If you are considering bankruptcy in Seattle, you must already be in a dire financial situation. As such, you probably think it is better if you file bankruptcy on your own to save on attorney’s fees. However, you may not be aware that it is a big and expensive mistake. The fact remains, working with an experienced Seattle bankruptcy attorney will not only save you money but also time and the stress brought about by bankruptcy proceedings.
You should be aware that you will still be required to pay the same filing costs and fees even if you do decide to file bankruptcy in Seattle on your own. Another important thing to note is the complexity of a bankruptcy case such that even the simplest case requires accomplishment of extensive forms, compliance to local court protocols, and in-depth research on exemption laws. Errors may lead to major repercussions wherein you may lose nonexempt properties, your debt may not be approved for discharge, or worse, you could be charged for fraud.
You may avoid these complications by getting one of the best Seattle bankruptcy attorneys. You may find the qualified ones at Northwest Debt Relief Law Firm because they will work hard to the best of their abilities to ensure that you get all the assistance you will ever need.
So, what exactly do Northwest Debt Relief Law Firm’s Seattle bankruptcy attorneys do for their clients?
- They will make sure that you are fully aware of your options and the different types of bankruptcy so that you may file the one that is more ideal for your financial situation.While there are many types of bankruptcy, only two are of concern to most individual debtors: Chapter 7 and Chapter 13. While they both provide protection from your creditors, which one you file depends on your individual situation.
- A Chapter 7 bankruptcy is more about the liquidation of assets to pay off creditors. It is usually fast, with discharges received within three to four months, allowing debtors a quick fresh start. All of a debtor’s non-exempt properties are collected and sold to pay back the creditors A debtor is allowed to keep what is known as exempt property. Chapter 7 bankruptcy is suitable for low-income debtors with little or no assets with which to pay off their debts. However, it costs more to file for Chapter 7 bankruptcy than Chapter 13 and there is a greater risk of losing your property due to foreclosure.
- A Chapter 13 bankruptcy is more about helping a debtor pay off outstanding debts through an approved repayment plan. It is often called “reorganization” because it allows Chapter 13 filers to pay off all or part of their debts in a span of three to five years. The purpose of the reorganization plan is to show how you will fully pay all priority claims, such as child support, unpaid wages, and taxes, within three to five years. Unsecured debts like credit card debts and medical bills may be partially paid over time.
- They will see to it that you comply with bankruptcy requirementsUnder the law, it is of utmost importance to have all your ducks in a row before you file — and there are quite a few ducks… examples of which are the many pages of forms to fill out and supporting documentation that you must gather and organize before you are ready to file. Bankruptcy cases may be dismissed without discharging your debts if you do not comply with bankruptcy requirements for filing, providing documents, or other administrative matters.
Following are the requirements you must comply with :
- Complete the mandatory pre-filing credit counseling class within the 180 days before your bankruptcy filing.
- File the required bankruptcy forms detailing all of your current debts, assets, income, and expenses, as well as your plans regarding loans that are secured by collateral (such as car loans).
- Pay court fees such as the filing fee, administrative fee, and in Chapter 7 cases, the trustee surcharge.
- Attend the 341 meeting where the bankruptcy court trustee, as well as your creditors, will ask you questions about the information you provided in your forms.
- Make timely payments on your Chapter 13 repayment plan.
- Follow orders of the court.
- They may help you protect your property.Some property is protected by exemptions but our experienced bankruptcy attorneys are committed to making sure you take all you are entitled to, that there will be little or no loss of non-exempt property, and will help you avoid unexpected losses.
- They will make sure that tax refunds and other monies due are in order.It is important to list all receivables, or money due to you, as property in your bankruptcy forms and to file your bankruptcy at the right time. Otherwise, you could lose out on proceeds of lawsuits, upcoming tax refunds, inheritance or life insurance proceeds, bonuses, and sales commissions.
- They will help you deal with credit cards and loans.Our helpful bankruptcy attorneys may be able to guide you on how to deal with your credit card debts and payday loans. They will explain to you how these are dealt with in a bankruptcy filing and how your credit rating will be affected by the bankruptcy itself. Your Northwest Debt Relief Law Firm’s Seattle bankruptcy attorneys will strive to have your credit restored in no time.
- They will deal with foreclosures and repossessions.Our practical Seattle bankruptcy attorneys understand how valuable your house, vehicles, and personal property are to you. Thus, it is in no uncertain terms that they will work hard to make sure there are ways to prevent foreclosure and repossession of your most treasured possessions.
- They will also take care of situations that may affect your family.Our understanding Seattle bankruptcy attorneys will find the best ways to handle your debts if you are going through a tough time such as divorce proceedings. They will leave no stone unturned to make sure that the bankruptcy process will go as smoothly as possible, with minimal effect on your family, children, and your inheritance.
- They will help you take care of how you can settle your debts.A good Seattle bankruptcy attorney will look at the type of debts you have that are eligible for discharge and find out how to handle any remaining debt. Our hardworking bankruptcy attorneys at Northwest Debt Relief Law Firm will gladly assist you in settling and negotiating debts and guide you on how you may avoid being in the red again in the future. They may teach you how to set up budgets, the best way to prioritize your expenses, as well as how to cut spending where possible.
- They will make sure you exercise fair judgment in paying off your debts.Our Seattle bankruptcy attorneys will see to it that you settle your debts with each of your creditors fairly before filing for bankruptcy. Paying off certain creditors, such as friends or family, larger amounts constitutes a preferential transfer and is prohibited by law. Your bankruptcy trustee may sue you and recover the money that should have been distributed evenly among all creditors.
- They will provide free consultations
Contact a Seattle Bankruptcy Attorney Today
Our friendly Seattle bankruptcy attorneys at Northwest Debt Relief Law Firm are willing to answer your questions and examine your case in order to cope up with viable solutions to your financial situation.
Get in touch with us at Northwest Debt Relief Law Firm for a free initial consultation and let us help you rebuild a more secure financial future.