Should I File For Bankruptcy In Washington?

spouses worried about billsThe stress of overwhelming financial obligations cannot be overstated. Many people and businesses who are struggling with debt are forced to make difficult choices about which bills to pay. They often live in constant fear of losing their assets if they cannot make their payments. Harassing calls and letters from debt collectors become a regular part of daily life. During tough financial times, it may seem like one has few options. For those facing these challenges, bankruptcy may be a good choice. Whether you or your company would benefit from bankruptcy will depend on the specifics of your financial situation. Ben Cushman can help you understand the process and the potential ramifications on your family or business. Contact our office today to schedule a consultation. Ben has been licensed to practice law since 1996 and has experience in such matters. We also serve Tacoma as well as other areas in Washington, including Grays Harbor, Mason, Cowlitz, and Pacific Counties.

Olympia & Tacoma residents may benefit from bankruptcy

Many Washington residents struggle with the decision of whether or not to file bankruptcy. Some believe they cannot afford to do so. Common fears and concerns about the impact of bankruptcy on one’s assets, future credit, or reputation cause many individuals to reject the idea. Residents are often surprised at the savings they achieve through the process. Chapter 7 bankruptcies, for example, result in the elimination of certain debts. Chapter 13 filings allow individuals to reduce their monthly obligations, pay creditors over a period of time, and discharge significant portions of remaining debt. For some businesses, a Chapter 11 bankruptcy allows a company to restructure crippling credit facilities while continuing to operate as a going concern. Eliminating or reducing monthly payments provides the necessary breathing room to start rebuilding one’s financial future.

Furthermore, the benefits of filing bankruptcy commonly outweigh the consequences of defaulting on loans or failing to pay creditors. Once a bankruptcy Petition is filed, creditors are notified and required to cease debt collection efforts. Your attorney can help ensure that any ongoing harassment by creditors is suspended during your case. Assets that may have otherwise been repossessed or foreclosed upon for non-payment may be protected by a bankruptcy filing. For example, a family may stop a bank from foreclosing on their home through a Chapter 13 bankruptcy. In some cases, filing bankruptcy can prevent creditors from garnishing wages or placing liens on the individual’s property. Other types of assets may also be protected from creditors through state and federal exemptions, including vehicles, jewelry, equipment used for one’s job, and more. Finally, starting the process sooner rather than later can help rebuild one’s credit faster than the ongoing non-payment of debts.

Whether bankruptcy is the right choice for you or your business is a highly personal decision. As with other decisions about legal action, it is important to consult with an attorney and understand the legal ramifications of going through the process. Ben Cushman is an Olympia lawyer who can answer questions specific to your assets and liabilities. His understanding of the process will help ensure that your debts are discharged to the maximum extent possible and your rights are protected throughout. Contact us today to speak with an attorney.

In addition to Olympia, 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.

Washington lawyer focused on client service through bankruptcy

Ben understands that deciding whether to file bankruptcy is a tough choice for his clients. He knows that common misconceptions can cause many people to resist this option. His clients receive thoughtful explanations of the pros and cons of bankruptcy. They are treated with respect throughout the process. Ben will provide practical and prompt answers to your questions, emails, and phone calls. This is true for clients in Olympia and throughout other areas of Washington. Call today to speak with a lawyer.