Consumer Bankruptcy Lawyers in Mukilteo, Washington

Find the right Consumer Bankruptcy attorney in Mukilteo, 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 governed by federal law and handled in federal courts, so the procedural and substantive rules involved in Washington are often the same as anywhere 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 Mukilteo, Washington bankruptcy lawyer beforehand.

Chapter 7 Bankruptcy in Mukilteo, Washington

In Mukilteo, Washington, there are 2 main forms of commonly-used consumer bankruptcy: Chapter 7 and Chapter 13. Chapter 7 liquidates some 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 types 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 types of debt cannot be discharged in bankruptcy, including student loans, taxes, child support, personal injury awards, and fines. If most of your debt in Mukilteo, Washington is not dischargeable, you might want to consider other options besides bankruptcy.

Chapter 13 Bankruptcy in Mukilteo, Washington

Chapter 13 Bankruptcy in Mukilteo, Washington is very different from Chapter 7. Whether or not it is a better option is highly 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 Mukilteo, Washington

Whether Chapter 7 or Chapter 13 is the right choice for you depends heavily on your individual situation. If you have a steady income stream, and a lot of non-exempt property, Chapter 13 might be right for you. If you don't have a steady income, and most of your property is exempt, Chapter 7 might be a better way to go.

In any case, it would be a good idea to consult a local bankruptcy attorney in Mukilteo, Washington. Your attorney 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 Mukilteo

Mukilteo WA is located on the shore of the Pudget Sound in Washington and is considererd one of the more affluent suburbs of Seattle. With a population just under 20,000 Mukilteo has small town charm. It is no wonder the Mukiteo was named one of the top 100 small towns of America to live in by Money Magazine. Mukilteo's strategic location is also the site of Washington State Ferries terminal, which serves as the link to several islands, including Clinton and Whidbey Island. Originally a trading village and popular point of entry for ships, Mukilteo's unique name means "good camping ground." Another noteworthy aspect of Mukilteo is the city's education. Kamiak High School, located in the heart of Mukilteo is considered one of the most expensive schools ever built in the U.S. In addition to having stellar public school and private school education, Mukilteo is also home to some fabulous lawyers, ranging in many specialties and trained to help their clients with any legal issue he or she may find themselves dealing with. Mukilteo lawyers are just one more aspect that makes this charming Washington city a great place to live and work.

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