An Attorney That Can Help You In All Areas Of Bankruptcy!
Key Points:
- Bankruptcy is a federal law that protects individuals from debt collectors and provides relief from overwhelming debt, creditor harassment, and asset protection.
- Bankruptcy offers a fresh financial start by discharging most unsecured debts and providing legal protection against lawsuits, wage garnishments, and foreclosure.
- Different bankruptcy types are available in Adams County, Washington, including Chapter 7, Chapter 11, Chapter 12, and Chapter 13, each serving specific purposes.
- Chapter 7 bankruptcy involves the liquidation of nonexempt assets to pay off creditors, and it requires passing a means test.
- Chapter 11 bankruptcy is a reorganization bankruptcy suitable for businesses and individuals, focusing on repaying creditors while continuing operations.
- Chapter 12 bankruptcy is designed for family farmers and fishermen, allowing them to maintain property and renegotiate obligations over several years.
- Chapter 13 bankruptcy enables individuals to repay their debts over three to five years and can eliminate various types of debt, but it requires a regular income and specific debt limits.
- McBurney Law, with 25 years of experience, provides professional legal assistance for individuals facing bankruptcy, offering the necessary legal knowledge, sympathy, and support for making difficult decisions. They also offer services related to criminal defense, estate planning, and family law.
Which bankruptcy in Adams County, Washington, is best for you? This page may not answer all your questions, but a knowledgeable bankruptcy attorney can help you understand Adams County, Washington, bankruptcy types.
Patrick D. McBurney can help you with unmanageable bills. Our attorneys will not ignore your needs. We believe you deserve a fresh start! Get effective bankruptcy aid now.
What is Bankruptcy?
A federal law protects people from debt collectors through bankruptcy. Bankruptcy quickly stops creditors from harassing phone calls and threatening property repossession. If debt collectors are bothering you, bankruptcy may help.
Reasons to Consider Bankruptcy
- Overwhelming Debt: Bankruptcy is often considered when individuals are buried with debt and cannot afford to repay it. Medical bills, credit card debt, personal loans, and financial losses might cause this.
- Creditor Harassment: Constant calls and letters from creditors and collection agencies can be distressing and disruptive to one’s life. Filing for bankruptcy triggers an automatic stay, which legally prohibits creditors from contacting you or pursuing collection actions, offering immediate relief from such harassment.
- Asset Protection: Bankruptcy types may allow individuals to safeguard assets from seizure and sale to pay off debts. Exemptions from bankruptcy might protect your home, automobile, and retirement savings.
- Repayment Plan: Chapter 13 bankruptcy enables individuals to establish a repayment plan to catch up on missing payments while maintaining assets. This strategy may appeal to those with a regular income but financial commitments behind.
- Fresh Start: Bankruptcy offers a fresh financial start. Most unsecured debts are discharged, allowing people to regain their credit and finances.
- Legal Protection: Bankruptcy provides legal protection against lawsuits, wage garnishments, and foreclosure. It can protect one’s financial future.
- Business Reorganization: Chapter 11 bankruptcy enables firms with overwhelming debt to reorganize and continue operations. This can help struggling organizations recover financially.
Chapter 7 Bankruptcy in Adams County, Washington
Chapter 7 bankruptcy is the most common type of bankruptcy in the US and Adams County, Washington. In Chapter 7 liquidation bankruptcy, the bankruptcy trustee sells the debtor’s nonexempt assets to pay off creditors. Most debts will be discharged after bankruptcy.
Applicants for Chapter 7 bankruptcy must pass a means test. The bankruptcy court utilizes the means test to examine if the debtor has enough disposable income to repay their debts. The debtor can file Chapter 7 bankruptcy if they pass the means test.
The steps involved in filing for Chapter 7 bankruptcy are as follows:
- File a bankruptcy petition with the bankruptcy court. The bankruptcy petition is a legal document that lists the debtor’s assets, debts, and income.
- Attend a meeting of creditors. At the meeting of creditors, the debtor will be asked to answer questions from their creditors about their financial situation.
