bankruptcy lawyer

Filing Bankruptcy in Washington

Filing personal bankruptcy in Washington can significantly improve your financial situation, depending on the specifics of the case at hand. Due to the intricate nature of the filing process, however, Washington residents considering bankruptcy can greatly benefit from understanding the rules and regulations involved in their case.

To protect you from losing all of your assets to bankruptcy, U.S. Bankruptcy Code protects certain types of property from being collected in your case. These bankruptcy exemptions vary from state to state and depend on both state and federal law. While certain states require their residents to use their state exemptions in place of the federal exemptions, individuals filing for bankruptcy in Washington can choose between the two.

Another important decision in your bankruptcy case will be choosing between the two types of bankruptcy available to consumers. Chapter 7 is a relatively quick process in which the debtor’s nonexempt assets are sold for cash by a court-appointed trustee. Chapter 13, on the other hand, provides for a three-to-five year repayment plan. In addition to the information available in our Learning Center, the resources are intended to answer your questions about filing for bankruptcy in the state of Washington.