Find a Bankruptcy Lawyer in Redmond, Washington
Bankruptcy in Redmond, Washington is a court process which allows an individual or business who is drowning in debt to be relieved of their legal obligation to pay off some or all of their debt. Hopefully, this will allow both the debtor and creditors to move on with their lives. However, bankruptcy is not a free ride, allowing someone who simply doesn't feel like paying their debts to get out of that legal obligation. It is designed to prevent debt which has little chance of ever being paid back from ruining the life and finances of the debtor. It also carries significant long-term consequences, which must be carefully weighed against the potential benefits. For example, bankruptcy makes it very difficult for the debtor to obtain credit in the near future.
For that reason, it would be prudent to speak with a good Redmond, Washington bankruptcy attorney. This attorney will be able to advise you as to whether or not filing for bankruptcy is a good idea, given your particular situation. This determination is highly dependent on the details of each individual case, so a Redmond attorney's advice is truly indispensable.
Find a Redmond Lawyer that Specializes in Your Area of Need:
Types of Bankruptcy in Redmond, Washington
In Redmond, Washington, there are three basic bankruptcy schemes that are most commonly used. They are known as Chapter 7, Chapter 13, and Chapter 11. Being a product of federal law, the procedural rules governing bankruptcy in Redmond, Washington will be very similar to those in any other part of the United States. Chapter 7 bankruptcy requires the debtor to liquidate some of his or her property, and use the proceeds to pay creditors. While this doesn't sound like much of a relief at first glance, the upshot is that once the eligible property is sold, and the proceeds given to the creditors, all of the debtor's eligible debts are deemed paid in full, regardless of how much the creditors actually ended up getting. Not all of the debtor's property has to be sold off - the debtor will usually be allowed to keep things like a house, at least one car, some types of personal property, retirement accounts, and insurance policies. It should be noted that some debts are not dischargeable, and will have to be paid in full even if the debtor files for bankruptcy. This includes student loans, taxes, and criminal fines.
Under Chapter 13 bankruptcy in Redmond, most of the debtor's debt is not discharged. Instead, the bankruptcy court, working with the debtor and participating creditors, work out a payment plan that allows the debtor to pay off most of his or her debts over a longer period of time, thereby theoretically making the debt far more manageable. Once a payment plan is approved by the court, creditors are prohibited from attempting to collect payment under their original agreements that gave rise to the debt in the first place. Chapter 11 bankruptcy is almost exclusively used by businesses, but there is nothing that legally prevents it from being used by individuals, and its use by individuals is very rare. Chapter 11 bankruptcy requires the debtor to come up with a restructuring plan - telling the court how they propose to cut costs, improve their operations, and pay down their debts. The plan has to be approved by a majority vote of participating creditors.
One main advantage of Chapter 11 bankrutpcy is that it allows businesses to continue their operations while the process plays out. Furthermore, their stock can still be bought and sold.
How Can a Redmond Bankruptcy Lawyer Help?
Filing for bankruptcy in Redmond is a very important decision, and should not be made lightly. Before filing, one should consult with a good Redmond bankruptcy attorney for advice.
There are 63 Bankruptcy, Banking and Credit cases posted in Redmond
Cases Posted to LegalMatch listed by ZIP Code:Bankruptcy Attorneys in the Largest WA Cities
Life in Redmond
Redmond is located in King County, Washington. It is approximately 16 miles east of Seattle. Per the 2010 census, it has a population of 45,256 people.Top employers include Microsoft, Nintendo of America, Concur Technologies, Visible.net, Wild Tangent, Solstice and Data I/O, and Online Trading Academy.
Redmond is also home to many attorneys who reside in the city. These attorneys are very capable and easily handle the legal needs of Redmond residents. For large, complex cases Redmond residents go to the large, top-tier Seattle firms.
Overall, Redmond is a quaint place with small-town charm. It is a wonderful place to call home or visit!
