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Our Everett bankruptcy lawyers are here to help.
The Problem: Financial stress and difficulties.
Are any of these happening to you?
- You cannot pay all of your bills, and everyone you owe money to wants you to pay it all back, right now.
- The mortgage company is going to foreclose on your home.
- Your bank account or your paycheck is being garnished.
- The IRS is about to levy on you.
- The bank called, and they want your car back.
- You and your family, friends, and boss, are getting phone calls from your creditors many times every day.
The Solution! What should you do?
Talk to an Everett bankruptcy lawyer today.
The first thing anyone in a difficult financial situation should do is to get the best information, and start figuring out solutions. We can help you, because our attorneys specialize in helping people with debts.
Our Snohomish County bankruptcy attorneys and debt relief lawyers are experienced professionals, and every day we help people get clear answers, and help them to get a fresh financial start. We help people get back on track.
Call us and set up an initial consultation appointment with one of our Everett bankruptcy attorneys today. We talk to people in hard financial situations every single day. We know the laws, and we know what can work, and will not. We have helped thousands of people to find answers and solutions to their worst financial problems.
Here are some of the topics we will go over during your consultation:
• Should you cash out your 401(k) or other retirement to pay your creditors?
• Should you give your truck to your cousin to avoid the creditors from taking it?
• Should you sell your prize collector’s car to pay off the credit cards?
• Should you try to settle with creditors, and how does that work?
• Should you go through consumer credit counseling? How can they help?
• Should you hire an attorney to fight the credit card company’s lawsuit?
• Should you go through debt consolidation to settle the debts?
• What kinds of bankruptcies are there, and do you qualify under the
new bankruptcy laws?
• How would bankruptcy help me? What are the downsides?
• Are there any ways you can avoid bankruptcy?
• What happens if you decide not to do anything?
Just give us a call, and we will schedule you in and give you a short list of documents and other information that your Everett bankruptcy lawyer will need to go over with you in order to understand your situation and explain your options.
Here are some of the most frequently asked questions we get:
What is Bankruptcy?
When Ben Franklin, Thomas Jefferson, and the other Founders of our country created the Constitution, they made sure to include the right to bankruptcy protection as one of your rights under federal law. This was because the old countries used to have debtors prisons, where people would go if they owed money.
You can imagine that this is not good in the long run, because how can people be good, contributing members of society if they are hiding from creditors, or are locked up in jail? People make mistakes in their investments. Or they get sick. Or they get laid off and find it hard to get another job.
The Founders of our country knew that things happen to decent, hardworking people, and they need to have a way out, and a way to get back on their feet. That is why Bankruptcy Law is one of your most important legal rights.
Do I qualify for Bankruptcy Under the New Laws?
Our experienced Everett bankruptcy attorneys have worked with thousands of people since the laws changed in 2005. We will go over the changes with you, and see if you qualify. If you have not filed a chapter 7 bankruptcy in the past 8 years, we probably can help you. Even if you have filed a chapter 7 in the past 8 years, we can look at other alternatives, such as a low-payment chapter 13 case.
How Can Bankruptcy Help Me and My Family?
Bankruptcy law is very powerful, and can:
- Stop foreclosures
- Stop repossessions
- Stop garnishments and lawsuits
- Stop the IRS
- Discharge judgments
- Discharge debts like credit cards, medical bills, even some taxes!
- Free up extra money each month, so you and your family can survive
What is a Chapter 7 Bankruptcy?
Chapter 7 is the most common kind of bankruptcy, and most of the bankruptcy cases filed every year are chapter 7 cases. To qualify for a chapter 7 bankruptcy, you cannot have received a discharge in another chapter 7 case filed in the past 8 years. You also must be able to show the court that you have no disposable income (that is, all of your income goes to pay basic living expenses like rent/mortgage, food, phone, utilities, insurance, gas, etc.)
It takes about 4 months altogether, and discharges unsecured debts like credit cards, medical bills, unsecured lines of credit, payday loans, personal loans, and even some income taxes. It does not discharge child support, fines or criminal restitution, most student loans, and most taxes.
It does not discharge secured debt like mortgages and car loans (unless you give up the house or vehicle). There are ways to change the contract balance and the amount of the payments on cars, jewelry, furniture, and other items, so be sure to ask us about this.
If you have many assets, like houses, cars that are paid off, or expect an inheritance or other financial benefit, let your Everett bankruptcy lawyer know right away. In some situations, you could lose things in a chapter 7 bankruptcy case, so we need to know about all of the assets in order to help you plan, or possibly do a chapter 13 plan instead.
That way you can be assured you can keep everything, or get experienced and professional help with pre-bankruptcy planning to minimize losses. Our Everett bankruptcy attorneys can help you determine if you can qualify for Chapter 7 bankruptcy protection and relief.
What is a Chapter 13 Bankruptcy?
Chapter 13 bankruptcy is a kind of reorganization. You need to be able to show you have enough income left each month to pay some money to your creditors after paying your basic living expenses, like rent/mortgage, food, phone, utilities, insurance, gas, etc.
You work with our Everett bankruptcy attorneys to prepare a 3 to 5 year plan to pay back some of your creditors. Meanwhile, the court protects you from foreclosure, the IRS, and all of your other collectors.
In a chapter 13 plan, your unsecured creditors, such as credit cards and medical bills, only get what is left over after catching up on your mortgage, car, your income taxes, child support or other higher priority debts.
Chapter 13 bankruptcies are also referred to as a "House Saver".
A Chapter 13 is known as a “house-saver” bankruptcy, because it can stop a foreclosure dead in its tracks, and give you a chance to catch up on missed payments and fees.
“Cram Downs”. You can use a chapter 13 to cram down a vehicle to what it is worth at current retail value, rather than what is owing on the contract. Our Everett bankruptcy lawyers can even change the interest rate. For some people, this can means a savings of thousands of dollars!
Mortgage Stripping. If you owe a lot more on your first mortgage than your house is worth, any junior liens like 2nd mortgages or home equity lines of credit may be able to be stripped off and discharged in a chapter 13 bankruptcy (this is not available under a chapter 7 case).
What about the tax man?
A chapter 13 plan can pay the IRS or other taxing agency back, and you can save on on interest and penalties. This can save hundreds or thousands of dollars, and the Court protects you while you make payments you can afford.
Need to free up additional income? A chapter 13 case can help you get your finances under control, and free up additional income each month for clothes, medical expenses and dental work, etc.- even a reasonable amount of money for entertainment!
Contact one of Everett, WA bankruptcy lawyers today.
Get answers. Find solutions. Get your life back on track.
Everett Bankruptcy Lawyers
Call now! (425) 953-4326
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