Washington Bankruptcy Lawyers

A struggling economy brings a heavy amount of fallout with it. While the media tends to cover things on a macro level, the fact is that millions of people are suffering from the effects of the economy. Some have lost jobs unexpectedly, others have found themselves upside down on their mortgages and still others are experiencing one as a result of the other.

The attorneys at Phillips Webster have been helping people all over the state of Washington through these tough times, and although many people may not realize it, there are options available for relief. The firm handles several different types of bankruptcy filings and can also provide help for those who have an opportunity to avoid a bankruptcy filing. Below is a brief overview of the type of help that the firm can provide.

Bankruptcy - Washington State; Seattle and Tacoma

While there is an unfortunate and sometimes unfair stigma attached to filing for bankruptcy protection, statistics show that more than 5,000 bankruptcy petitions are filed in the United States every working day. Clearly, those that find themselves in this position are far from alone, as experts project that as many as 1,500,000 people could need the help and protection afforded by the US Bankruptcy Code during 2009.

However, before someone simply decides that bankruptcy is the only option, and that they should begin selling off their assets, he or she should know that there are many options and a lot to know about how this process should be properly handled. For instance, there are at least two different choices for an individual bankruptcy filing, which are briefly described below.

Types of Bankruptcy

  • Chapter 7 Bankruptcy - Chapter 7 bankruptcy is generally known as a 'liquidation' bankruptcy, and it is the most common type of filing for individuals in the United States. Under this chapter of the bankruptcy code, the petitioner files schedules of debts and assets with the US Bankruptcy Court. When these documents are filed, the petitioner's attorney and the Bankruptcy Trustee decide how the assets should be distributed among the existing creditors. It should be noted that not every asset owned by the petitioner will be completely sold off to satisfy debts. Washington has what are known as exemptions, which means that certain types of property cannot be completely liquidated so as to leave the petitioner in a state of complete destitution.
  • Chapter 13 Bankruptcy - A bankruptcy filing under Chapter 13 is generally known as a 'wage earners bankruptcy,' which means that it's typically filed by someone with steady income. A Chapter 13 filing is typically more complicated for the petitioner, but it also usually leads to a quicker resolution of that petitioner's credit. However, close scrutiny needs to be given to the prospective petitioner's financial situation as a whole before making this decision.

Bankruptcy Terminology

There is also much to understand about the different terminology that is inherent in any bankruptcy filing. These terms are simply not logical to someone who does not have a financial and/or legal background, and if someone attempts to handle a filing alone, mistakes are often made because of a lack of understanding of basic bankruptcy terminology.

Bankruptcy Fees in Washington

When someone files for bankruptcy protection, there are filing fees involved. These fees are generally not expensive for most, as the government understands the logic that if someone needs bankruptcy protection, they most likely cannot afford much in the way of fees. They do need to be considered as part of the process, as they are required in most cases for a petition to be accepted by the court.

There are also legal fees involved with bankruptcy cases, but when you work with Phillips Webster, we make sure that we work the fee arrangement out in a way that you will be able to afford it without having to wait to obtain the protection you need and deserve from the court. The firm offers payment plans that include little or sometimes nothing down in terms of a fee, but we will look at your financial picture and come to an agreement in that regard as soon as you'd like us to get started.

File Bankruptcy Washington Attorney

Not everyone needs a bankruptcy filing. The bankruptcy attorneys at the firm will first look at other options before recommending a filing. In some situations, it's possible to negotiate debt settlements or pay-offs with adjusted terms that will allow our clients to get their heads back above water without having to go through the bankruptcy process.

Of course, the attorneys at the firm need to begin by taking a look at your situation before deciding if alternatives to bankruptcy are a viable option, so if you find yourself in a hole and do not think there is any way out, contact the bankruptcy lawyers at Phillips Webster immediately to schedule an initial consultation.
 



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Phillips Webster es la firma de abogados de Washington y nuetros abogados experimentados lo pueden ayudar.   Si usted se ha lastimado en un accidente,  si necesita declararse en bancarrota o necesita que le ayudemos a negociar su deudas, podemos ayudarlo.

Hablemos Españo; 1-800-226-4236

 

 

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13303 NE 175th Street
Woodinville, Washington 98072

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