Chapter 13 Bankruptcy // Mason County
Filing for Chapter 13 Bankruptcy in Shelton Washington involves dealing with a trustee and the bankruptcy courts to come up with an affordable monthly payment plan to reorganize your outstanding debts. Hiring an attorney to help you through the process is crucial because we will prepare a detailed plan to help some of the debts be discharged and some others be paid back.
Our role in this process also revolves around dealing with the trustee and the courts on your behalf. Once you file for Bankruptcy Chapter 13 in Washington, the courts will prevent nearly every creditor or collector from ever contacting you again. It’s one of the many advantages of moving forward with a bankruptcy filing.
A Chapter 13 Bankruptcy can stop foreclosures, repossessions, lawsuits and collections. The courts can protect you and your assets while you begin the process of catching up. Filing for Bankruptcy can even protect you from regular creditors while you restructure payments on back taxes, child support, and car loans. That’s why it’s important to have an experienced bankruptcy attorney that knows the Washington law, then uses those laws to protect your home from foreclosure or protect your assets and income from seizure.
Like filing for Bankruptcy Chapter 7 in Washington, you must qualify before moving forward. But the main difference with these two is that in order to file Chapter 13 bankruptcy, you must have enough available income after living expenses to be able to afford the payment plan.
There are also debt limitations for both secured and unsecured debts, for example you cannot owe more than $360,475 of unsecured debt (such as credit cards, medical bills, and the unsecured portion of vehicle loans, houses, and other unsecured debts). The maximum for secured debts (vehicle loans or home mortgages) is currently $1,081,400.
If you happen to have too much disposable income to qualify for Chapter 7 bankruptcy, and your debts are too high to file a Chapter 13 bankruptcy, the best option is to go with Chapter 11 Bankruptcy.
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