and gather some basic
information. Our Seattle bankruptcy attorneys are very familiar with
this area of law, and we have helped thousands of people successfully
eliminate debt and save their houses and cars- so we know exactly what
information we’re looking for.
2. Set up an initial consultation with one of our experienced attorneys.
Our Seattle bankruptcy lawyers will give you a list of things to bring with you that your attorney can review.
Because
the majority of people who meet our excellent staff and experienced
attorneys suddenly feel like they can breathe again, and they know they
are in good hands. They usually hire us on the spot.
If you
don’t qualify, our Seattle bankruptcy attorneys can still help steer you
in directions that can help, and help you understand your options, even
if bankruptcy is not one of them. Some people may do better with
credit counseling and budgeting and other options, and we go over these
things.
It’s all part of our service.
3. You decide you want to move forward.
Our
Seattle bankruptcy lawyers will take all the information you give us,
and will open a file for you. We will go through everything and see if
there is anything missing. You may give you a list of things to do.
4. Pre-Bankruptcy Planning
The
laws can be pretty tricky. That’s why you’re hiring a professional.
Our Seattle Chapter 13 bankruptcy attorneys will make sure that all of
your assets and property will be protected. Our Seattle bankruptcy
attorneys will analyze your income and other information to determine
the best timing.
We will do an in-depth analysis of your
situation, and use creative ways the law allows to help you financially,
and to maximize the benefit you get from your case. For instance, if
you are above the median income for households of your size, you may
have to do a 5 year plan. But if you were to wait because your big
paydays were in the past, then you might qualify for a 3 year plan
instead.
5. Our Seattle bankruptcy attorneys work on your budget, look at your debts, and create a Chapter 13 Plan with you.
People
who file chapter 13 cases have many different reasons for doing so.
Many file to stop a foreclosure, so we figure out what is needed to get
them caught back up. Many owe a lot of taxes, and we can help them deal
with those. Each case is as unique as the client who files it. Our
Seattle bankruptcy attorneys will work with you to create a Plan that
meets your budget and your needs.
6. Our Seattle bankruptcy lawyers will also go to Court with you, and help you get your Chapter 13 Plan confirmed by the judge.
Sometimes
a plan needs a few adjustments. We work with the Court and your
Chapter 13 Trustee (the one administering your case) to get a plan that
will work and meet Court approval.
7. Our Seattle bankruptcy attorneys stick by you while you complete your plan.
Life
just happens, and things may change with your income or expenses. We
can change your Chapter 13 Plan to adapt to the new situation.
8. The Completion of the Chapter 13 Plan.
DON’T HESITATE, GET THE INFORMATION YOU NEED TODAY!