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What can I keep when filing for Chapter 7 bankruptcy?

Filing for Chapter 7 bankruptcy means that you are willing to repay as much of your debts as possible through the process of liquidation. Chapter 7 bankruptcy has many advantages. For example, the process is extremely quick in comparison to other bankruptcy filings. In addition, the majority of Chapter 7 bankruptcy filings involve a debt discharge upon the completion of liquidation. However, many prospective filers are concerned about losing the majority of their possessions in the process.

If you are considering filing for Chapter 7 bankruptcy, it is a good idea to fully understand the bankruptcy exemptions in place so that you know what assets you can keep.

How to deal with collection agency harassment

Dealing with debts can be stressful enough without having to be subject to creditor harassment. This is why there are many regulations in place to control the way that creditors can communicate with debtors. If you are feeling overwhelmed by the actions of your creditors, you should make sure that you assert your rights and put a stop to this behavior.

When considering whether you are a victim of collection agency harassment, you should think about the frequency of communication and the form of communication. If for example you are being called constantly, or if debt collectors are frequently knocking at your door, this may be considered to be invasive and inappropriate. The following are things you can do to put a stop to this.

Can debt relief improve my mental functioning?

Being in significant debt can feel debilitating. Many people who are struggling financially may feel that they are in a vicious cycle because their expenses amount to more than the income that they can earn. Many people in this situation decide to ignore the problem and instead keep using credit cards. Unfortunately, they always have to face up to the debt that they acquired eventually.

Dealing with debt effectively can be achieved in many different ways. Many people decide to file for bankruptcy, while others are successful through a combination of debt consolidation strategies and discipline. Studies have shown that when people are relieved from their debts, they experience positive mental effects.

Understanding debt discharges in Chapter 7 bankruptcy

Debt usually gets out of control when a person loses their income source or is facing additional expenses such as medical bills. If your income is no longer sufficient to pay off your debts, you may want to consider filing for Chapter 7 bankruptcy.

Chapter 7 bankruptcy can be beneficial to many who qualify for it for two main reasons. First, Chapter 7 bankruptcy is completed much quicker than other bankruptcy filings. Second, Chapter 7 bankruptcy liquidates assets and usually writes off all other debts through a debt discharge.

Managing credit cards responsibly

Credit cards can be a useful tool, no matter what your financial situation is. They make it possible for you to purchase items without immediately using your assets. This can benefit you from a cash flow standpoint since credit cards could help you to be able to afford bigger purchases. They can also be a more secure way of paying for things.

If you are getting into the habit of maxing out your credit cards or not paying the interest, it is important that you reassess the way that you use credit. The following are some tips for maintaining a healthy and responsible relationship with credit cards.

The choices you have in Washington bankruptcy exemption matters

One of the biggest fears that prospective bankruptcy filers have is the worry that they will lose all of their property. You have likely worked hard for many years to acquire the things you own, from the house you live in, to the car you drive each day. Therefore, it can be very demoralizing to think that you may lose all of these things.

The good news is that in theory, you do not need to give up any property to file for bankruptcy. By filing for Chapter 13 bankruptcy, you will enter a repayment plan, which means that you will not need to liquidate your existing property to successfully rid yourself of your acquired debt.

Can debt relief strategies make my finances worse?

The various options that you have as a person suffering from significant debts can be confusing. You may have been approached by companies who offer debt relief schemes to help you out of your situation, but these schemes may seem riddled in mystery.

It is important that you are cautious before committing to any debt relief scheme, because scammers operate within the industry and because the best strategy for you will depend on your individual circumstances. The following are some things to think about when considering your options to tackle debt.

What does 'presumption of abuse' mean in bankruptcy?

If you are considering filing for bankruptcy in Washington, it is likely that you have come across some terminology that you find confusing. When reading through papers and articles about Chapter 7 bankruptcy, in particular, many prospective filers are confused by the term "presumption of abuse."

It is important that you make sure you are clear on all terms and phrases when you are approaching bankruptcy. This will not only help you make empowered decisions, but it will also help you move forward in the process with confidence.

Avoid these mistakes when tackling credit card debt

Credit card debt can have an overwhelming impact on a person's life. Those who feel that they cannot pay their debt may constantly worry about the possible implications that could occur in the future.

Ignoring your financial problems will only cause them to worsen. Therefore, it is important that you take action to tackle your issues by first researching into the matter. There are many effective strategies for dealing with credit card debt. However, many people, unfortunately, suffer unnecessarily because they make naive or misinformed decisions. Following are some common mistakes that you should make sure to avoid when tackling credit card debt.

Can bankruptcy stop wage garnishment?

Being subject to wage garnishment can be very demotivating. It's likely that you will feel that you are no longer in control of your life and your finances because you work hard only to have a portion of your wages taken away from you before you receive them.

Luckily, there are ways to put a stop to wage garnishment in some circumstances. Filing for Chapter 7 bankruptcy is one of the most effective ways to end wage garnishment, and in addition to this, it can help you gain a fresh financial start.

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Law Office of Ruth Nelson
7742 14th Avenue NW
Seattle, WA 98117
Phone: 206-633-2517
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