When debts overwhelm you bankruptcy might be the only alternative. The process of filing for bankruptcy is not easy and even more difficult if you decide to handle it without the help of an attorney. The type of filing will depend on your financial situation. Chapter 7 bankruptcy is the most popular type of filing. It can be filed by married couples, organizations and individuals.
Hames, Anderson, Whitlow, & O’Leary handles debtor and creditor bankruptcy cases in Richland, Pasco, Kennewick and surrounding areas. We are a debt relief agency that helps people file for bankruptcy relief under the Bankruptcy Code.
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What is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy is also known as liquidation. In this type of bankruptcy, you will have to give up assets however, there are exemptions for property which cannot be seized when filing for bankruptcy. This will depend on the state you live in.
In the same way, there are exempt debts, that is, debts which cannot be forgiven even in bankruptcy. For instance most student loans and child support cannot be discharged. After filing for Chapter 7 bankruptcy you will only remain with exempt assets. You will be forgiven most of your debts.
The Means Test
To be allowed to file Chapter 7 bankruptcy, you must pass the means test. This test was put in place to ensure that people with a high income do not take advantage of this system. In order to qualify for Chapter 7 filing, your income should be lower than the state median. Remember that these income calculations vary depending on the state in which you live.
How to File for Chapter 7 Bankruptcy in the Tri-Cities
Before filing for any type of bankruptcy it is important to speak with the right legal expert who will advise you on the best alternative to take, including which form of bankruptcy is best for your situation and what you qualify to do. If you do not have the money to pay an attorney then seek pro bono representation. A lawyer’s advice is critical because you do not want to make the wrong filing.
A lawyer will help with Chapter 7 bankruptcy filing paperwork. You will need accurate information regarding your debts, assets and leases among other things in order to fill these forms correctly. Remember that there are filing fees which you may need to pay unless you qualify for a fee waiver. The good thing about filing the petition soon is that it prevents most of your creditors from contacting you and pursuing lawsuits against you.
In most Chapter 7 bankruptcy filings, you will never have to meet with a judge. You will need to meet with some creditors and with the bankruptcy trustee. Chapter 7 filings will stay on your credit report for 10 years and you will have to complete a debtor education course.
Hames, Anderson, Whitlow, & O’Leary has the knowledge and experience you need to get through this trying time as quickly and efficiently as possible with the best possible outcome for your case. We are Kennewick, Pasco, and Richland bankruptcy attorneys you can count on.
Don’t lose any more money. Now is the time to act.
Call us at 509-586-7797
Hames, Anderson, Whitlow & O’Leary, P.S. serves creditor and debtor bankruptcy needs for the Tri-Cities (Richland, Pasco, Kennewick, West Richland) and surrounding areas including Hermiston, Benton City, Prosser, Grandview, Sunnyside, Finley, Burbank, Desert Aire, Mattawa, and Othello.
For more information regarding bankruptcy please visit our Bankruptcy FAQ’s.