Chapter 7 Bankruptcy Attorney in Tacoma, WAEliminate your debt and get a fresh financial start!
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With the help from an experienced Tacoma Chapter 7 bankruptcy lawyer, you can be on the road to financial recovery.
Most Chapter 7 cases are a way to eliminate a lot of debt without losing any property. You must list all your property and your income to show that you really are in need of the quicker and easier form of bankruptcy. If you have property that the law can not protect, creditors are paid by liquidating the property and spreading around the cash fairly. If your household income is higher than the average for your household size, you may be found to be abusing the bankruptcy system by filing a Chapter 7.
A Chapter 7 case starts by filing a petition with the bankruptcy court. The second the case is filed, all debt collection must stop. With the petition, you file lists of creditors, property, income and your budget. A trustee is appointed who has the power to sell property if it is not covered by bankruptcy exemptions.
The exemptions are laws that protect property in the process. There are numerous types of exemptions including ones for home equity, a car, household goods, public benefits and personal injury awards. They are usually, but not always, more than enough to cover the property of people who file Chapter 7.
Can I keep my property with a Chapter 7 bankruptcy?
If you are making payments on a house, car or big ticket item, you can keep the property if you keep making payments. You can sign a “reaffirmation agreement” which prevents the debt from being wiped out in bankruptcy. Because you could still be liable for a reaffirmed debt if you default on the payments, you should carefully consider signing it. If you do not reaffirm your car, a car company can repossess your car even if you are current on the payments after bankruptcy.
Some car finance companies will allow you to keep the car by staying current on payments, but some will not. You can ask your finance company what their policy is. For big ticket items like furniture, electronics, appliances and jewelry, you can usually negotiate a reaffirmation of a lower loan balance. Mortgages companies and car companies do not typically negotiate. Many people can still get a mortgage modification in Chapter 7. Some find it easier because, by eliminating debt, you are more likely to be able to afford the modified mortgage.
One month after you file your case, you meet with the trustee at a short hearing. Your attorney will appear with you. At the hearing you testify under oath that all the documents you filed are true, accurate and complete. You have a chance to amend your petition if something was mistakenly left off. If you fail to list some property when you filed your case, you better mention it at your hearing. Filing a false bankruptcy petition can be a federal bankruptcy crime. Most people do not have any involvement with the trustee other than this hearing. You may have to assist the trustee in more investigation of your situation.
About three months after you file a Chapter 7, you receive a discharge. The discharge is a permanent injunction against creditors trying to collect from you. Some debt can not be discharged, such as student loans, some back taxes, fines and domestic support obligations.
Call now for your free case evaluation from a Tacoma Chapter 7 bankruptcy lawyer from our team.
To learn more about filing a Chapter 7 bankruptcy in Tacoma, WA please give our law offices a call. We provide experienced and compasionate legal services to those who need to get a new financial beginning. Ask about our flexible payment plans and affordable low flat fees.
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Need help filing? Call a Chapter 7 bankruptcy attorney in Tacoma, WA from our team today! (253) 778-6952