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Information About Filing Chapter 7 Bankruptcy in Olympia, WA
Olympia Chapter 7 Bankruptcy Attorneys
Looking for helpful information about filing Chapter 7 bankruptcy in Olympia, WA?
Need to wipe out your debts and get a fresh financial start in life?
Our Olympia bankruptcy lawyers can help!
Chapter 7 Bankruptcy: Wipe Out Your Unsecured Debts
Call Our Affordable Olympia Bankruptcy Attorneys for a Free Consultation
Low Flat Fees and Payment Plans Available
Confidentiality Assured
Call 360-350-3435
Chapter 7 Bankruptcy is the most common type of bankruptcy. It eliminates or "cancels" out all qualifying unsecured debts so you are no longer legally required to pay them and your creditors can no longer contact you, sue you or otherwise try to collect on you.
What is an Unsecured
Debt? There are many of types of unsecured debts. In general, however, a debt that is not secured is one that is simply not collateralized by some type of property. Almost all unsecured debts are fully discharged and completely wiped out in a bankruptcy.
For most of our Olympia bankruptcy clients, these typically include credit card bills, lawsuits, judgments, unpaid utility bills and unpaid rent. And, one of the most prevalent types of unsecured debts that is wiped out in bankruptcy is all types of medical bills.
Additionally, other types of debts that are frequently eliminated in bankruptcy include unresolved apartment lease and rental agreement debts, car repossession
deficiencies, second mortgage deficiencies after foreclosure, certain old tax
debt, social security and unemployment income overpayments, and pay day loans.
What unsecured debts
are not dischargeable in Chapter 7 Bankruptcy?
In almost all cases, student loans are not dischargeable in bankruptcy. Most tax debt is also not dischargeable, as well as debt in incurred due to fraud or breach of fiduciary duty. Criminal and traffic fines are also not dischargeable. Usually debts you are ordered to pay in a divorce decree cannot be discharged. Post-filing home owners association dues , child support and spousal maintenance are also not dischargeable.
How do I know if I am eligible for Washington State Chapter 7 Bankruptcy Protection?
Most people qualify for Chapter 7 Bankruptcy based upon their income. You must be under the Washington State median income for a similarly-sized household or otherwise pass what is commonly referred to as the “Means Test”. The Means Test is new requirement that began when the bankruptcy laws were revised in 2005 and analyzes your income and expenses.
You are only eligible to file for Chapter 7 Bankruptcy once every 8 years. Our experienced affordable bankruptcy lawyers will analyze your income and expenses to determine if you qualify for Washington State Chapter 7 Bankruptcy relief.
What Happens After a
Chapter 7 Bankruptcy Case is filed?
Immediately after a Chapter 7 case is filed an “automatic
stay” is put in place which stops your creditors from any contact, stops
garnishments (wages and bank accounts), lawsuits, foreclosure proceedings, car
repossession action, and all collection activity. Your creditors can only contact your us as your Olympia bankruptcy lawyer.
Call Our Affordable Olympia Bankruptcy Attorneys for a Free Case Evaluation.
We Serve All of Olympia and Thurston County, Washington.
Low Flat Fees and Payment Plans Available.
Confidentiality Assured.
Call 360-350-3435.