Find a Bankruptcy Lawyer in Edmonds, Washington

Find the right Bankruptcy attorney in Edmonds, WA

Bankruptcy in Edmonds, 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 Edmonds, 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 an Edmonds attorney's advice is truly indispensable.

Types of Bankruptcy in Edmonds, Washington

There are three basic bankruptcy schemes that are most commonly used in Edmonds: Chapters 7, 13, and 11. Bankruptcy is a creation of federal law, so the procedure for filing for bankruptcy in Edmonds, Washington will be roughly the same as it would be anywhere else in the U.S. Chapter 7 bankruptcy involves liquidation of many of the debtor's assets in order to pay off as much of the debt as possible. This sounds harsh, but there is an upside: once the liquidation is complete, the debts are legally viewed as having been paid in full, whether or not the full amount was covered by the liquidation. Liquidation involves selling some personal property, and using the proceeds to pay off debt. Many types of property are exempt from liqudiation, and therefore may not need to be sold. They include homes, cars, and insurance policies, among others. You should know that some types of debt cannot be discharged in Chapter 7 bankruptcy, including taxes, student loans, and child support.

The other normally used bankruptcy system in Edmonds is Chapter 13 bankruptcy. This allows a debtor to repay most or all of their debts in a structured manner. It reorganizes the debt into lower periodic payments that, with a bit of frugality, the debtor should find manageable. This allows the debtor to continue to earn a living, and allows the creditors to eventually collect what they are owed. Once a repayment plan is approved by the bankruptcy court, creditors are legally barred from seeking repayment under the terms of the agreements that gave rise to the debt in the first place, and will instead have to accept payment under the new plan. Chapter 13 bankruptcy is usually a better option for people who have a steady income. 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.

A main advantage of Chapter 11 bankruptcy is that businesses can continue their operations while going through the process. Also, they can continue to buy and sell their stock.

How Can a Edmonds Bankruptcy Lawyer Help?

The decision to file for bankruptcy in Edmonds is not one to be made lightly, and it certainly should not be made without first obtaining the advice of an experienced Edmonds bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Edmonds

Edmonds, Washington is a city in Snohomish County. It has a population of slightly over 40,000 people.

It is the oldest incorporated city in Snohomish County, Washington, having been founded in 1899 by a logger named George Brackett. It's not clear who or what the city of Edmonds, Washington is named after, but it is likely either then-U.S. Senator from Vermont George Franklin Edmunds, or nearby Point Edmund (later re-named to Point Edwards).

By 1900, regular ferry boat service to Seattle was available. Edmonds, Washington is an important regional center for the arts. It fetaures a well-known, privately-funded drama club, called the Driftwood Players. They do 4-5 major productions per season, interspersed with several more one-night plays.

It also has hosted a major art festival since 1957, which focuses on the visual arts such as painting and illustration, and collaborates with local schools, featuring several galleries exclusively displaying the artwork of local students, to help promote arts education. Edmonds, Washington also hosts a jazz festival every Memorial Day weekend, with professional, famous jazz performers playing, as well as music students from nearby schools.

Given its diverse, eclectic population and culture, it's no surprise that Edmonds, Washington has a diverse and well-rounded legal community. If you're facing a legal issue, and live in the area, it's almost certain that an Edmonds, Washington lawyer can help.

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