Federal Way Bankruptcy Lawyer
If you're seeking out information regarding bankruptcy, you are probably dealing with financial difficulties and wondering if there's anything you can do to hit the financial reset button? If money problems have got you feeling overwhelmed, you are not alone. Hard working people all over America fall behind on bills every day, getting caught up in a downward spiral of debt until they start exploring their options. Financial difficulties can generate a great deal of turmoil and stress in your life, affecting everyone in your family until you reach the breaking point.
Debt collectors make the problem even worse when they harass you with phone calls and make threats until you started feeling a sense of dread every time the phone rings. These collection agencies are often sold debt from creditors for pennies on the dollar. These companies rarely have a problem employing deceitful and cruel tactics, trying to get money that you that you simply don't have to spare.
Our Federal Way bankruptcy attorneys can show you the way to end debt and get a fresh start. Bankruptcy laws exist for one reason: To help people just like you find relief from the crushing pressure of unmanageable debt. Most Federal Way residents are unaware of their legal rights as a debtor, which often empowers debt collectors to be even more aggressive, often with success.
Many people view bankruptcy as a last resort that represents personal failure, but this view is entirely unwarranted. The government wants you to have an active role in our nation's economy. Being in debt accomplishes the opposite. This is why the government created bankruptcy so that you can free yourself from debt, and our lawyers can explain the many benefits of this helpful process.
Filing for bankruptcy in Federal Way is like hitting a financial reset button. If you have any questions about Chapter 7 or Chapter 13 bankruptcy, our King County bankruptcy attorneys are ready to answer them.
Now is the time to put money problems in the past and consider a fresh financial start.Filing for bankruptcy doesn't make you a failure, it's a way to wipe the slate clean
- When you file for bankruptcy in Federal Way, all debt collections are stopped immediately
- Bankruptcy may not be right for you, but it costs nothing to find out
- All or most unsecured debt is discharged when you file for bankruptcy in Washington
- Your Federal Way bankruptcy lawyer will explain how Chapter 7 and Chapter 13 are different, and help you determine which you would qualify for
- Don't let debt control your life - get help from our Federal Way bankruptcy lawyers today
Federal Way is located halfway between Seattle and Tacoma in beautiful Western Washington. With a population hovering around 100,000, it is the 9th largest city Washington and the 5th largest in King County. Federal Way was a logging settlement when it was incorporated as a city and its name was derived from Federal Highway 99, which is now the Pacific Highway.
Federal Way boasts a number of fabulous attractions, like the King County Aquatic Center, Wild Waves Theme Park and breathtaking Powells Wood Garden. There are five major state and city parks in Federal Way that offer all kinds of outdoor excitement to people lucky enough to live there. King County is home to many other suburban areas and cities, with Seattle being the most famous. Our Washington bankruptcy lawyers serve clients throughout the King County region, including the cities of Seattle, Kent, Bellevue, Shoreline, Burien, Renton, and Des Moines, just to name a few.
To learn more about the City of Federal Way, follow this link to their official city homepage. You can find all sorts of useful and helpful information about Federal Way on this site, including how the local government operates. If you live in King County, Washington, your Chapter 7 or Chapter 13 bankruptcy case will be filed at the United State District Court for the Western District of Washington, which is centrally located in historic downtown Seattle. The U.S District Courthouse is where your meeting of creditors will be held, which is something your lawyer will prepare you for.
If you are planning a visit to Federal Way in King County, there are many resources online that can help you learn about the many activities and events going on during your visit. Many of the best city of Federal Way attractions can be found on the “ Visit Federal Way Washington” website. Federal Way is a thriving city, but many of its residents are struggling financially, and maybe you are one of them. Our Federal Way bankruptcy lawyers have the experience and qualifications needed to help you determine if bankruptcy is possible for you. Contact our law office in Federal Way today and find out. If you qualify, your attorney will guide you through the process so that you can finally get a break from intractable debt.What steps must you take to find out if you qualify for bankruptcy?
One of our lawyers in Federal Way can review your finances and determine whether bankruptcy is right for you, and if you qualify to file. People all over the state of Washington regularly reap the benefits of bankruptcy protection, and wonder why they didn't pursue filing before they did.
