Find a Bankruptcy Lawyer in Shoreline, Washington
Bankruptcy in Shoreline, 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 Shoreline, 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 Shoreline attorney's advice is truly indispensable.
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Types of Bankruptcy in Shoreline, Washington
In Shoreline, 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 Shoreline, 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.
The other common bankruptcy scheme used by consumers in Shoreline is Chapter 13 bankruptcy. In this system, debt is not discharged. Instead, it is restructured. This allows the debtor to have the terms of the agreements that gave rise to their debts in the first place thrown out, and replaced with new terms that call for a structured repayment plan, designed to allow the debtor to survive on whatever income they have, and allowing the creditors to get paid back eventually. Once a payment plan is approved, creditors are not allowed to attempt to collect payment under the original agreements. Though available to individuals, Chapter 11 bankruptcy is mostly used by businesses. Like Chapter 13, Chapter 11 requires the restructuring of debts. Under this system, the debtor must come up with a plan to reduce debt, cut costs, and improve operations. Once this plan is proposed, it is submitted to the participating creditors, who must approve it by a majority vote before it can be implemented.
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 Shoreline Bankruptcy Lawyer Help?
The decision to file for bankruptcy in Shoreline is not one to be made lightly, and it certainly should not be made without first obtaining the advice of an experienced Shoreline bankruptcy attorney.
There are 68 Bankruptcy, Banking and Credit cases posted in Shoreline
Cases Posted to LegalMatch listed by ZIP Code:Bankruptcy Attorneys in the Largest WA Cities
Life in Shoreline
Shoreline is located in King County, Washington. Specifically it is north of Downtown Seattle. Per the 2010 census, Shoreline is home to 53,007 people.Popular sites include Hamlin Park, Kruckeberg Botanic Garden, Shoreline Historical Museum, Shoreline Stadium, Shoreview Park, and Granite Curling Club. Other popular landmarks include the William E. Boeing House and the Ronald Grade School, which is now the Shoreline Historical Museum.
Top employers include the school district and health care system. Although the legal industry is not included in this list, many law offices employ excellent attorneys and legal support staff to help Shoreline's economy and tend to the legal needs of residents.
Overall, Shoreline is a wonderful place to visit. It is also a wonderful place to call home because it offers a community-like feel and small-town humbleness!
