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Chapter 13 Bankruptcy

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Information About Filing Chapter 13 Bankruptcy In Olympia, WA.

Wondering if Chapter 13 bankruptcy is right for you and your family?

Need to save your Olympia home from a foreclosure auction?

Our Chapter 13 bankruptcy lawyers can help.

Chapter 13 Bankruptcy helps wage earners maintain their finances by lowering their monthly payments to creditors to amount they can reasonably afford.  In most cases Chapter 13 Bankruptcy also discharges (wipes out) a substantial portion of their unsecured debts.   Our affordable Olympia bankruptcy attorneys will discuss your income, expenses and debts to determine whether Chapter 13 Bankruptcy is your best financial option.

Common Characteristics of Chapter 13 Bankruptcy:

1.        The Chapter 13 Plan:  This plan typically restructures and lowers your unsecured debts to an amount you can afford.  It also repays the amount you are behind on your mortgage(s) and car loans.  The plan typically lasts for 5 years.  At the end of the plan period, your monthly plan payments ends, your bankruptcy case closes and you receive a discharge for any remaining, unpaid qualifying unsecured debt.

2.       Mortgage and Car Loan arrearage repayment:  Allows you to repay the amount you are behind on your mortgages and car loans.  Stops foreclosure proceedings and car repossessions.

3.       “Cramdown” of Car Loans: Lowers the balance on car loans to the fair market value on cars where the car loan was taken out at least 2/12 years ago.  Can also lower the interest rate on the loan.

4.       Pays Liquidation Value:  In cases where bankruptcy filers have more property than can be protected under the bankruptcy exemptions, allows you to repay the value of the unexempt property and keep that property.

5.       Repay IRS Debt Without Accruing More Interest:  Allows you to repay IRS and other tax debt without accruing any additional interest which can save you thousands of dollars and hundreds of dollars per month.

6.       Strip and Discharge Your Second Mortgage:  In certain cases where your house is appraised for less than balance of your first mortgage----where you second mortgage would be completely unsecured----, a Chapter 13 Bankruptcy will allow you to strip the second mortgage, convert the mortgage to unsecured debt, and discharge the second mortgage at the end of the Chapter 13 Plan.  This is a complicated process.  Our affordable Olypia Bankruptcy Lawyers can guide you through this process.

Chapter 13 Eligibility:

1.        Must be at least 4 years since the filing (and eventual discharge) of a Chapter 7 Bankruptcy.

2.       Must be a wage earner.  You must either be employed or have long term income from such sources of social security, a retirement plan, or long term disability.  You cannot file a Chapter 13 Bankruptcy when you are living on unemployment income.