Sometimes it's because they've been misled by bad information, or have a false impression of bankruptcy overall. Misconceptions sometimes result in making money blunders that can make their finances even worse than they already are.
For example, creditors may convince a person in debt to pay down an unsecured delinquent credit card debt by cashing out part of their retirement. This happens more frequently than you may think because the debtor doesn't know that they can retain 100% of their retirement AND discharge all or most of their unsecured debt.
Our King County bankruptcy lawyers want you to heed this valuable advice: When it comes to your money and finances, never trust a debt collector's advice. Debt collection agencies only care about getting your money, and the last thing they want is for you to speak with a Federal Way bankruptcy lawyer and find that you have guaranteed legal rights.Debunking the many myths and misconceptions about filing for bankruptcy
Bankruptcy is a powerful financial tool that can be implemented to give you a fresh financial start when you most need it. As with anything else, people sometimes abuse the system. Still, the majority of clients who ask about representation are hard working people who ran into money problems through no fault of their own. Myths surrounding bankruptcy can prevent someone from taking steps to better their situation, so our Federal Way bankruptcy attorneys compiled the following list of falsehoods...
Myth 1: Filing for bankruptcy is an admission of failure. The myth that bankruptcy equates to failure is one of many perpetuated by debt collectors, who use this misinformation when pressuring debtors into making payments they can't afford. Failure has nothing to do with bankruptcy because suffering a debilitating injury, getting laid off from work, or getting caught up in a recession is out of one's control. Sometime events happen that lead to financial difficulties, and you shouldn't have to suffer because things didn't go your way.
Bankruptcy is a tool that lets you regain control over your finances and eliminate debt, and has nothing to do with failure.
For those that don't have much money left over in their budget after paying bills, one moment of bad luck can lead to a missed mortgage or credit card payment. There comes a point when even getting back on track becomes impossible. This is when bankruptcy becomes a more viable option, and it may be why you're reading this right now. The vast majority of people who reach this point would have been better off filing for bankruptcy well before they hit financial rock bottom, but the pervasive myth of failure prevented them from considering bankruptcy.
Myth 2: Declaring bankruptcy makes you lose everything you own. This is yet another myth perpetuated by creditors. Movies and television also portray bankruptcy with images of movers pulling up the driveway and cleaning out a house before it goes up for auction. These are false representations. In most bankruptcy cases filed in King County Court, the debtor keeps their Federal Way home, their possessions, their vehicle, 100% of their retirement and up to $125,000 of equity in their home. Plus, most if not all of their unsecured debt is discharged.
Each case is different and warrants a close review of the details, so our Federal Way bankruptcy lawyers will look over your situation carefully and before offering our experienced opinion. Still, the myth that bankruptcy will cause you to lose everything is outright ridiculous.
Myth 3: Filing for bankruptcy is a cure-all for every financial problem. Bankruptcy is indeed a powerful tool that ends debt, but there are some financial issues that cannot be overcome. For starters, bankruptcy won't fix future financial issues unless you follow a commitment to remain free of debt problems. But if you do remain committed, your credit score will quickly climb after your debt is discharged.
Filing your bankruptcy in court will not get rid of student loan debt or certain fines, so you should weigh this information carefully before making any decision.
Myth 4: Bankruptcy will destroy your credit. Filing for bankruptcy will definitely affect your credit, but not for anywhere near as long as you may think. If you maintain healthy finances and keep up with bills after your bankruptcy is completed, you should have no trouble opening new lines of credit. Your credit score should also quickly improve once your debt is discharged, which only takes about 120 days with Chapter 7.
A Chapter 7 bankruptcy stays on your credit report for ten years, and Chapter 13 for seven years. Settling debts sold to debt collection agencies by creditors can have a far more negative impact on your credit than bankruptcy. Debt collection agencies often promise that settling a debt for a reduced amount is your best option, but the opposite is most often true. Debt settled at a discounted price after delinquency puts a noticeable blemish on your credit report. If you settle multiple credit cards that are delinquent, your credit history could look far worse than it actually is. Remember: Never trust a debt collection agency to offer you reliable financial advice.
