Find a Bankruptcy Lawyer in Puyallup, Washington

Find the right Bankruptcy attorney in Puyallup, WA

Bankruptcy in Puyallup, Washington is a court procedure which allows an individual or business who is drowning in debt to be absolved 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 minimal 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 Puyallup, 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 individual situation. This determination is highly dependent on the details of each individual case, so a Puyallup attorney's advice is absolutely indispensable.

Types of Bankruptcy in Puyallup, Washington

In Puyallup, Washington, there are three basic bankruptcy schemes that are most often used. They are recognized as Chapter 7, Chapter 13, and Chapter 11. Being a product of federal law, the procedural rules governing bankruptcy in Puyallup, Washington will be very similar to those in any other part of the United States. Chapter 7 bankruptcy requires the debtor to liquidate some of his or her assets in order to pay off as much debt as possible. Once the sale of the assets is complete, and the proceeds handed over to the creditors, the debt is viewed as discharged. Liquidation is basically selling assets to the highest bidder. Not all of the debtor's assets will need to be sold, and many types of property are completely or partially exempt, including homes, cars, retirement accounts, and insurance policies. This means that the debtor can keep them. It should be noted that some types of debts are not dischargeable in Chapter 7 bankruptcy, including student loans, criminal fines, taxes, and child support payments. Even when the bankruptcy process is complete, these debts will have to be paid in full.

The other popular bankruptcy system in Puyallup is Chapter 13 bankruptcy. Under this system, the debtor's debts are restructured, instead of discharged. This involves creating a new repayment plan that the debtor will find manageable, given his or her income, and that will result in the creditors being paid in a reasonable amount of time. When a repayment plan is approved by a court, creditors are legally barred from attempting to collect under the original terms of their contract with the debtor. Though accessible to individuals, Chapter 11 bankruptcy is generally 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 presented, it is submitted to the participating creditors, who must approve it by a majority vote before it can be implemented.

While going through Chapter 11 bankruptcy, a business can continue operations, and its stock can continue to be traded.

How Can a Puyallup Bankruptcy Lawyer Help?

Filing for bankrtuptcy in Puyallup is a huge decision with costs and benefits that must be weighed carefully. Before filing, it would be a good idea to speak with a good Puyallup bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Puyallup

Puyallup is a popular suburb just 5 miles east of Tacoma. The population of Puyallup has been on the steady rise and has reached 40,000. The name of the town comes from a local Native American tribe and means "generous." One reason for the name could be the fertile soil. Each year the locally grown daffodils, which are shipped world wide, are featured in the town's annual spring parade as well as the Daffodil Parade. The Daffodil Parade takes place in Tacoma, Puyallup, Orting, and Sumner each year and feature floats, local marching bands, veteran groups, and other clubs. The Puyallup Fair is the biggest annual state fair in Washington and one of the 10 largest in the country. It attracts over 1 million people every year. For the two weeks in September each year, local businesses "do the Puyallup" and show off their best products to all of the visitors.

If you visit the Puyallup Fair at the Puyallup Fairgrounds you may notice the historical information on the grounds' interesting past. It was once used as a World War II internment camp for United States citizens or those of Japanese descent and was called "Camp Harmony." The Antique District is obviously known for its wide selection of antique shops that run along the Meridian Street. It's near the near the Arts Downtown Outdoor Gallery that rotates a selection of artwork appropriate for outdoor installation. Most regular shopping, like back to school, is done at the South Hill Mall that features a number of retail stores like JCPenny, Sears, Target, and Macy's. Puyallup is a booming city that is home to local lawyers. Puyallup lawyers know local courts and procedures so they can help you today.

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