It is a common misconception that individuals with significant income are not able to seek debt relief through the bankruptcy process. Many, however, may be eligible to get a fresh financial start through a Chapter 13 bankruptcy filing. There are several benefits to the Chapter 13 process, including retaining your assets while reducing and eliminating debt. If you are battling overwhelming credit card debt, medical expenses, or other obligations, our firm may be able to assist you. Ben Cushman is an Olympia attorney with more than two decades of experience assisting clients with debt matters. Ben can help Washington residents rebuild their financial future. Contact us today to schedule a consultation with a lawyer. We also serve Tacoma as well as other areas in Washington, including Grays Harbor, Mason, Cowlitz, and Pacific Counties.
Olympia bankruptcy attorney representing clients through the Chapter 13 process
Chapter 13 bankruptcy enables higher-earning Washington residents, who do not pass the “bankruptcy means” test, to repay all or part of their debts through reduced payments. Under this chapter, debtors propose a repayment plan to pay creditors over a three to five-year period. The length of the plan is dependent upon the amount of the debtor’s income. Chapter 13 bankruptcy offers several advantages over Chapter 7 filings. Primarily, Chapter 13 does not require individuals to liquidate their assets to pay their creditors. In addition, Chapter 13 relief may allow individuals to stop foreclosure proceedings against their residence. Once filed, a bank must stop its foreclosure action and the debtor is allowed to repay delinquent payments as part of the repayment plan. At the conclusion of a Chapter 13 case, certain debt will be discharged in its entirety. The categories of dischargeable debt are broader than those relieved in Chapter 7 proceedings. There are specific eligibility requirements for any individuals seeking Chapter 13 relief. These are based on the debtor’s wages, the amount of secured and unsecured debts, and certain other adjustments. An attorney can assist you in understanding whether Chapter 13 bankruptcy is right for you.
The process begins with the debtor’s filing of a Petition with the bankruptcy court. Married couples may be able to file together or limit the filing to one spouse in certain circumstances. Once the Petition has been filed, creditors are notified and prohibited from attempting to collect debts. The Petition must include several specific pieces of financial information, including schedules of assets and liabilities, tax and wage history, among other items. Within 14 days after the Petition is filed, the debtor must submit a plan for repayment, which is subject to court approval. A meeting of creditors will be held, at which the bankruptcy trustee and creditors may ask the debtor questions under oath about the plan and the financial information submitted to the court. If the debtor is married, his spouse may also be required to submit to questioning. Once a plan is approved, the debtor must comply with its requirements for ongoing payments to the creditors. At the end of the repayment period, certain debts may be discharged. The determination of which debts are eligible for discharge is based on a complex section of the U.S. Bankruptcy Code. A knowledgeable attorney can review your finances to determine whether your debts may be discharged in Chapter 13 bankruptcy.
Chapter 13 proceedings can be a path to financial freedom for many Washington residents. Ben Cushman is an Olympia lawyer who has assisted Washington residents with debt matters since 1996. His understanding of the process will help ensure that your debts are discharged to the maximum extent possible and your assets are protected throughout. Bankruptcy can be a difficult decision but can provide an important fresh financial start for your family. Contact us today to speak with an attorney.
Chapter 13 bankruptcy lawyer focused on providing quality service to those in Olympia, Tacoma, & other Washington areas
Ben is an attorney who understands how overwhelming debt can seem like an insurmountable problem, even for those earning higher wages. His clients are treated with respect throughout the process. He prides himself on providing customer service at the highest level. Ben will answer your questions, responding to emails and phone calls quickly. This is true for clients in Olympia and throughout other areas of Washington.
Our firm also serves the Thurston County cities of Lacey, Tumwater, and Yelm, the Pierce County cities of Tacoma, Puyallup, and Lakewood, the Lewis County cities of Centralia, Chehalis, the King County cites of Seattle, Auburn, Bellevue, Burien, and Federal Way, as well as other areas in Washington, including Grays Harbor, Mason, Cowlitz, and Pacific Counties.