Myth 5: If you plan on filing for bankruptcy, you may as well max out your credit cards. This myth is dangerous. Maxing out credit cards before declaring bankruptcy could cause your petition to be denied by the court. You could even be prosecuted for bankruptcy fraud. If bankruptcy is your chance at a fresh financial start, don't take unnecessary advantage of the law and risk incarceration. Speak to one of our Federal Way attorneys, get all of the facts, and follow the proper steps to do things the right way.Discussion options between Chapter 13 and Chapter 7 bankruptcy
You can file for Chapter 13 or Chapter 7 bankruptcy in Federal Way. Each has its own advantages that are based on your current financial situation and what kind of assistance you require. Chapter 7 costs less, is easier, and quite a bit faster. Chapter 13 offers means of seeking debt relief when your median household income is too high to file Chapter 7, or there could be other reasons you choose one over the other.Our Federal Way Chapter 7 bankruptcy lawyers explain the details
Filing Chapter 7 bankruptcy stops all debt collection immediately including wage garnishments, vehicle repossessions, and home foreclosures. A trustee is appointed by the court, and they are authorized to sell property to reimburse creditors equally and fairly, but it's rare one ever loses any property to the trustee.
Bankruptcy is way for people to get a fresh start in a dignified way, which isn't possible if they have to give up most of their belongings. This is why retirement plans, child support, and public benefits like unemployment compensation are 100% exempt during a Washington bankruptcy.
Other exemptions are provided by the state of Washington and federal government, and they protect home equity, household items, and vehicles up to a certain amount of money. These exemptions offer you flexibility when deciding where and how to apply them, as some are wildcards that you can use however you like. Your Chapter 7 bankruptcy attorney in Federal Way will help you determine how best these exemptions can be used to help your overall situation.
All or most unsecured debt is wiped out when you file Chapter 7, including credit cards, pay day loans, and medical bills. If your earnings are near the median Washington State household income for a similarly sized family, a means test will determine whether you're responsible to pay back of your unsecured debt. Our Federal Way bankruptcy lawyers can usually figure out these details by talking to you ahead of time.Your Federal Way Chapter 13 bankruptcy attorney will help you work on a debt consolidation plan
If your earnings are over the median household income and too high to file for Chapter 7, then Chapter 13 bankruptcy may be your best debt relief option. In a Chapter 13 bankruptcy, your debts are consolidated into manageable monthly payments for three to five years.
Just as with Chapter 7, petitioning the court for Chapter 13 bankruptcy stops all debt collection. It is also commonly referred to as the "home saver plan" because mortgage arrears and penalties can be added to the payment plan. This allows you to essentially catch up on payments and keep your status as a homeowner.
In most Chapter 13 bankruptcy cases we deal with in Washington, most or all unsecured debt is discharged after the consolidated payment schedule has ended. Even if 100% of unsecured debt cannot be discharged, the filer still benefits from an orderly plan that eliminates debt and allows them to keep their home.The benefits of the automatic stay
One of the most emotionally draining aspects of dealing with bill problems is being constantly harassed by debt collection agencies who just won't leave you alone. These businesses essentially do the dirty work for creditors, because they purchase delinquent debt for pennies on the dollar. Then they go on the attack and try to make a profit at the expense of people who are struggling to get by.
These companies are merciless and will threaten you in all sorts of ways as a means of intimidation. Since most people are unaware that they have legal rights in regards to bankruptcy, this constant harassment makes them make poor financial decisions.
Don't let debt collectors shame or manipulate you into making a costly financial blunder. Take advantage of the automatic stay, which immediately goes into effect the second you file for bankruptcy. Once the automatic stay injunction has been made, it is illegal for any creditor to contact you, and all debt collection stops. This is one of the reasons why debt collectors hate hearing our name.
Debt collectors hate us because they know our reputation in Washington State.Contact a King County bankruptcy lawyer for a free consultation
Don't let another day go by wondering if you'll ever overcome serious debt problems. Instead, contact a Federal Way bankruptcy lawyer and seek relief from a team of attorneys who will fight to provide you with the maximum financial protection legally possible.
Our flat rate fees are affordable, eliminate surprises, and payment plans are available under certain circumstances. Get back on your feet financially and enjoy a positive outlook on your future with help from one of our legal representatives.