Chapter 7 in Seattle

Seattle Chapter 7 bankruptcy represents the most common form of bankruptcy in the United States, and involves a liquidation, as opposed to reorganization, of the business or assets of a person.  For this reason, Chapter 7 is also known as straight bankruptcy.

How can filing for Chapter 7 bankruptcy in Seattle help you?

Filing for Seattle Chapter 7 bankruptcy can be beneficial in a number of ways.  It is most common among individual debtors and is appropriate for those facing extreme debts, especially unsecured debt such as credit card and medical bills. 

In a Chapter 7 bankruptcy, a person must sell his or her non-exempt assets and use the proceeds to repay the debts.  However, most Chapter 7 debtors are able to keep all of their assets.  Keeping these assets is known as an exemption. 

Any debts not covered by the sale are generally discharged with some exceptions, including tax debts, student loans, spousal support, and child support, and property settlements.  Do not be concerned if you attorney wishes to list all these types of debts at the start of your case. By law, both dischargeable and non-dischargeable debts must be listed on the bankruptcy schedule.

Bankruptcy and credit

Bankruptcy may be something you have been considering for a long time, and you may wonder how this will affect you in the years to come.  Generally, bankruptcy remains on your credit report for up to 10 years, and it can be difficult to obtain credit both during those 10 years and afterwards. 

However, you have the advantage of being able to slowly, but surely, re-build your credit rating without the burden of old debts hanging over you.  Chapter 7 allows debtors to obtain a fresh start in managing their finances. 

Seek an experienced Seattle Chapter 7 bankruptcy attorney

When filing bankruptcy for business or personal reasons, you need a Seattle Chapter 7 bankruptcy attorney who will work patiently and tirelessly to craft a plan that benefits you both today and in the future.  At Carrington Law, P.C., we know how closely finances are tied to your quality of life.  With over 40 years of combined experience, we can provide a bankruptcy lawyer who cares about that quality as much as you do.   To schedule a consultation to discuss Seattle Chapter 7, Chapter 11, Chapter 13 or personal bankruptcies, contact Carrington Law, P.C. today.