Find a Bankruptcy Lawyer in Kent, Washington

Find the right Bankruptcy attorney in Kent, WA

Bankruptcy in Kent, Washington is a court proceeding which allows an individual or business who is drowning in debt to be discharged 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 slight 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 Kent, 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 specific situation. This determination is highly dependent on the details of each individual case, so a Kent attorney's advice is really indispensable.

Types of Bankruptcy in Kent, Washington

There are three basic bankruptcy schemes that are most commonly used in Kent: Chapters 7, 13, and 11. Bankruptcy is a creation of federal law, so the procedure for filing for bankruptcy in Kent, Washington will be roughly the same as it would be anywhere else in the U.S. 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 appropriate 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 typically 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 form of bankruptcy most frequently used in Kent is Chapter 13. It allows a person to pay off their debt over an extended period of time, often consolidating it into one periodic payment. In this system, the amount of money the debtor owes is not actually reduced, but the payment of the debt is made far more manageable. This gives the debtor some breathing room, allowing him to continue to earn a living while gradually paying down his debts, and gives some security to creditors that they will eventually collect all or most of what they're owed. Though applicable to individuals, Chapter 11 bankruptcy is typically 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 finalized, it is submitted to the participating creditors, who must approve it by a majority vote before it can be implemented.

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 Kent Bankruptcy Lawyer Help?

One should not make the decision to file for bankruptcy in Kent lightly. Before making any such decision, it would be highly advisable to contact an efficient Kent bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Kent

Kent is located in King County, Washington. It is a surrounding suburb of Seattle. Per the 2010 census, Kent is home to 92,411 people.

Top employers include REI, Oberto Sausage, Boeing, Coho Distributing, Sysco, Alaska Airlines and Starbucks Coffee. Other employers include small law offices and boutique law firms that employ many competent attorneys and support staff. Such entities easily tend to the legal needs of residents.

The city is well-recognized as the popular host for such events as the Cantebury Faire, Kent Cornucopia Days, Kent Farmers Market, ShoWare Center, and Kent Saturday Market.

Famous residents include Earl Anthony, Ernie Conwell, Jeff Jaeger, Brenda Raganot, Cam Weaver, and Kelly Bachand.

Clients Rate LegalMatch Attorneys
(click to read reviews)

Ian M.
Ian M.

Bankruptcy, Banking & Credit

Richboro, PA

Eddy H.
Eddy H.

Bankruptcy, Banking & Credit

San Mateo, CA

Howard B.
Howard B.

Bankruptcy, Banking & Credit

Rye Brook, NY