WA Bankruptcy Lawyers -
Washington Bankruptcy Attorneys
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Filing Washington Chapter 7 & WA Chapter 13 Bankruptcy
If you are seriously contemplating filing bankruptcy to deal with your debts it may be time for you to speak with a local Washington bankruptcy attorney in your area to see how the bankruptcy laws in Washington could help you eliminate your debts and provide you with protection from your creditor harassment.
When an individual debtor files bankruptcy in Washington they have the ability to file either chapter 7 or chapter 13 bankruptcy. To be eligible to file chapter 7 a debtor must pass the chapter 7 means test, which is a formula that analyzes your income and compares it to the state average to determine if you really need the protection of a chapter 7. If your income is below the state average you are elgible for chapter 7 and if your income is above the average, your income for the prior 6 months will be examined. If you are not eligible for chapter 7 you may file chapter 13.
Chapter 7 is the most commonly filed chapter of the Bankruptcy Code. Chapter 7 bankruptcy is intended for debtors with little to no assets or income, and is considered a liquidation bankruptcy. When a person files under chapter 7 of theBankruptcy Code they must turn over any of their assets that are not protected by the Washington bankruptcy exemptions. The bankruptcy exemptions allow debtors filing bankruptcy to keep certain property so they can begin their new life after bankruptcy with some dignity.
WA Chapter 13 is a reorganization bankruptcy that is common for debtors with more assets or property that is not protected by the exemptions. Debtors ineligible for chapter 7 will also file under the chapter 13 laws. Chapter 13 laws stipulate that a person must enter into a debt repayment plan with their creditors over a period of three to five years.