- The bankruptcy trustee will sell the debtor’s nonexempt assets and distribute the proceeds to the creditors.
- The debtor will receive a discharge of most of their debts.
Chapter 11 Bankruptcy, Adams County, Washington
Chapter 11 bankruptcy is a reorganization bankruptcy, so the debtor keeps operating while they figure out how to pay their creditors. Businesses employ Chapter 11 bankruptcy, but individuals can too.
Debtors must have valid debts to file Chapter 11 bankruptcy. Debtor must also aim to reorganize finances and repay creditors. The bankruptcy court must accept the plan as fair to all debtor creditors.
The steps involved in filing for Chapter 11 bankruptcy are as follows:
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- File a bankruptcy petition with the bankruptcy court. The bankruptcy petition is a legal document that lists the debtor’s assets, debts, and income.
- Attend a meeting of creditors. At the meeting of creditors, the debtor will be asked to answer questions from their creditors about their financial situation.
- The debtor will develop a reorganization plan. The reorganization plan must be fair and equitable to all of the debtor’s creditors, and it must be approved by the bankruptcy court.
- The debtor will implement the reorganization plan. Once the reorganization plan is approved, the debtor will begin making payments to their creditors according to the plan.
- The debtor will receive a discharge of most of their debts once the reorganization plan is completed.
Chapter 12 in Adams County, Washington
The Chapter 12 bankruptcy is designed for family farmers and fishers. Chapter 12 bankruptcy lets farmers and fishermen maintain their property and renegotiate their obligations over three to five years.
The steps involved in filing for Chapter 12 bankruptcy are as follows:
- File a bankruptcy petition with the bankruptcy court. The bankruptcy petition is a legal document that lists the debtor’s assets, debts, and income.
- Attend a meeting of creditors. At the meeting of creditors, the debtor will be asked to answer questions from their creditors about their financial situation.
- The debtor will develop a reorganization plan. The reorganization plan must be fair and equitable to all of the debtor’s creditors, and it must be approved by the bankruptcy court.
- The debtor will implement the reorganization plan. Once the reorganization plan is approved, the debtor will begin making payments to their creditors according to the plan.
- The debtor will receive a discharge of most of their debts once the reorganization plan is completed.
Chapter 13 Bankruptcy in Adams County, Washington
Chapter 13 bankruptcy lets people repay their debts over three to five years. Chapter 13 bankruptcy can eliminate most debt, including credit card, medical, and personal loans.
Chapter 13 bankruptcy requires a regular income and the ability to make repayment plan installments. The debtor must also have less than $1,399,975 unsecured and $4,199,900 secured debt.
The steps involved in filing for Chapter 13 bankruptcy are as follows:
- File a bankruptcy petition with the bankruptcy court. The bankruptcy petition is a legal document that lists the debtor’s assets, debts, and income.
- Attend a meeting of creditors. At the meeting of creditors, the debtor will be asked to answer questions from their creditors about their financial situation.
- The debtor will develop a repayment plan. The repayment plan must be fair and equitable to all of the debtor’s creditors, and it must be approved by the bankruptcy court.
- The debtor will implement the repayment plan. Once the repayment plan is approved, the debtor will begin making payments to their creditors according to the plan.
- The debtor will receive a discharge of most of their debts once the repayment plan is completed.
Call our Adams County Bankruptcy Attorney Now!
After learning about Adams County, Washington bankruptcy types, you may have further questions. That’s actually a good thing. After reading about what will happen if you choose one of the bankruptcy chapters, you must realize that while the stages are simplified in this article, it is a difficult process. Even if the Bankruptcy Code doesn’t mandate it, you should employ an experienced bankruptcy attorney.
Legal knowledge, sympathy, and assistance are needed for difficult decisions like bankruptcy. When considering bankruptcy, McBurney Law is the proper firm to trust. After 25 years of practice, your matter will be addressed carefully. Make an appointment for compassionate advice immediately!
We also offer Washington the following services such as aggressive criminal defense, proper estate plan and legal aspects in family relationships.
