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Tom McAvity

Northwest Debt Relief Law Firm helps client to resolve debt problems. We offer affordable payment plans for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy and every bankruptcy comes with free credit repair services.

Bankruptcy Filing: The Pros and Cons. Businesses that are struggling with debt often consider a bankruptcy petition.

Bankruptcy Filing: The Pros and Cons

Most choose this legal process to be free from some (or possibly all) of their creditor debts. After facing a huge unforeseen lawsuit filed against the company, some are forced to declare bankruptcy. As such, business owners associate bankruptcy cases with the feeling of failure, hardship, and loss. It is regarded as a last resort when a business hits rock bottom due to financial problems. This should not be the case. Being bankrupt does not necessarily mean reaching the end game. Quick Guide on How to File Bankruptcy. There are things you should consider before filing bankruptcy.

Quick Guide on How to File Bankruptcy

It includes your eligibility to file bankruptcy, the types of debt you owe to your creditor, your monthly income, and living expenses. What Happens When File Bankruptcy. For most consumers, declaring bankruptcy is a debt relief solution that allows them to get a fresh start in life.

What Happens When File Bankruptcy

However, deciding to file for bankruptcy is a big decision. What Do Bankruptcy Discharges Mean? While every Chapter 7 and 13 bankruptcy case ends with a bankruptcy discharge, not all kinds of debt may end up in bankruptcy discharges.

What Do Bankruptcy Discharges Mean?

Knowing ahead of time which debts the court may or may not be discharged can help you avoid a major disappointment and prepare for what’s to come. This article discusses which debts can be wiped off and which debts you will still need to pay back to your creditors. A discharge notice is a court order which legally declares that you no longer have any obligation to pay back certain debts after your bankruptcy case. This legal document is the “light at the end of the tunnel” sought by every Chapter 7 and Chapter 13 bankruptcy filer. Consumer Bankruptcy: Types of Bankruptcies - Vancouver Bankruptcy Law. Deciding to file for bankruptcy is one thing, but knowing which types of bankruptcies to file is another.

Consumer Bankruptcy: Types of Bankruptcies - Vancouver Bankruptcy Law

Individuals who are struggling with debt can avail of the different types of bankruptcies to eliminate or restructure their debts, but it’s important to know how your circumstances affect your bankruptcy filing. File Another Bankruptcy After a Court Discharge - Bankruptcy Lawyer. Did you know that it’s possible to file bankruptcy more than once?

File Another Bankruptcy After a Court Discharge - Bankruptcy Lawyer

For former debtors, a bankruptcy petition paves the way for a fresh start and a bright financial future. However, an unexpected turn of events such as sudden illness in the family, loss of income, or closure of business can spark another round of financial burden. The good news is that even if you have a prior bankruptcy record, you may still submit a new petition after you fulfill the time requirement specified under the bankruptcy code. The sections below will help you determine if declaring bankruptcy the second time is the best option given your unique situation. You’ll also find valuable insights as to which types of bankruptcy you can consider depending on the former chapter you filed. The bankruptcy act stipulated a set number of years that must pass between bankruptcy filings geared towards abuse prevention.

Student Loan Debt and Bankruptcy - Northwest Debt Relief Law Firm. Congratulations on finishing your degree!

Student Loan Debt and Bankruptcy - Northwest Debt Relief Law Firm

Time to start “adulting” and begin it by paying your bills. One of the first bills you need to settle is your student loan, but where do you start? Student debt is a burden not just for young Americans but for the American economy as a whole. It has become the second-highest source of consumer debt, right after mortgage loans. Student loan debt is so staggering that it has beaten out both credit card and automobile debt. Student loan debt is now, more than ever, a crisis in the United States. As of 2019, student loan debt is at an all-time high with a national total of $1.6 trillion.65% of the class of 2018 graduated with student debtAmong these graduates, the average student loan debt was $29,200.The average U.S. household with student debt owes $47,671, according to NerdWallet’s 2018 household debt study.Students who pursue professional degree programs can expect to take on much more.

Chapter 7 No-Asset Cases - Oregon Chapter 7 Bankruptcy Lawyer. There are different types of bankruptcy presented in the bankruptcy code.

Chapter 7 No-Asset Cases - Oregon Chapter 7 Bankruptcy Lawyer

How Bankruptcy Works - Oregon Bankruptcy Attorney. The bankruptcy process involves a set of federal laws designed to help individual and business debtors who cannot pay what they owe.

