Consumer Bankruptcy Lawyers in Oak Harbor, Washington

Find the right Consumer Bankruptcy attorney in Oak Harbor, WA

Bankruptcy allows an individual or business to get rid of some or all of its debt. Typically, 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 substantially 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 Oak Harbor, Washington bankruptcy attorney beforehand.

Chapter 7 Bankruptcy in Oak Harbor, Washington

In Oak Harbor, Washington, there are 2 common 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 basic 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 cleared. 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 Oak Harbor, Washington is not dischargeable, you may want to consider other options besides bankruptcy.

Chapter 13 Bankruptcy in Oak Harbor, Washington

Chapter 13 Bankruptcy in Oak Harbor, Washington is very different from Chapter 7. Whether or not it is a better option is very dependent on the facts of each particular case. Chapter 13 does not absolve debt, but restructures it instead. Normally, various debts are consolidated into a single monthly payment. This is designed to make the debt more manageable, giving the debtor the chance to pay off the debt over a longer period of time, without all of it coming due at once. This is normally manageable, as long as the debtor can make some sacrifices.

Which Type of Consumer Bankruptcy Should I File in Oak Harbor, Washington

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

Of course, you should always seek the counsel of an accomplished local Oak Harbor, Washington bankruptcy attorney before you make the decision to file. He or she will be able to advise you of your options, and suggest the best possible course of action for your individual situation.

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Life in Oak Harbor

Oak Harbor, Washington is a city in Island County, Washington. It is physically located on Whidbey Island, which is about 30 miles north of Seattle, and just off Puget Sound. Oak Harbor currently has a population of approximately 20,000 people.

Oak Harbor was incorporated in 1915. The history of Oak Harbor dates back to the mid 1800s, when 3 settlers staked claims in the area, which roughly coincide with the boundaries of the current city. Early settlers were largely from Norway and Sweden, giving the city a distinctive Scandinavian feel.

Oak Harbor is home to a major military installation - the Naval Air Station Whidbey Island. This base is home to thousands of personnel, and is a major source of jobs and outside money for Oak Harbor, and the other communities in Whidbey Island.

The community is also home to one of the Pacific Northwest's major scenic landmarks: the Deception Pass Bridge, which connects Whidbey Island with Fidalgo Island.

Thanks to its proximity to Seattle, and its diverse population, there are many lawyers in and around Oak Harbor, Washington who are ready to handle virtually any legal issue that you might have. If you need legal advice, you should contact an Oak Harbor, Washington attorney as soon as possible.

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