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Helping Chapter 7 bankruptcy clients throughout Thurston County.
Call now to see if you can qualify for Olympia Chapter 7 protection.
Many of our Olympia bankruptcy clients eliminate 100% of the debts and obligations while keeping 100% of their assets and property.
Olympia Chapter 7 bankruptcy attorney. WA lawyers helping Thurston County Chapter 7 bankruptcy clients wipe out their debts and keep their property.
Chapter 7 Bankruptcy: Wipe Out Your Debts and Keep Your Property!
Chapter 7 Bankruptcy is the most common type of consumer bankruptcy. Most people file for Chapter 7 Bankruptcy to discharge (wipe out) their unsecured debts that they are unable to pay without a tremendous financial burden that is putting their financial and family stability in jeopardy.
If you are thinking of filing for Chapter 7 Bankruptcy, consider the following:
1. Are you struggling or unable to pay your rent, mortgage, groceries, clothes, medical bills, or car loan because of your monthly credit card payments?
If so, an Olympia Chapter 7 bankruptcy can immediately free up monthly cash flow for these vital necessities while completely wiping out any and all existing medical bills or credit card debts. If you are able to qualify, we can literally wipe out almost every type of unsecured debt. This means that you will NEVER have to pay on these debts again. For many of our Olympia bankruptcy clients, this is the difference between being able to pay their rent and put food on the table versus being evicted and out on the street.
2. Do you have lawsuits against you that you cannot possibly repay?
If so, an Olympia Chapter 7 bankruptcy will probably be able to completely wipe these out. This means that almost any type of lawsuit, judgment, or garnishments will be permanently dismissed and wiped out. And, your creditors will be permanently barred from ever trying to collect on it again. If you have questions about whether or not the lawsuits you are facing will be discharged, we encourage you to call one of our Olympia bankruptcy lawyers and discuss your situation in more detail.
3. Is your car loan affordable, or is it likely to be repossessed?
In either situation, one of our Olympia bankruptcy attorneys can explain how a Chapter 7 provides you with several options. These options include giving the car back to the bank and discharging any amounts owed, or finding a way to enable you to keep the car and continue making payments, if that's what makes the most sense. There are other options as well, which one of our Olympia bankruptcy lawyers can explain to you in more detail during your initial consultation.
4. Have you incurred high medical bills that you cannot repay?
If you are swimming in a sea of medical bills from an expected illness, an Olympia Chapter 7 bankruptcy may be best possible solution. In most cases, a Chapter 7 will completely wipe out all existing medical bills. This means that you will NEVER be required to pay another penny towards them. They will be completely discharged in your Olympia bankruptcy.
5. Has a recent job loss or reduction in income left you unable to pay all of your bills you previous were able to afford?
If you or your spouse has recently suffered a job loss or a drop in income, an Olympia Chapter 7 bankruptcy will enable you to get a completely fresh start. This is one of the most common reasons that people need bankruptcy protection, especially in today's economy. The Federal and Washington State bankruptcy laws were specifically designed to help people who suddenly find themselves in a desperate financial situation through no fault of their own.
6. Do you now have to start paying high student loan payments which leaves you unable to pay your credit card bills or other unaffordable debt?
In most situations, student loans cannot be discharged. By wiping out your unsecured debts, however, you will be in a much better financial position to make your monthly payments on your student loans.
7. Are you being garnished?
If you are currently having your wages garnished, an Olympia Chapter 7 bankruptcy will STOP the garnishment dead in its tracks. And, in the overwhelming majority of situations, the underlying judgment will be completely discharged in your bankruptcy. This means that the underlying creditor will NEVER be able to collect on this debt after you file your Chapter 7 bankruptcy petition.
How can an Olympia Chapter 7 bankruptcy help you and your family?
What Types of Debts Can I Wipe Out In Chapter 7 Bankruptcy?
Unsecured debts are almost always completely discharged in an Olympia Chapter 7 bankruptcy. Some of the most common unsecured debts are credit cards, medical bills, and unsecured personal loans. Even remaining balances from car loans after a repossession or remaining balances on mortgages after a foreclosure are unsecured debts because the collateral (home or car) has already been sold.
As a result, the remaining balance of the loan that is unpaid after the car or house has been surrendered and sold is now an unsecured debt (because there is no longer any actual collateral to support the deficiency judgment following the sale of the property). These types of unsecured debts are also fully dischargeable in an Olympia Chapter 7 bankruptcy.
Some income tax debt that is more than three years old can be discharged in an Olympia Chapter 7 bankruptcy.
As noted above, in most cases, student loans cannot be discharged in bankruptcy.
Can I Keep My House, Car and Other Property in Bankruptcy?
The bankruptcy code allows you to keep a generous amount of property in an Olympia bankruptcy. Most people keep all of the real and personal property when they file a Chapter 7 bankruptcy.
In the state of Washington, you can keep your house if it has up to $125,000 of equity. Depending upon the other personal property you own, you can keep you car if it has no more than $10,000 of equity. Remember that equity is not simply the fair market value of your property, but the fair market value of your property after deducting any loan against it. Therefore, if you own car that is worth $25,000, but you have a car loan against it in the amount of $20,000, there is only $5,000 of equity in the car.
Your Household Items and Other Personal Property in an Olympia Chapter 7.
Unless you own very expensive furniture, art or antiques, most bankruptcy filers in Washington State are not in jeopardy of losing any of their property. This is done through the use of various bankruptcy "exemptions". Our Olympia Chapter 7 bankruptcy attorneys are very familiar with the exemption statutes and will work hard to maximize the property you are able to retain.
Sadly, many people only consider filing for bankruptcy after they have sold off their property of significant value to repay some of their debts and have exhausted every other alternative to try to and repay their debt, including raiding their retirement funds. In many situations, these people still end up having to file for bankruptcy AFTER they have liquidated everything of value. Had they talked to one of our Olympia bankruptcy attorneys prior to selling everything, however, they may very well have been able to keep all of their property and still file for bankruptcy.
What happens to my retirement if I file an Olympia Chapter 7 bankruptcy?
Many people also ask us about their retirement. They assume that it will have to be forfeited when they file an Olympia Chapter 7 bankruptcy. In fact, nothing can be further from the truth. In the overwhelming majority of cases, our bankruptcy lawyers are able to protect 100% of our clients' retirement, including their pensions, their 401(k), and their other benefits.
If you are considering liquidating your retirement to pay your bills, please take a moment and call our offices today for an initial consultation. It may be one of the smartest calls that you every make. One of our Olympia bankruptcy attorneys can quickly assess your retirement funds and determine whether or not they will be fully protected in a Chapter bankruptcy.
How Do I Qualify for Chapter 7 Bankruptcy?
To qualify for an Olympia Chapter 7 Bankruptcy in Washington State, you must pass the means test. In order to properly qualify you for a Chapter 7, your total household income, your household size, and your expenses must be calculated and evaluated. Your household income must be calculated based upon your average household income over the past six months.
This is part of the evaluation process called the “Means Test.” Our Olympia bankruptcy attorneys are very familiar with the means test and can explain and analyze your financial situation in order to determine whether or not you will qualify for a Chapter 7 bankruptcy, and whether or not filing for Chapter 7 protection is your best financial option.