{"id":4509,"date":"2019-06-14T08:45:39","date_gmt":"2019-06-14T08:45:39","guid":{"rendered":"https:\/\/nwdrlf.com\/?p=4509"},"modified":"2019-08-13T06:32:49","modified_gmt":"2019-08-13T06:32:49","slug":"file-for-bankruptcy-in-tacoma-washington","status":"publish","type":"post","link":"https:\/\/nwdrlf.com\/file-for-bankruptcy-in-tacoma-washington\/","title":{"rendered":"File For Bankruptcy in Tacoma Washington?"},"content":{"rendered":"<div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-1\"><h2><span class=\"ez-toc-section\" id=\"Do_I_Need_to_File_For_Bankruptcy_in_Tacoma_Washington\"><\/span>Do I Need to File For Bankruptcy in Tacoma Washington?<span class=\"ez-toc-section-end\"><\/span><\/h2><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<label for=\"ez-toc-cssicon-toggle-item-6629d8d0eac19\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6629d8d0eac19\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/nwdrlf.com\/file-for-bankruptcy-in-tacoma-washington\/#Do_I_Need_to_File_For_Bankruptcy_in_Tacoma_Washington\" title=\"Do I Need to File For Bankruptcy in Tacoma Washington?\">Do I Need to File For Bankruptcy in Tacoma Washington?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/nwdrlf.com\/file-for-bankruptcy-in-tacoma-washington\/#Why_Am_I_Filing_Bankruptcy\" title=\"Why Am I Filing Bankruptcy?\">Why Am I Filing Bankruptcy?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/nwdrlf.com\/file-for-bankruptcy-in-tacoma-washington\/#Are_there_options_other_than_a_bankruptcy_filing\" title=\"Are there options other than a bankruptcy filing?\">Are there options other than a bankruptcy filing?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/nwdrlf.com\/file-for-bankruptcy-in-tacoma-washington\/#Am_I_Eligible_to_File_for_Bankruptcy\" title=\"Am I Eligible to File for Bankruptcy?\">Am I Eligible to File for Bankruptcy?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/nwdrlf.com\/file-for-bankruptcy-in-tacoma-washington\/#Can_Bankruptcy_Wipe_Out_All_Debts\" title=\"Can Bankruptcy Wipe Out All Debts?\">Can Bankruptcy Wipe Out All Debts?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/nwdrlf.com\/file-for-bankruptcy-in-tacoma-washington\/#Do_I_Need_to_Work_With_a_Tacoma_Bankruptcy_Attorney\" title=\"Do I Need to Work With a Tacoma Bankruptcy Attorney\">Do I Need to Work With a Tacoma Bankruptcy Attorney<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n\n<p>You do not always get a \u201cyes\u201d or \u201cno\u201d answer when you ask someone if you should file bankruptcy in Tacoma, Washington. More often, people will respond, \u201cFile for bankruptcy only as a last resort!\u201d \u00a0This usually means, bankruptcies are the last straw if and only if you have already exhausted all available debt relief options and despite everything, you are still on the road to financial distress.<img decoding=\"async\" class=\"wp-image-4510 size-medium alignright\" src=\"https:\/\/nwdrlf.com\/wp-content\/uploads\/2019\/06\/male-lawyer-reading-documents-wooden-desk_23-2147898378-300x200.jpg\" alt=\"Bankruptcy in Tacoma Washington\" width=\"300\" height=\"200\" srcset=\"https:\/\/nwdrlf.com\/wp-content\/uploads\/2019\/06\/male-lawyer-reading-documents-wooden-desk_23-2147898378-200x133.jpg 200w, https:\/\/nwdrlf.com\/wp-content\/uploads\/2019\/06\/male-lawyer-reading-documents-wooden-desk_23-2147898378-300x200.jpg 300w, https:\/\/nwdrlf.com\/wp-content\/uploads\/2019\/06\/male-lawyer-reading-documents-wooden-desk_23-2147898378-400x266.jpg 400w, https:\/\/nwdrlf.com\/wp-content\/uploads\/2019\/06\/male-lawyer-reading-documents-wooden-desk_23-2147898378-600x400.jpg 600w, https:\/\/nwdrlf.com\/wp-content\/uploads\/2019\/06\/male-lawyer-reading-documents-wooden-desk_23-2147898378.jpg 626w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/p>\n<p>The reason people turn their backs on bankruptcy is because of the drawbacks it brings. \u00a0More often than not, Americans perceive people who go bankrupt as failures. The scar bankruptcy leaves on one\u2019s life is often brought about by the stigma associated with it all these years.