Renton, Washington, Bankruptcy Lawyers
Just 11 miles southeast of downtown Seattle, Renton, Washington, offers convenient access to SeaTac, Vancouver, and Portland along the I-5 corridor. The suburb is home to several thriving manufacturing, technology, and healthcare organizations, including Boeing Commercial Airplanes Division, Kaiser Permanente, IKEA, Providence Health & Services, and UW Medicine. It is also the home of the Seattle Seahawks headquarters and training facility.
Along with its strong economy and convenient location, Renton offers residents many community events and gathering spaces, including farmers’ markets, night markets, outdoor movies, concerts, and family events. Renton River Days brings the whole community together to celebrate the area’s history and future.
Unfortunately, this desirability has also led to high property values, taxes, and living costs. As the prices of gas and other necessities continue to rise faster than the average worker’s compensation, many long-time Renton residents are in danger of being pushed out of the area.
If your debt is piling up and you’re concerned you may lose your home, call the professionals at Symmes Law Group, PLLC. We can help you understand your options.
How Can Bankruptcy Help Me Get Out of Debt?
The U.S. Bankruptcy Code has several provisions to help consumers manage their outstanding debts. The ones most commonly used are found in Chapter 7 and Chapter 13 of the code. These consumer bankruptcy laws can help you settle medical debts, mortgage arrears, and credit card debt.
In a bankruptcy filing under Chapter 7, a Trustee is appointed to take control of all your assets and debts. The Trustee will determine the items you will be allowed to keep (usually including a vehicle for everyday use, your home equity, some personal items, pension and insurance plans, public benefits, and tax credits and incentives like the COVID-19 stimulus payments). Other non exempt or protected assets may be sold, and the proceeds will be distributed to your creditors. Even if there’s not enough to pay everyone what you owe, the Chapter 7 process frees you from most kinds of debt and in most cases no assets are sold to pay creditors as they are protected from liquidation due to available exemptions.
Another option is a Chapter 13 filing. In this type of bankruptcy, your attorney files a bankruptcy plan based on your available disposable income or non exempt assets that lets you pay off your existing debts over time or pay less to creditors than you owe. It often involves reducing your interest rates, putting you on a different payment schedule, or negotiating other terms that allow you to pay off and discharge these debts in full. Chapter 13 may be the best option if your income is too high to allow you to file a Chapter 7 bankruptcy or if you have an asset that you do not want to be liquidated due to not enough exemptions available to protect it in a chapter 7 case.
How Long Will It Take to Resolve My Debt?
Although the entire process of completing a chapter 13 plan can last 3-5 years, there’s good news right away: as soon as you file a bankruptcy petition, your creditors must stop their attempts to collect outstanding debts immediately. This “automatic stay” protection continues until your bankruptcy case ends and your debts are resolved. The bottom line is that you can stop harassing phone calls now or stop a foreclosure sale from moving forward.
Will I Have to Go to Court?
The U.S. Bankruptcy Court for the Western District of Washington serves King County, including residents of Renton. Although there are courthouses in Seattle and Tacoma, nearly everything is now done online. The Court uses a secure online filing system for all documents, and most court hearings are held via teleconference.
Even meeting with one of our attorneys can be done virtually! The legal staff at Symmes Law Group, PLLC, can meet with you over the telephone or using teleconference software (like Zoom or other available video platforms). We use secure online document signing programs and electronic authentication systems to keep you safe. The entire process is fast, easy, and convenient.
Contact a Bankruptcy Attorney Today
If you’re drowning in debt and don’t know where to turn, take the first step now: contact the experienced bankruptcy attorneys at Symmes Law Group, PLLC. We’ll help you understand all the options available in your situation, including credit counseling services, loan modification, Chapter 7 bankruptcy, and Chapter 13 bankruptcy. Contact us to set up a meeting today.