Reasons Why You Should Hire a Bankruptcy Attorney
Filing for bankruptcy is a big step to eliminate debt. We realize it can be uncomfortable, but for some, it might be one of the only options to get back on your feet. If this is your situation, and you are unsure where to start, we suggest speaking with a bankruptcy attorney. Let’s go over…
What Happens if I Declare Bankruptcy?
Reaching a point where you feel financially out of control is challenging, but bankruptcy proceedings provide hope. If you are considering this step, knowing what to expect and how it might help you is crucial. From understanding the different types of consumer bankruptcy to knowing how bankruptcy will affect your financial well-being, this guide will…
How to Know If Your Business Is Bankrupt
There are a few ways to tell if your company is going to crash (low revenue and high costs are one). While these might be overwhelming, bankruptcy is an option for many businesses that can serve as a light at the end of the tunnel. While things have been hard, you are far from out…
What to Expect at Your Chapter 12 Confirmation Hearing
Wondering what to expect at your Chapter 12 confirmation hearing? Chapter 12 bankruptcy is exclusively offered for family farmers and fishers. It allows these individuals to restructure their finances, save their business, and avoid court-ordered liquidation or foreclosure. Chapter 12 works similarly to Chapter 13 bankruptcy where you create a repayment plan that the courts…
Who Can File for Chapter 12 Bankruptcy?
Who can file for Chapter 12 bankruptcy? Chapter 12 is not your average consumer bankruptcy. Instead, it is reserved for those designated as family farmers or fishermen. You must have a regular income from these sources and prove you face financial distress to qualify. Also, Chapter 12 is not a bankruptcy that erases your debts….
Will Your Farm Qualify for Chapter 12 Bankruptcy?
Will your farm qualify for Chapter 12 bankruptcy? Chapter 12 bankruptcy was designed for farmers and fisherman who have a regular annual income. This allows farms in distress to create a plan and repay all or a portion of their debts that they have struggled with. While it is an excellent financial option for farms…
Five Surprising Facts about Bankruptcy in the U.S.
Bankruptcy is not uncommon to American consumers. Even if one particular consumer has not filed, odds are high that he or she has a friend or family member who has before. Regardless of how common it is, it is still widely misunderstood. So, whether you are considering filing for bankruptcy yourself or if you have…
What Property is Exempt and Nonexempt in My Bankruptcy?
When you file Chapter 7 bankruptcy in the state of Washington, there is some property that will be protected under the state’s exemptions (RCW 6.15.020). These exemptions can also apply in a Chapter 13 case. Washington is one of the few states that allows you to choose between the state or federal exemptions. This means…