<\/p>\n<p>However, bankruptcy is more of a scab rather than a scar. \u00a0With proper care and attention, a scab clears up and fades away, leaving little to no traces of a wound that it once was. Like a scab, when the bankruptcy process was treated with proper care and attention, there is a great chance for a debtor to get a fresh start. It is for this reason that bankruptcy laws are in place. \u00a0It is meant to give people a second lease on life, at least on the financial aspect of their lives.<\/p>\n<p>In Tacoma, Bankruptcy is one of the major decisions anybody makes in their lives. That being said, before you dive in, \u00a0you must find out the reasons why you are even considering it. \u00a0You also need to study the advantages and disadvantages of a bankruptcy filing.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Why_Am_I_Filing_Bankruptcy\"><\/span>Why Am I Filing Bankruptcy?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Medical debt is considered as the number one reason why Americans file for bankruptcy in Tacoma. An estimated 66.5% of all bankruptcies are tied to medical issues, followed by unaffordable mortgages (45%) and spending or living beyond one\u2019s means (44.4%). Even if one has insurance, it is not enough to cover health-related bills. \u00a0Worse, your health problem may even make it challenging to do your job resulting in you quitting or being let go by your employer. This imbalance on your income and expenses is an unfavorable consequence of mounting medical bills coupled with losing your job. \u00a0Other situations can make bankruptcy a seemingly suitable option for the following reasons:<\/p>\n<ul>\n<li>You are undergoing divorce proceedings<\/li>\n<li>You are being sued by creditors in order to make you settle your debts.<\/li>\n<li>You are about to lose your home.<\/li>\n<li>You only have your credit card to pay for your purchases<\/li>\n<li>You have been maxing out your credit cards one by one because you just transfer balances from one to the other.<\/li>\n<li>You are being tempted to dip into your retirement account to cover the bills<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Are_there_options_other_than_a_bankruptcy_filing\"><\/span>Are there options other than a bankruptcy filing?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>When you really think about it or when you keep your eyes open, you might find that there are other alternatives available to address your financial troubles.<\/p>\n<p>There are other viable options you can consider before diving in bankruptcy. Credit counseling is one. Credit counselors will look at the state of your finances and enlighten you on the pros and cons of debt management programs such as debt consolidation or debt settlement.<\/p>\n<p>You may also be considering\u00a0living within your means. Tighten your belt by drawing the line on unnecessary purchases. You can also try taking a second job or selling off one of your assets to supplement your income or to pay the bills.<\/p>\n<p>You can also look into negotiating your debt to more manageable terms and amounts. Maybe you may also evaluate if this is just a temporary slump and your situation may improve soon.<\/p>\n<p>Another important thing to consider is if you have an incoming substantial amount of payables looming in the horizon. \u00a0If so, you might want to hold off on paying that until you decide whether or not to file bankruptcy since those bills could be dismissed through bankruptcy.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Am_I_Eligible_to_File_for_Bankruptcy\"><\/span>Am I Eligible to File for Bankruptcy?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Chapter 7 and Chapter 13 are the two types of bankruptcies for individuals. Both have certain criteria to qualify:<\/p>\n<p><a href=\"https:\/\/nwdrlf.com\/chapter-7-bankruptcy\/\"><u>Chapter 7 bankruptcy<\/u><\/a>\u00a0is more of liquidation and allows the debtor to clean out debts and get a completely fresh start. A bankruptcy court appoints a trustee who collects all of a debtor&#8217;s non-exempt assets and sells them to pay back the creditors. \u00a0A debtor is allowed to keep what is known as exempt property. Considered exempt includes most retirement accounts, Social Security payments, and a certain amount of home equity. Chapter 7 bankruptcy works for low-income debtors with little or no assets with which to pay off their debts.