Find a Bankruptcy Lawyer in Walla Walla, Washington

Find the right Bankruptcy attorney in Walla Walla, WA

Bankruptcy in Walla Walla, 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 Walla Walla, 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 Walla Walla attorney's advice is absolutely indispensable.

Types of Bankruptcy in Walla Walla, Washington

In Walla Walla, Washington, 3 types of bankruptcy procedures are in common use: Chapter 7, Chapter 11, and Chapter 13. Being governed by federal law, the procedures involved in filing for bankruptcy in Walla Walla, Washington will be about the same as anywhere else in America. 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.

Under Chapter 13 bankruptcy in Walla Walla, most of the debtor's debt is not discharged. Instead, the bankruptcy court, working with the debtor and participating creditors, work out a payment plan that allows the debtor to pay off most of his or her debts over a prolonged period of time, thus theoretically making the debt far more manageable. Once a payment plan is approved by the court, creditors are prohibited from attempting to collect payment under their original agreements that gave rise to the debt in the first place. Though Chapter 11 bankruptcy can be used by individuals, it is almost exclusively used by businesses. Similar to Chapter 13, Chapter 11 involves restructuring of debts, rather than complete discharge. The debtor is required to come up with a restructuring plan that lays out how it plans to cut costs, streamline operations, and pay its debts. The plan must then be approved by a vote of participating creditors.

During the Chapter 11 process, a business can normally continue its operations, and the stock can be traded, even if it is de-listed from a major stock exchange.

How Can a Walla Walla Bankruptcy Lawyer Help?

Filing for bankruptcy in Walla Walla is a very important decision, and should not be made lightly. Before filing, one should consult with a good Walla Walla bankruptcy attorney for help.

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Life in Walla Walla

With a population of just over 30,000 residents, Walla Walla, Washington is one of the larger cities in the state of Washington. Located four hours from the state capital of Seattle, Walla Walla has colleges, vineyards, and other fun aspects of the city to make it a great place to work and play. Walla Walla is located only thirteen miles from the Oregon border. In addition to being home to Whitman College, the city also has a community college and a specialty school. Interestingly enough, the community college in Walla Walla has classes in all aspects of the booming wine industry in the city, which helps keep the businesses local. Walla Walla wine industry generates over million in revenue to the city every year. Other big products that come out of Walla Walla are wheat and sweet corn. Walla Walla, Washington is also home to some great lawyers. Lawyers in Walla Walla are trained in any legal issue his or her client may be dealing with and happy to help use their knowledge to solve a problem. From lawyers to wine makers to university professors, Walla Walla is a city that attracts amazing professional talent.

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