Redmond Bankruptcy Attorney
End Your Stress: Bankruptcy Protection, Loan Modification, and Debt Relief
If you live in Redmond, you know it is incredibly popular. Redmond has seen unprecedented growth in the last few years, causing the cost of living to climb, too. This has caused rents and property taxes to rise, mortgage rates to go up, and the cost of food and utilities to skyrocket. Like other Seattle ex-urbs and suburban areas, Redmond’s living costs have outpaced property values and salaries. For many residents, the unprecedented growth—and the economic difficulties associated with the pandemic—have sparked a spiral of financial difficulties. If you are in that situation, you might consider whether filing for bankruptcy could help you make a fresh start.
You don’t have to be destitute to declare bankruptcy, and declaring bankruptcy does not mean you will lose everything. The federal and state bankruptcy laws allow most filers to keep their home, car, and other cherished possessions. At Symmes Law Group, PLLC, we help clients with all types of consumer and small business bankruptcy including filings under Chapter 7 and Chapter 13 of the U.S. Bankruptcy Code.
Bankruptcy provides lasting relief from debt. It also immediately frees you from the stress of debt collectors and creditors because as soon as you begin the bankruptcy process, the “automatic stay” provision makes it illegal for most creditors to contact you for collection efforts. You can say goodbye to harassing phone calls, texts, and emails!
Chapter 7 Debt Relief
Many individuals are eligible to file for bankruptcy under Chapter 7 of the U.S. Bankruptcy Code. This requires that your household income is below the median Washington state income for a family of your size (or for you to have qualifying exemptions).
In a bankruptcy filing under Chapter 7, a trustee is appointed to take control of your assets and sell them. The proceeds are distributed to your creditors. This process usually takes a few months; at its conclusion, your debts are gone (even if the value of your assets was less than your total debt).
A Chapter 7 bankruptcy proceeding can eliminate many types of “dischargeable” debts, including medical bills, credit card balances, and personal loans. Some debts are considered “non-dischargeable,” which means they will still be outstanding after the bankruptcy process is finished. These debts are usually social obligations like child support and back taxes. Even though Chapter 7 does not wipe out these debts, the process can reduce the total amount you owe by knocking down fees and penalties and enabling you to get your payments under control.
Although every case is different, most Chapter 7 filers can keep a reasonable vehicle (car, truck, motorcycle, etc.), the equity in their home, valued personal items, insurance and pension plans, and public benefits.
Updated in 2021: the new bankruptcy “recovery rebate” law allows bankruptcy filers to also keep their stimulus checks, tax credits, and child tax credits.
Chapter 13 Reorganization and Debt Restructuring
If you do not qualify for Chapter 7 bankruptcy because your income is above the threshold, or if other factors prevent you from filing this kind of petition, you may have the option to file for bankruptcy under Chapter 13. In a Chapter 13 filing, your attorney will help craft a plan to pay off your outstanding debts. Typically, your creditors must accept a smaller percentage of what they are owed, a lower interest rate, or a loan modification in exchange for giving you a full discharge. For the creditor, it assures some payment on a planned schedule rather than the uncertainty and expense of trying to collect the full debt. For you, it means the peace of mind of getting your debt under control with a plan to pay it off.
If your outstanding debts are mostly non-dischargeable (like back taxes, child support, or mortgage arrears—unpaid amounts past due on your mortgage), Chapter 13 bankruptcy may be the right solution for you. Your attorney may even be able to work with your mortgage lender to renegotiate your mortgage loan and reduce your payments and penalties. This can enable you to keep the equity you have built in your property and stay in your family home. Experienced bankruptcy counsel can also negotiate reductions in fees or penalties for tax debts and other liabilities.
Crafting a Plan for Your Unique Situation
The attorneys at Symmes Law Group will work with you to determine whether you qualify for a Chapter 7 bankruptcy discharge. If so, we will help you prepare and file your petition. If you don’t qualify for a Chapter 7 bankruptcy, we will help you craft a Chapter 13 repayment plan that is both realistic and manageable for the long term.
In Washington State, individuals filing for bankruptcy can use state or federal exemptions to determine which property is exempt. Because every situation is different, you should consult with a skilled bankruptcy lawyer to evaluate your situation and discuss which option is best for you. We help many of our clients keep most or all of their assets while discharging their debts.
Don’t hassle with Redmond traffic or drive into Seattle! We will consult with you virtually and handle your case safely and securely. Our security measures are top of the line—we take every measure to protect your financial and personal data. We offer convenient and efficient secure online document signing and electronic authentication, which keeps you safe and secure. You may not even need to appear in court physically—the Washington bankruptcy courts are currently conducting creditor meetings telephonically or by video appearance unless an in-person meeting is necessary.
Call us at 206-682-7975 now, or send us a message to schedule a free initial consultation. Discuss your options with a Redmond 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.