If you are considering filing for bankruptcy in Washington State, you should consider all options that are at your disposal. Filing chapter 7 bankruptcy may eliminate a large portion of your unsecured debt, however it does stay on your credit history for ten years. After taking the time to read up about bankruptcy and how it works, consider speaking with a bankruptcy lawyer to make sure it makes sense for your situation. If you have a large amount of unsecured debt and a low income level for your household size, a chapter 7 bankruptcy may be your best option.
Your bankruptcy attorney will be able to look at your debt situation and help determine what options your have. Filing chapter 13 bankruptcy or participating in a debt settlement program are other options available to you. Working on a family budget and managing your spending should be in included in your pre bankruptcy planning as well as you don’t want to continue to spend more money than you bring in.
Finding out more information about filing for bankruptcy and bankruptcy law changes by going online or talking with an attorney is always a good idea. Make sure that you understand the whole process as well as the consequences of filing bankruptcy. For most people a chapter 7 bankruptcy will provide the fresh start that they need. Also it should be noted that a debtor may be eligible for new credit cards immediately after filing for bankruptcy, as the credit card companies know that a person filing for chapter 7 bankruptcy cannot file again for 8 years.
After filing bankruptcy, responsibilities to creditors and finances will always be a reality that must be dealt with. A debtor should not borrow more than they owe or think that they will be able to pay back at some point in the future.
If you have additional questions regarding filing for bankruptcy, contact Symmes Law Group at 206-682-7975