Bellevue Bankruptcy Attorney
End Your Stress: Bankruptcy Protection, Loan Modification, and Debt Relief
Many people in Bellevue and across the country think declaring bankruptcy means they will lose everything—their house, their car, and the rest of their personal possessions. Fortunately, that’s not the case! U.S. bankruptcy laws are designed to help people struggling financially get back on their feet.
Seattle and its suburbs are wonderful places to live and work. Unfortunately, Bellevue rents and property taxes have increased, mortgage rates have gone up, and the cost of living seems to soar from one year to the next. An unforeseen expense, illness, unsuccessful business venture, layoff, or other circumstance can create financial uncertainty for those already stretched to the limit.
Bankruptcy offers several options for individuals hoping to crawl out from under crushing debt. Symmes Law Group, PLLC handles all aspects of consumer bankruptcy, including protection under Chapter 7 and Chapter 13 of the U.S. Bankruptcy Code.
When you begin the bankruptcy process, an “automatic stay” prohibits most creditors from pursuing collection efforts, providing immediate relief from harassing phone calls, texts, and emails, and allowing you to rest a little easier.
Chapter 7 Debt Relief
In a Chapter 7 bankruptcy, a trustee controls your assets and sells them to satisfy your obligations. Your debts are usually discharged in a few months.
You can only file for Chapter 7 protection if your household income falls below the median Washington state income for a family of your size (or if you have qualifying exemptions). If you have a lot of “dischargeable” debts like credit card balances, medical bills, and personal loans, this option can be a lifesaver. Even for “non-dischargeable” debts like child support and back taxes, the Chapter 7 process can reduce the amount you owe and get your payments under control. You may have to give up some personal property, but most filers can keep a reasonable vehicle, the equity in their home, personal items, insurance and pension plans, and public benefits.
Did you know? Your stimulus funds are safe, too! The new bankruptcy “recovery rebate” law protects stimulus checks, tax credits, and child tax credits!
Chapter 13 Reorganization and Debt Restructuring
If your income exceeds the Chapter 7 threshold or other factors prevent you from filing, you may be able to file under Chapter 13 bankruptcy, which lets your attorney work with you to develop a plan to pay your outstanding debts through a trustee. Typically, creditors agree to accept a smaller percentage of the overall debt, a lower interest rate, or a loan modification.
Chapter 13 plans often include mortgage arrears (unpaid amounts that are past due) as well as income taxes and child support. Your attorney can work with your lender to reduce your payments and penalties, ensuring you will keep the equity in your home and the roof above your head.
Crafting a Plan for Your Unique Situation
In Washington State, bankruptcy filers may choose to use state or federal exemptions to determine the property they can keep. Every situation is different, and your bankruptcy lawyer will discuss which option is best for you. Usually, our clients are able to keep most or all of their assets while discharging their debts.
Our attorneys will work with you to determine whether you qualify for a Chapter 7 discharge and help you through the process. If your only option is Chapter 13 protection, we will prepare and get the bankruptcy court’s approval of a repayment plan that is both realistic and manageable for the long term.
Don’t hassle with Bellevue traffic—we will consult with you virtually and handle your case safely and securely using cutting-edge digital security measures to protect your financial and personal data. Secure online document signing and electronic authentication keep you safe and secure while making the entire process more convenient and efficient. You won’t even need to physically appear in court—the Washington bankruptcy courts currently hold creditor meetings telephonically or by video appearance unless an in-person meeting is necessary.
206-682-7975 now, or send us a message to schedule a free initial consultation to discuss your options with a Bellevue bankruptcy attorney today. We are a debt relief agency and help people obtain financial relief by filing for personal bankruptcy under Chapter 7 and Chapter 13 of the U.S. Bankruptcy Code.