Consumer Bankruptcy Lawyers in Mount Vernon, Washington

Find the right Consumer Bankruptcy attorney in Mount Vernon, WA

Bankruptcy allows an individual or business to get rid of some or all of its debt. Generally, bankruptcy should only be considered when the debt is completely unmanageable, impossible to pay off, and there are no other options. However, in some cases, the benefits of bankruptcy can significantly outweigh the costs. Bankruptcy is controlled by federal law and handled in federal courts, so the procedural and substantive rules involved in Washington are often the identical as everywhere else in the U.S. However, individual bankruptcy courts have slightly different rules for items such as exemptions, so it would be a good idea to consult with a local Mount Vernon, Washington bankruptcy attorney beforehand.

Chapter 7 Bankruptcy in Mount Vernon, Washington

In Mount Vernon, Washington, there are 2 main types of commonly-used consumer bankruptcy: Chapter 7 and Chapter 13. Chapter 7 liquidates part of the debtor's assets. It requires a certain percentage of the debtor's assets to be sold off to pay as much of his or her debt as possible. However, many forms of property that most people own are exempt, meaning that they don't need to be sold. This often includes houses, vehicles, insurance policies, and essential personal items, like clothing. These assets are not available to creditors.

Once eligible assets are sold, and the proceeds turned over to the creditors, most remaining debt is excused. However, some forms of debt cannot be discharged in bankruptcy, including student loans, taxes, child support, personal injury awards, and fines. If most of your debt in Mount Vernon, Washington is not dischargeable, you may want to consider other options besides bankruptcy.

Chapter 13 Bankruptcy in Mount Vernon, Washington

Chapter 13 Bankruptcy in Mount Vernon, Washington is very different from Chapter 7. Whether or not it is a better option is very dependent on the facts of each individual case. Chapter 13 bankruptcy does not eliminate debt, it restructures it. This involves a court coming up with a new repayment plan designed to be manageable for the debtor. This new plan sets aside the terms of the original agreements that created the debt in the first place. This creates a new payment structure, usually involving a single monthly payment, that the debtor should find manageable.

Which Type of Consumer Bankruptcy Should I File in Mount Vernon, Washington

The answer to this question depends strongly on your individual situation. If you have enough stable income to manage a payment plan, and a lot of non-exempt property that you are unwilling to part with, Chapter 13 may be a good option. If you don't have much stable income, and most of your property is exempt, Chapter 7 might be better.

In any case, it would be a good idea to consult a local bankruptcy lawyer in Mount Vernon, Washington. Your lawyer can make an educated judgment as to what your best option is, and advise you accordingly (of course, the choice to file for bankruptcy is ultimately yours).

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Life in Mount Vernon

Mount Vernon, Washington is located on the Skasgit River and houses a population of just under 26,000. Although creating a beautiful backdrop, the River has also caused some flooding issues for Mount Vernon in recent times-- a problem the city now has under control.

Because of its strategic location near Pudget Sound and other desirable attributes, Mount Vernon was rated the Best Small City in America. Mount Vernon owes much of its growth to the early mining, farming, and logging communities that developed near the city.

Mount Vernon is also home to a thriving professional community with doctors, lawyers, and accountants available to serve the Mount Vernon's population needs. Mount Vernon lawyers specialize in family law, contract, law, employment issues, wills and trusts to name a few and are some of the best in the business. Whether staying or just visiting, there are so many aspects of Mount Vernon that make this city lovely.

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