How Bankruptcy Works - Oregon Bankruptcy Attorney

All 94 federal judicial districts handle bankruptcies. Bankruptcy filings are done with the bankruptcy court in almost all of them. Federal bankruptcy courts have jurisdiction over bankruptcy cases, so they cannot be filed with a state court. According to bankruptcy laws, filers who liquidate their assets to pay off their debts, or craft and carry out a repayment plan to pay back their creditors in a set period of time can have a fresh start.

The Bankruptcy Act also protects businesses in trouble, providing them a means for orderly debt repayment through liquidation or reorganization. Chapter 13 Bankruptcy Requirement - Washington Bankruptcy Attorney. Are you under financial distress and considering declaring bankruptcy?

Chapter 13 Bankruptcy Requirement - Washington Bankruptcy Attorney

Bankruptcies have long been the answer to debtors looking to have their debts discharged, so find out what your options are in getting the best possible results when you file for bankruptcy. There are different types of bankruptcy in the bankruptcy code. For personal bankruptcy, it’s generally a choice between Chapter 7 (liquidation) and Chapter 13 (reorganization).

If you want the bankruptcy process that will allow you to hold on to as many of your assets as possible, the bankruptcy chapter for you is 13. If you’re filing for bankruptcy under Chapter 13, understand that you have to propose a repayment plan. Disposable income pertains to your leftover funds after you’ve covered all your basic living expenses and made your monthly payments on more important debts. Non-Priority Unsecured Debt Payments How do you calculate your monthly payment on these debts? Debtors with Substantial Assets. Bankruptcy Alternative - Oregon Bankruptcy Attorneys. If you’re facing serious financial problems, you may be considering filing for bankruptcy. In many cases, bankruptcies were an apt solution for people who have been struggling financially. While filing bankruptcy is often the last resort for debtors, it’s also possible that they may not realize what alternatives there are.

Weighing the Costs of Filing a Chapter 7 Bankruptcy - Bankruptcy Lawyer. For debtors with high amounts of unpaid loans, paying off creditors using their savings is not the only option. In fact, borrowers who own valuable and nonexempt property may choose to file for a Chapter 7 bankruptcy. However, choosing this type of bankruptcy involves weighing both the financial and indirect costs on the part of the borrower.

Debt Relief Attorneys Vancouver WA. If you are facing pressure from your creditors, you might have a unique opportunity to pay back debt without liquidating retirement accounts. After filing for bankruptcy, all retirement funds like 401ks, 403bs, and college fund IRAs are safe from creditors. Filing for bankruptcy can help to protect your future. To learn more, it’s in your best interests to contact an experienced debt relief attorneys Vancouver WA. A Common Scenario One of the saddest situations I see is people who want to file for bankruptcy after they’ve liquidated their retirement accounts.

To make matters even worse, now that the retirement funds are liquidated, the cash on hand isn’t protected from creditors. Vancouver Emergency Bankruptcy Attorney. Filing an Emergency Bankruptcy in Washington and Oregon If you wish to file a bankruptcy petition in Washington or Oregon, there are a number of forms that you are required to file with the bankruptcy court. Assembling all of the information and filling out the forms can take a great deal of time. If you are facing an emergency, such as a wage garnishment or home foreclosure, you can file just a few of those forms to get the case started– this is often called to as an emergency bankruptcy filing.

Emergency Bankruptcy Lawyer. Chapter 13 Payment Plan. How Does a Chapter 13 Payment Plan Work? Rebuilding Credit After Bankruptcy. Can You Rebuild Your Credit After Bankruptcy? The answer is a resounding yes and it can be done in pretty short order. We used to assume that just eliminating your debts would be enough. But a few years ago, we realized that we needed to take a more holistic approach. Our debt recovery lawyer at Northwest Debt Relief knows that it’s not enough to just move items from column A to Column B.

Rebuild Your Credit With Credit Education. Bankruptcy Exemptions in Washington - Vancouver Bankruptcy Lawyer. Bankruptcy filing fees in seattle. Consumer Bankruptcy in Portland Oregon - Bankruptcy Lawyers. There are several chapters in the bankruptcy code. Chapters 7, 11, 12, and 13 are the most common. Seattle Bankruptcy Lawyers. File For Bankruptcy in Tacoma Washington - Tacoma Bankruptcy Attorney. What are the Top Causes of Bankruptcy? A common misconception is that irresponsible people are the ones who usually file for bankruptcy. However, nothing could be farther from the truth. While it is true that bad budgeting or overspending may be attributed to being irresponsible, managing money is harder than ever thanks to inflation.

Chapter 13 Bankruptcy Lawyer in Vancouver WA. Chapter 13 Bankruptcy in Tacoma.