Washington Chapter 13 Bankruptcy
If you are considering different relief options for your crushing debt, you've likely considered filing for Chapter 7 bankruptcy. While many individuals are eligible for this type of bankruptcy, there are some debtors that do not qualify due to making too much money to qualify for a Chapter 7, they have filled for Chapter 7 in the last eight years, they do not qualify for a Chapter 7 or they may find that Chapter 13 bankruptcy can be more beneficial to their financial situation.
At the law office of William F. Bulchis, Inc., P.S., we can help you identify the best debt relief option for you. Contact us today for a free initial bankruptcy consultation.
Chapter 13 Bankruptcy and You
Lynnwood Chapter 13 bankruptcy attorney William F. Bulchis has been assisting residents western Washington and Alaska for nearly 35 years in eliminating their debt through bankruptcy. His extensive knowledge of bankruptcy law as well as alternative debt relief options have helped his clients break free of their debt and move forward confidently.
During your consultation with William F. Bulchis, he can help you determine if you are qualified to file for Chapter 13 bankruptcy under the Bankruptcy Code. You will likely be good candidate for Chapter 13 if you:
- have income higher than the median income for your family size
- have filed a Chapter 7 in the last eight years
- have co-debtors on personal loans
- have a substantial amount of non-dischargeable debt like unpaid child support and student loans
- have high equity in your home and car and don't want to lose them through foreclosure or bankruptcy
- are in arrears on your home of car, or other secured debt and want to retain them (as long as you can make your regular current monthly payments and make the delinquent payments over a three to five year period)
- have unpaid tickets that are holding up your driver's license from being issued, if you license has been suspend because of unpaid tickets a Chapter 13 will force the DOL to reissue your license and you can spread the fines out up to five years. Furthermore, you only have to pay the original fine amount, not the collection charges and interest that have accrued.
When you file for Chapter 13 bankruptcy, your debt will be reorganized into a repayment plan that will ultimately help you pay a portion of it back while avoiding potential asset liquidation, like in Chapter 7 bankruptcy. The plan usually lasts anywhere from three to five years in length. Once it is discharged, any remaining unsecured debt — debt not tied to a certain item of property — will be discharged.
Although you will still have to pay back secured debt like your mortgage and car loans, this repayment plan allows interest to stop accruing on your loans throughout the life span of the plan on unsecured debts.
We invite you to contact our law office to schedule a consultation with William F. Bulchis. He can walk you through what happens in a Chapter 13 bankruptcy as well as help you identify your eligibility and any other queries you have regarding your debt relief options.
Learn about the payment plans offered at the law office of William F. Bulchis.
Contact William F. Bulchis Today
Are you considering filing for bankruptcy? Learn about Chapter 13 bankruptcy. Call Lynnwood Chapter 13 bankruptcy lawyer William F. Bulchis, Inc., P.S., today at 425-329-6587, or contact us online. We represent clients in Lynnwood, Washington, and Snohomish, King, Island and Skagit counties who need assistance with Chapter 7 and 13 bankruptcy. Let us help you get a fresh financial start. Our business hours are 8 a.m. to 6 p.m. Monday through Friday.
