The Process of Filing for Chapter 7 Bankruptcy
Although the prospect of filing for Chapter 7 bankruptcy in Washington is daunting and scary, the process is straightforward and clear-cut. This means that you, with our help, can easily file a Chapter 7 bankruptcy petition. Once granted, the process will help you get back on track and on your way to rebuilding your credit and your financial health.
What is Chapter 7 Bankruptcy?
Because there are several kinds of bankruptcy, it is worth quickly defining the term. Chapter 7 bankruptcy is a process by which your debts are cancelled. This usually includes most of, if not all, the debts you have before filing. A trustee is put in charge of the assets you have, and the trustee has the power to liquidate some of those assets in order to repay creditors owed money after you have filed. Most Chapter 7 clients keep all their property and simply are relieved of their debts. Every case is different, however.
How Long Does the Process Take?
Once you file your petition, the process normally takes 90 days until you receive your discharge. You will be required to appear once in bankruptcy court for a quick hearing. The filing fee to the court for a Chapter 7 is currently $335. You can pay that all at once or by an installment plan with $100 down.
Finally, you will be required to complete credit counseling with an agency that has already been approved by the United States Trustee. We can assist you with finding and enrolling in credit counseling so that you can satisfy this requirement. There are two online sessions required. The first is done before you file your case and the second can be done any time after your case is filed.
What Is Needed to File Chapter 7 Bankruptcy in Washington?
To file for Chapter 7 bankruptcy, you must submit a petition. There are also other forms that will be required. The process can be challenging, but to sum up, the forms address:
- Your real and personal property
- Your debts
- Your income
- Your living expenses
- Any exempt property, or property you claim the law allows you to keep
- Any property you owned or money spent during the previous two years
- Property that was sold or given away in the previous two years
Once you file your petition, creditors must stop trying to collect any money from you for the debts you are going to discharge.
If you, or a loved one, are in financial trouble and need legal advice, The Law Office of Erin Bradley McAleer can help. We have been handling bankruptcy cases for many years. Every client is treated with compassion and care, and we strive to help our clients understand that there is life after bankruptcy.
For a free initial consultation, we welcome your call to our office at (360) 334-6277.