Frequently Asked Questions From Bellevue Bankruptcy Clients
Making a decision to declare bankruptcy requires a lot of thought. Before petitioning the court, you should understand the process in full. You should also be fully aware of the costs and whether it truly is your best financial option.
If you're facing unmanageable debt, bankruptcy may very well be the solution you've been looking for. You can save your home from foreclosure, protect your vehicle from repossession, and eliminate debt from credit cards, payday loans, and medical bills. You can also put a stop to harassing phone calls from creditors and collection agencies.
Our Bellevue bankruptcy lawyers assembled these frequently asked questions to provide you with some basic information. If you decide you want to fully explore this options, or see if you qualify for bankruptcy, contact us for a free consultation.
Bellevue Bankruptcy FAQ
If you don't find answers to your questions, please don't hesitate to call.
How much does bankruptcy cost in Washington?
There is no way to accurately answer this question without looking at your financial situation. There are apparently some Bellevue bankruptcy attorneys that advertise very low prices, but the price only covers the filing fee which means you'll end up paying a lot more. We offer low flat fees based on the amount of work we anticipate and eliminates the need to worry about unexpected fees at a later date.
After I file, how long will bankruptcy appear on my credit report?
Chapter 7 bankruptcy – 10 years. Chapter 13 bankruptcy – 7 years.
Can I pay back friends and family that loaned me money?
You can, but we urge you to wait one year after filing.
Can non-federal student loans be erased?
No. All student loans are equal in regards to bankruptcy.
Will bankruptcy cause me to lose my house or car?
No. In fact, most people are able to keep both their car and their home as long as they stay current with payments. If you decide to refinance your home, you should do so through a different bank.
How long does bankruptcy take, from start to finish?
Chapter 7 takes about 3 to 4 months, and Chapter 13 takes about 3 to 5 years.
How much will end up paying if I file Chapter 13?
There are multiple variables that must be considered to figure out what you'll end up paying. Your Bellevue bankruptcy lawyer will administer a means test to determine your income. They then subtract the amount that's allowed, which will determine how much money you're required to pay unsecured creditors, if any. IRS debt is then added along with home mortgage arrears, penalties, vehicle debt, and any unsecured debt you want to retain. Finally, we add your trustee fees and any remaining attorney's fees. If the final number is less than your total debt divided by the duration of the payment plan, your plan is 100%.
Am I allowed to keep one of my credit cards?
Yes, as long as it has zero debt and the banking institution allows you to keep it.
Do I have to list money I borrowed from friends or family as a debt?
Yes. All debt must be listed whether it can be discharged or not.
How long does it take to rebuild credit after filing for bankruptcy?
Not long. Once your debt is discharged your credit score should quickly improve.
If you have any more questions, contact one of our Bellevue bankruptcy attorneys for a free consultation and find out whether you qualify.
Erin Lane is the best attorney I have met by far! I came to her during a very difficult time in my life. I was needing to file a bankruptcy. She was very kind, non-intimidating, and well-understood. She actually came across like a good friend. To this day I still remember and appreciate her (no-stressing approach) I deem Erin qualified for any position having to do with her knowledge in these types of legal matters! Keith D Wilson
We serve clients throughout Washington including, but not limited to, those in the following localities: King County including Auburn, Bellevue, Burien, Federal Way, Kent, Redmond, Renton, Seattle, and Shoreline; Pierce County including Gig Harbor, Lakewood, Parkland, Puyallup, Spanaway, and Tacoma; Snohomish County including, Arlington, Edmonds, Everett, Lynnwood, Marysville, Monroe, and Mountlake Terrace; and Thurston County including Lacey, Olympia, and Tumwater.View More