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…
What Are the Steps of Chapter 7 Bankruptcy?
When you file for bankruptcy, there are a few steps that you will go through. The process is not over quickly, so by being aware of the stages, you can be better prepared for how long it will take to settle your case. Also, certain factors in your bankruptcy case could influence whether it takes…
What is a Bankruptcy Trustee?
When you file for bankruptcy, the court will appoint a trustee appointed to your case. The bankruptcy trustee will have various roles. The trustee is there to review the petition, look for red flags and fraudulent claims. His goal is to maximize the amount of money that your creditors will receive. Who Pays the Bankruptcy…
What Happens at a 341 Hearing with Creditors?
When you file for Chapter 7 or Chapter 13 bankruptcy, you are required to attend a meeting of the creditors. This is also referred to as a 341 Hearing. During this meeting, you are not in front of a judge. Instead, your bankruptcy trustee is present, along with creditors, to discuss your debt obligations. This…
Business Bankruptcy: Does Your Business Qualify?
Does your business qualify for a business bankruptcy? If your business is struggling to turn a profit or has excessive debt, it might be time to consider filing for bankruptcy. Bankruptcy is a lifeline for businesses, just as much as it is for consumers. Most business owners assume that if they need to file bankruptcy,…
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