What is Chapter 7 bankruptcy?
Individuals who qualify for Chapter 7 must have qualifying incomes and few valuable assets. This bankruptcy filing is effective for eliminating debt, which helps you gain financial stability. It’s important to know that the assets you do possess, which are NOT exempt from the process, will be sold to fund repayment to creditors.
Filing for bankruptcy in Seattle is a complicated process, and it’s wise to hire an attorney who has experience and knowledge about the subject. Engel Law Group’s legal team has filed thousands of bankruptcies, and helped our clients free themselves from debt while ensuring a brighter future. We work with you, answer your questions, and explain each step. We know you’re under a great amount of stress, and we strive to provide you with a support system that alleviates worry.
Determining Eligibility for Chapter 7 Bankruptcy
Bankruptcy is a serious situation, it’s not a cure-all for escaping debt. Rather, it’s a way for you to manage the debt, pay down what you can and begin with a clean credit slate. First, you must be eligible. This is determined by a means test that confirms your average income is within established limits for bankruptcy.
The formula is simple: monthly expenses are subtracted from your average “disposable income”. That number is compared to a median income for a household similar to yours. If the number is above the limit, you will be directed towards filing Chapter 13 bankruptcy, which is for higher income individuals. The entire process is conducted to prevent abuse of the bankruptcy system.
Experienced Chapter 7 Bankruptcy Lawyer in Seattle, WA
Engel Law Group knows which bankruptcy process would be the right fit for your current financial situation. Our Seattle Chapter 7 bankruptcy lawyers will sit down with you and determine the best strategy, and then move forward quickly and efficiently. Whether you live in Seattle, King County, Snohomish County or Pierce County, we can help.
If you believe that Chapter 7 may be the correct option for you, contact Engel Law Group for experienced bankruptcy guidance.