Consumer Bankruptcy Lawyers in Sammamish, Washington

Find the right Consumer Bankruptcy attorney in Sammamish, 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 Sammamish, Washington bankruptcy lawyer beforehand.

Chapter 7 Bankruptcy in Sammamish, Washington

In Sammamish, 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 the eligible property is sold, and the funds transferred to the creditors, the dischargeable debt is excused. Some types of debt, however, can't be discharged in Chapter 7 Bankruptcy in Sammamish, Washington. These include student loans, criminal fines, and taxes, among others. If most of your debt can't be discharged, Chapter 7 might not be the best choice for you.

Chapter 13 Bankruptcy in Sammamish, Washington

Chapter 13 bankruptcy in Sammamish, Washington is markedly different. It may or may not be a better option than Chapter 7, depending on the facts of your particular case. Chapter 13 Bankruptcy involves a court setting up an adjusted payment plan, which allows the debtor to pay off most or all of his debts over a longer period of time, through monthly payments that should, assuming that the debtor is willing to make a few sacrifices, be manageable.

Which Type of Consumer Bankruptcy Should I File in Sammamish, Washington

Chapter 13 is usually a good option for people who have a steady income, and a large amount of non-exempt property that they can't part with. On the other hand, if most of the debtor's property is exempt, and he or she does not have a steady income, Chapter 7 might be more beneficial.

In any case, you should talk with a local Sammamish, Washington bankruptcy attorney. Your attorney can advise you of your options and inform you of their likely consequences. This will make it much easier for your to make an informed choice.

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Life in Sammamish

Sammamish, Washington is a city in King County. It is a suburb of Seattle, and has a population of about 40,000 people, as of a 2008 estimate by the Census Bureau of the Untied States.

Sammamish remained an unincorporated census-designated place for most of its existence. As with most cities in the Pacific Northwest, the area it occupies was inhabited by various Native American tribes for thousands of years before the arrival of European explorers. Settlers from back east arrived in the early 1800s, mainly for the purpose of logging and fur trading.

Modernly, Sammamish is a quiet residential community whose economy is boosted by the various industries (such as electronics, aerospace, software development, and tourism) in the Seattle area. It is also a destination in itself, thanks to several recreational opportunities that show off the area's natural beauty. These include Lake Sammamish State Park, Beaver Lake Park, and several other nature preserves, offering activities like swimming, hiking, bicycling, and rock climbing, among others.

If you live in Sammamish, Washington, and need some form of legal service, you're in luck. Thanks to the area's economic diversity, there is a thriving legal community in Sammamish. Sammamish, Washington lawyers are able to take just about any type of case a person is likely to face.

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