Lakewood Chapter 7 Bankruptcy Attorneys are here to help you select which type of bankruptcy works best for your situation. Most people have several questions and issues they need to discuss before making any decisions. We urge you to call Attorney Erin Lane directly to take advantage of our free attorney consultation (253) 591-9191.
The bankruptcy courts in Lakewood, Washington are basically the same as others in Washington, since bankruptcy is a federal court process. The first step is to determine which type of bankruptcy you are able to qualify for and gather all relevant documents to file a petition with the courts.
Every Chapter 7 filing needs details about your financial situation for the past few years, your current income, assets, debts, and your monthly budget. As soon as those documents are presented and the case is filed, there is very powerful tool that prevents all creditors from contacting you anymore. This is called an “Automatic Stay” and it stops any lawsuits, foreclosures, as well as creditors efforts to collect debts.
As the process starts, you are assigned a “trustee” that will oversee your case on behalf of the courts. This trustee might take some of the property listed, sell it off, and distribute it towards outstanding debts. But in more than 90% of Washington cases your property is protected and is therefore exempt from the proceedings.
From filing to discharge, expect the entire process to span over months or so. Your only court appearance might only be something called “Meeting of Creditors” which is a painless meeting to ensure you have disclosed your income, assets, and debts to the court. Along side you will be one of our attorneys to make sure the process goes smoothly.
In Chapter 7, you usually must be under the “median income level” of Washington. This means if you earn over a certain amount that is considered “average”, you won’t be able to start a Chapter 7 bankruptcy. However, there are many situations where even our above-median clients can file chapter 7 bankruptcy cases. We will go through the process of determining your true income figures, then assess a “Means Test” which will help determine if you can qualify even after going over this average income level.