Consumer Bankruptcy Lawyers in Vancouver, Washington

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

Chapter 7 Bankruptcy in Vancouver, Washington

In Vancouver, Washington, there are 2 main types of commonly-used consumer bankruptcy: Chapter 7 and Chapter 13. Chapter 7 states that a certain percentage of the debtor's property be liquidated to pay off at least a small part of their debt. However, many forms of property are exempt, and do not need to be liquidated, such as cars, homes, insurance policies, and retirement accounts.

Once eligible assets are sold, and the money turned over to the creditors, most remaining debt is discharged. However, there are certain types of debt that cannot be discharged in bankruptcy, including student loans, taxes, child support, and criminal fines. If most of your debt is non-dischargeable, it may not be a good idea to file for bankruptcy in Vancouver, Washington.

Chapter 13 Bankruptcy in Vancouver, Washington

In Vancouver, Washington, chapter 13 is extremely different from Chapter 7, and may or may not be the best option for you, depending on your situation. 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 Vancouver, Washington

Which Bankruptcy type to file under depends strongly on the facts of each individual case. If you have a stable stream of income (enough to make a payment plan manageable), and a large amount of non-exempt property that you don't want to part with, Chapter 13 may be best for you. If you don't have a stable income or large amounts of non-exempt property, you may be better off filing for Chapter 7.

Regardless of your situation, you should speak with an attorney in Vancouver, Washington who is accomplished in bankruptcy before making a decision. They will be able to advise you of your options, and the likely consequences of each one, allowing you to make a much more informed decision.

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Life in Vancouver

Vancouver, WA is a city in Clark County, Washington. It has a population of about 162,000 people, making it the 4th largest city in the state of Washington.

Vancouver, Washington was founded in the early 1800s as a fishing, logging, and fur-trading center. Obviously, the economy of the region, including Vancouver, WA has evolved over the decades. Now, Vancouver's economy largely parallels that of the rest of the region: it is now a center of the American high-tech industry. The Hewlett-Packard computer company is one of the largest employers in Vancouver, WA. The economy is also heavily based on services, including retail, medicine, and legal services and attorneys.

Because of its diverse and service-based economy, Vancouver, WA attorneys are skilled in a large number of different practice areas, because they have to be in order to stay competitive.

So, if you are facing a legal issue in the Vancouver area, you're going to want to consult a Vancouver, WA attorney as soon as possible.

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