<\/p>\n<p>Chapter 13 bankruptcy is 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. Your bankruptcy attorney will help you draft a proposed repayment plan, which must be approved by the bankruptcy court before your bankruptcy petition can proceed further. 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. Chapter 13 bankruptcy works for individuals who make too much money to qualify for Chapter 7 bankruptcy, or for those who would stand to lose property that they would rather keep.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Can_Bankruptcy_Wipe_Out_All_Debts\"><\/span>Can Bankruptcy Wipe Out All Debts?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>One of the common misconceptions about bankruptcy in Tacoma is that it wipes out all debts. Unfortunately, some debts are not included in a bankruptcy discharge. These are student loans, child support, alimony, income taxes, debts to government agencies, debts for personal injury caused by driving while intoxicated and any court fines or penalties. On a positive note, Chapter 7 bankruptcy discharges credit card debt, medical bills, personal loans, lawsuit judgments and obligations from leases or contracts. <a href=\"https:\/\/nwdrlf.com\/chapter-13-bankruptcy-in-oregon-and-washington\/\"><u>Chapter 13 bankruptcy<\/u><\/a>\u00a0wipes out those debts, plus debts from a divorce (except support payments), debts for loans from a retirement plan.<\/p>\n<p>If you are already retired and have no significant property, bankruptcy may no longer be necessary. If you have no considerable assets such as valuable property or money in the bank, you are already considered judgment proof. \u00a0This means, your collectors can no longer collect anything from you no matter how much they pester you. Under the law, no one can go after your assets from social security, pension plans, 401(k) retirement savings, disability benefits, veterans benefits, alimony or support payments.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Do_I_Need_to_Work_With_a_Tacoma_Bankruptcy_Attorney\"><\/span>Do I Need to Work With a <a href=\"https:\/\/nwdrlf.com\/tacoma-bankruptcy-law-office\/\">Tacoma Bankruptcy Attorney<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Yes! You do not want to be stuck in a financial quagmire. When life throws you a curve-ball that turns your life upside down, it is best to look beyond the short-term effects of bankruptcy on your credit score and appreciate the long-term benefits it may have to regain your financial freedom.<\/p>\n<p>Consulting an experienced bankruptcy attorney is one of the crucial first steps when considering filing for bankruptcy. You may be better guided and assisted throughout the whole process if you have a trusted bankruptcy attorney by your side. Call our\u00a0bankruptcy attorneys at <a href=\"https:\/\/nwdrlf.com\"><u>Northwest Debt Relief Law Firm (<\/u><\/a>NWDRLF) for a free initial assessment of your case.<\/p>\n<\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":2,"featured_media":4510,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/nwdrlf.com\/wp-json\/wp\/v2\/posts\/4509"}],"collection":[{"href":"https:\/\/nwdrlf.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nwdrlf.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nwdrlf.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/nwdrlf.com\/wp-json\/wp\/v2\/comments?post=4509"}],"version-history":[{"count":0,"href":"https:\/\/nwdrlf.com\/wp-json\/wp\/v2\/posts\/4509\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nwdrlf.com\/wp-json\/wp\/v2\/media\/4510"}],"wp:attachment":[{"href":"https:\/\/nwdrlf.com\/wp-json\/wp\/v2\/media?parent=4509"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nwdrlf.com\/wp-json\/wp\/v2\/categories?post=4509"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nwdrlf.com\/wp-json\/wp\/v2\/tags?post=4509"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}