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Spanaway Bankruptcy Lawyer
Struggling every month and falling further behind? Need a fresh financial start? Talk to a Parkland bankruptcy attorney today about your options.
Considering Bankruptcy in Spanaway, Washington? The Path to Debt Relief May Be Just One Phone Call Away! Call today for a Free Attorney Consultation. Confidential and Helpful Financial Analysis.
Decade of Combined Bankruptcy and Debt Relief Experience.
Since 1997, Our Bankruptcy Lawyers Have Helped Thousands of People Obtain a Fresh Financial Start.
- Stop Harassing Phone Calls from Creditors
- Stop Lawsuits and Garnishments
- Wipe Out Credit Cards, Medical Bills and other unsecured debts
- Stop Your Home Foreclosure Sale Date
- Stop Car Repossessions
Located between Puyallup, Parkland, Eatonville, McCord and Fort Lewis Air force Bases, Spanaway is one of the oldest communities in Western Washington. Spanaway was originally was composed of Canadian settlers who raised cattle as part of the fur trading business and was first associated with the one the oldest and formally most prominent Canadian companies, as well as the first engage and fur trading and later retail stores in North American, the Hudson’s Bay Company. The company still exists today and is headquartered in Toronto, Canada. Spanaway now exists mostly as a bedroom community in Pierce County, with a population of just over 27,000.
Due to the recent economic recession, many hardworking Spanaway residence are no longer able to pay all their debts. Many have filed for bankruptcy in order to get rid of dischargeable debt and continue to feed and keep a roof over their head for their family.
The Bankruptcy Process. Many people who are overwhelmed with debt do not know where to turn for financial and legal advice and are literally frozen in fear to try to continue to deal with creditors they know they can longer afford to pay. Our law firm has over 30 years combined legal experience representing and guiding individuals through the bankruptcy process step by step in a calm , clear understandable manner to help ease the stress of filing for consumer bankruptcy. We are sympathetic to your financial problems and are to help you.
The Means Test. In October of 2005, the U.S. bankruptcy Code was revised to include a “Means Test” to help determine the debtor’s ability to repay between all or none of its unsecured creditors. This test then helps determine whether a debtor may be able to file a Chapter 7 Bankruptcy to discharge all of its qualifying dischargeable unsecured debts or may be required to file a Chapter 13 Bankruptcy to repay at least part of its debts. Our law firm has years of experience performing a precise Mean Test analysis for all of our clients and prospect clients.Chapter 7 Bankruptcy
Chapter 7 Bankruptcy is the most prevalently filed bankruptcy for individuals and families. Chapter 7 Bankruptcy discharges (wipes out) all of your qualifying unsecured debt. Unsecured debt is debt without property attached to it. The most common unsecured debt is credit cards, medical bills, payday loans, unpaid utilities, residual car repossession debt, and broken apartment leases. Under valued/negative equity mortgage debt on surrendered and foreclosed homes is also unsecured debt that can be discharged in Chapter 7 Bankruptcy. Older income tax debt and some Social Security Income and Unemployment Income overpayments may also be discharged in Chapter 7 Bankruptcy. Student loan debt, both government and private is rarely dischargeable. One of our experienced bankruptcy lawyers can advise you which of your debts can be wiped out by filing for bankruptcy.Chapter 13 Bankruptcy
Chapter 13 Bankruptcy is a wage earner plan that requires the debtor to repay at least a portion of their debts to their creditors. The debtor pays into a Chapter 13 Plan for between 36 and 60 months. At the end of the Chapter 13 plan term, any remaining unpaid balance of the debtor’s dischargeable unsecured debts are discharged (wiped out) and their case successfully closes. As compared to a Chapter 7 Means Test, the Chapter 13 Means allows retirement contributions to be taken into consideration when determining the financial ability to repay their unsecured debts.
Sometimes a debtor makes substantial monthly contributions to a retirement plan who does not qualiy for Chapter 7 Bankruptcy, will have a nominally payment of as little as $100/month for the terms of their plan and then gets a discharge of their unsecured debts at the end of the plan. And in some cases, the debtor only pays some or all of their secured debts (e.g., car loan and/or home mortgages) through the Chapter 13 Plan and pays none of its unsecured debt which is eventually discharged at the end of the plan.
Chapter 13 Plans can also be used for people who also qualify for Chapter 7 Bankruptcy, but wish to repay their mortgage arrears, car loans, and tax debts and lower and more favorable terms. And in cases where a second mortgage has essentially become 100% unsecured due to the declining value of one’s home, Chapter 13 can be utilized to actually discharge the entire balance of the second mortgage and still allow homeowners to keep their homes.