In Washington state, to file for a Chapter 7, there is an income threshold. It depends on how many people are in your household. If there is one person and you make less than $59,000 you qualify for a Chapter 7. If there are two people and you make less than $86,000, you qualify. If you do not meet the requirements, you will have to demonstrate your expenses exceed your income even though you make so much income to determine if you qualify for Chapter 7.
What Debt Can I Discharge In A Chapter 7 Bankruptcy?
Consumer debts like credit cards, medical bills, judgments, and collections are dischargeable.
Will I Lose All Of My Assets In A Chapter 7 Bankruptcy? If Not, What Can I Keep?
No, the purpose of bankruptcy is to allow you to get a fresh start. It’s not intended to cripple you financially. You would still be able to keep things like your home, your car, your bank accounts, your furnishings, and your electronics. Those are the other exemptions that allow you to protect your assets.
In Chapter 7, you’ll have a $3500 exemption to claim protections for your household furnishings and clothing. You are also allowed a wildcard exemption, that’s $13,000 that you can apply to anything. If you have just $5000 in your bank account, you can use the first exemption under bank accounts to protect that money. If you have more than that then you can apply the wildcard to protect it.
Most of my bankruptcy clients will walk out keeping their cars, their bank accounts, and everything intact and allowed to be discharged of their credit card debts and other consumer debts.
How Long Does A Chapter 7 Bankruptcy Generally Take?
The average duration of bankruptcy from start to finish is 4 to 5 months. When a client works with our bankruptcy lawyer it takes a week to gather information, a week to get further information, and a week to draft and file the petition. A month later we will be in court for a hearing with the trustee. After the hearing, the trustee will take between one to two months to investigate whether any assets can be sold to satisfy creditors, and then after that, your debt will be discharged.
How Do I Find The Best Bankruptcy Attorney Near Me In King County Or Pierce County?
You should be looking for an attorney that is licensed to practice in bankruptcy court. It is a federal court, so you have to be able to be practicing in that district. Look for client testimonials, clients who have been satisfied with attorneys who’ve done that before and you want to see attorneys who know what they are doing in your case.
For more information on Chapter 7 Bankruptcy In Washington, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (425) 276-7390 today.