Washington Chapter 7 Bankruptcy
Home mortgages, cars, credit cards, medical bills, student loans, divorce — these are all common life expenses. The challenge is being able to pay for them all. Sometimes debt amasses at an alarming rate, whether you can make payments or not. Payments are made late, or not made at all, while your bills keep accumulating is a prescription for financial disaster.
At the law office of William F. Bulchis, Inc., P.S., we know how stressful it is not to be able to pay what you owe. We also understand the legal, financial and emotional consequences that come with not paying your creditors. We strive to keep the whole process as stress-free as possible. Contact us today.
Fortunately, you do have options for paying back or eliminating your debts. Lynnwood attorney William F. Bulchis can help you identify these options, and determine if Chapter 7 bankruptcy is right for you.
Chapter 7 Bankruptcy and You
As western Washington and Alaska bankruptcy lawyer for nearly 35 years, William F. Bulchis has been sharing his knowledge of bankruptcy law with his clients and assisting them with their complex financial matters.
Chapter 7 bankruptcy, also known as liquidation bankruptcy (although it is extremely rare for a debtor to have any assets liquidated), can ultimately give you a fresh financial start by eliminating your debt.
Not only does it allow you to wipe out your debt, an injunction called an automatic stay takes place immediately upon filing. It stops creditor harassment, pending lawsuits, garnishments, levies, liens and attachments and temporarily stops foreclosures. The automatic stay may give you the time you need to sell your home if it is in foreclosure and free up other funds that you can use to make payments on your important bills. At the end of your Chapter 7 your dischargeable debts will be wiped out, otherwise known as being discharged.
Your Exempt Property
Many individuals who are considering filing for Chapter 7 bankruptcy want to know what property they will be able to keep.
During your Chapter 7 bankruptcy, your unsecured debt, or debt that is not tied to a certain item of property, will be eliminated and you will be able to keep your exempt property, including:
- Clothing
- Cash, bank accounts and tax refunds (valued up to $11,000 per a single person and $22,000 for a married couple, filing jointly)
- Home furniture (valued up to $11,000) per debtor. All assets are valued at what they would sell for in an action, quick sale, such as a garage sale, etc.
- A home with a total equity value of up to $125,000
- One car per person (a total equity value of up to $3,225 per person, or the exemption can be doubled for a married couple with one car with equity)
- Pension plans, 401(k) plans, and other employer-related retirement accounts, IRA accounts and other tax deferred retirement programs up to $1,200,000 per person in a joint bankruptcy and $1,200.000 for and individual bankruptcy
- Other exemptions
While many individuals qualify for Chapter 7 bankruptcy, not everyone does. We invite you to contact our law office to schedule an initial consultation to determine if Chapter 13 bankruptcy might be a better fit for your financial situation.
Fee Information: We only charge you if and when we file the bankruptcy for you. Before that all phone and office consultations are free. In fact we never charge for office consultations and phone calls after your bankruptcy is filed, even if it's years later. The only time we would charge you any additional fees would be if the office consultation or phone consultation results in our office filing additional paperwork with the court, or perform some other legal service for you.
Typically, we receive an e-mail back from the court approximately five minutes after we file your bankruptcy. The e-mail has your case number, hearing date, place and time. Most of your creditors will receive the same e-mail in the same time frame, so you should stop receiving most creditor calls in about one to three working days after we file.
We require a down payment and the filing fee to be paid at the time you sign and file your bankruptcy. The remaining balance is paid at $100 a month on consumer bankruptcies, which are about 95 percent plus of what we file and $200 a month for business bankruptcies and the first payment is due about 30 days after we file. We do not charge any interest on the payments, unless you default on your payments.
Learn more about the payment plans offered at the law office of William F. Bulchis by calling 425-329-6587.
Contact William F. Bulchis Today
Are you considering filing for bankruptcy? Learn about Chapter 7 bankruptcy. Call Lynnwood Chapter 7 bankruptcy attorney William F. Bulchis, Inc., P.S., today at 425-329-6587, or contact us online. We represent clients throughout western Washington 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.
