Lakewood Chapter 13 Bankruptcy Attorneys have been helping people in your exact same situation for many years. There are a lot of ways to explain how a Chapter 13 bankruptcy works and how it helps you get out of debt. The main thing you need to keep in mind is that Chapter 13 is designed to reorganize all your debts, stop collections, and figure out a monthly payment plan to pay all or part of the debts. 
The purpose of filing for Chapter 13 is to get all the creditors under one roof by order of amount owed, and whether or not the debt is secured or unsecured. For example, taxes, back child support, and secured debt on vehicles and other items you want to keep usually have to be paid in full through the plan. These items are usually made priorities in the payment plan.
Debts that are not secured by assets, like credit cards and medical bills are usually never paid back or are paid very little. One of the most common reasons to file for Chapter 13 in Lakewood Washington is to avoid losing your home to foreclosure.
Remember that in order to file for Chapter 13 Bankruptcy in Washington State, you must have enough monthly disposable income to be able to pay for the plan. Limitations also apply to the amount of debt you currently have. The maximum limits are $ 360,475 of unsecured debt and $1,081,400 of secured debt.
Federal bankruptcy law grants you the power of the “Automatic Stay” as soon as you file with the courts. This stops all collection efforts, as well as any lawsuits and completely halts the foreclosure process.
Although you have to go through a relatively simple process of selecting which type of bankruptcy is best, then making sure you qualify, the important thing is that your life will be dramatically improved once the process starts.