(253) 852-8989

Bankruptcy Attorneys in Federal Way, WA

Need a bankruptcy attorney in Federal Way, Washington?

Our Federal Way bankruptcy lawyers file hundreds of Washington bankruptcy petitions every year.  What we really do is help clients just like you get back on their feet.  If you would like to learn more about filing a WA State bankruptcy and how it can help you and your family, we invite you to call our offices for an initial consultation. 

You can talk to one of our Federal Way, WA bankruptcy lawyers, who will review your financial situation and help you to understand your legal rights and options.  Bankruptcy is not for everyone, and it's not your only option.  For many of our Federal Way bankruptcy clients, however, it's kind of like a miracle.  We are often able to wipe out 100% of their debts while ensuring that they keep 100% of their property.

What is Bankruptcy?

Bankruptcy is defined as a legally declared inability or impairment of ability of an individual or organization to pay its creditors.  There are several types of bankruptcy relief under the U.S. Bankruptcy code that allow people to eliminate or lessen their legal obligations to their creditors.

A voluntary bankruptcy petition can be filed by an individual to stop collection and legal action.  filing for bankruptcy allows them to discharge (wipe out) most or all of their in a Chapter 7 bankruptcy.  In a Chapter 13 bankruptcy, a person is given the opportunity to lower and reorganize their debts.  This allows them to make affordable payments on the debts that cannot discharge.

How Can Bankruptcy Help?

Filing for bankruptcy can help individuals and families financially in many different ways including:

0. Discharging (wiping out) credit cards medical bills, loan deficiencies from car repossessions, broken leases, payday loans, foreclosure deficiencies, and other unsecured debt.
0. Stops a scheduled foreclosure sale and allows homeowners to make payments to catch up on their mortgage or more time to work with their mortgage company to modify their mortgage.
0. Lowering and restructuring car loan payments and in some cases, lowering the balances and interest rates.
0. Lowing IRS and other tax payments and lowering the interest rate
   
0. Lowering student loan payments for up to 5 years
0. In some cases, discharging income tax debt
0. In cases of people with higher income, Bankruptcy will lower their monthly payments on their unsecured debts to payments they can afford.
0. Stops harassing phone calls and collections.
0. Frees up more of your income to spend on groceries and other living necessities instead to your creditors.
0. Stops garnishments and can have some of the money garnished from you returned to you.

Who Can File for Bankruptcy?

Virtually all U.S. citizens or legal residents can file for some type of consumer bankruptcy relief under the U.S. bankruptcy code.

Who Decides If I qualify for Bankruptcy?

A bankruptcy judge does not decide whether one person is virtuous enough and another is not to qualify for bankruptcy relief.  For the most part, qualifying for bankruptcy debt relief is determined by the income and expense requirements under the U.S. Bankruptcy Code.

The types of debts that are discharged are also listed in the bankruptcy code, as well as the property a bankruptcy filer is allowed to keep.  An experienced Federal Way bankruptcy attorney from our law firm can discuss your financial issues with you and properly advise you as to whether or not you can qualify for bankruptcy, the amount and types of your debts that can be discharged, and the property of yours that you can keep.

Does Bankruptcy Ruin my Credit?

No, it is a myth and misconception that your credit will be ruined by filing for bankruptcy.

Because most if not all of your debt is wiped out by filing for bankruptcy, most people find that it is easier to have credit extended to them.  Also, with careful financial planning, most people find that their credit scores have improved significantly within 6 months after filing for bankruptcy.

Can a Get a Car Loan or Mortgage After Bankruptcy?

Many automobile finance company can qualify our Federal Way bankruptcy clients for a new car loan within 30 days after filing for bankruptcy because they are no longer obligated to pay their debts listed in their bankruptcy petition, and they have more income freed up to afford a new car loan.

Still, one must apply for new credit after filing for bankruptcy with caution and look carefully at one’s income and expenses to make sure that the new loan is affordable and will not be a new financial burden.

In many cases, with careful financial planning, bankruptcy filers can also qualify for mortgages and purchase homes within 2 years after filing for bankruptcy.  This is because their creditor scores have improved and they have more disposable income to afford a home loan.  Speaking with an experienced mortgage broker can help you plan to purchase a loan after bankruptcy.

(253) 852-8989

Federal Way, WA Bankruptcy Lawyers