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What is the purpose of the bankruptcy means test?

Most individual bankruptcy filers will have an initial goal of filing for Chapter 7 bankruptcy. This is because this chapter makes it possible for a significant number of debts to be written off, and it does not require committing to a lengthy repayment plan. In this way, Chapter 7 bankruptcy offers debtors with the opportunity to gain a fresh financial start.

Can Chapter 7 bankruptcy stop wage garnishment?

Wage garnishment can occur for many reasons, but it tends to only be enforced when a debtor has not repaid their debts and a number of efforts have been made to gain the owed payment. If you are subject to wage garnishment in the state of Washington, it is likely that you feel frustrated knowing that money is being taken out of your paycheck before you even receive it.

When is a Chapter 7 bankruptcy filing the best option?

The holiday period can put many people in a financial strain. If you were already struggling with accumulating debts, the pressures of the festive season can bring even more financial burdens that could be enough to put you in a desperate situation. The new year is a time for fresh starts and new habits, and this can include dealing with your stressful financial situation.

The tangibles your bankruptcy attorney must have

Have you ever wondered what it is that makes a bankruptcy attorney so special? Many people think that they can simply hire any bankruptcy attorney and wind up in a good spot when they file for bankruptcy in Washington. This cannot be further from the truth. When you are thinking of filing for bankruptcy the attorney you choose must have the following tangibles.

3 warnings about bankruptcy

The bankruptcy process is a financial lifeline that has saved countless Americans from falling into financial ruin. However, it's important for those who wish to benefit from this process to understand what they're getting into before they begin.

3 reasons you should file for bankruptcy

There are several reasons why you might want to file for Chapter 7 bankruptcy immediately. The problem is, many people in these situations still continue to wait a very long time before reaching out to a bankruptcy lawyer. This kind of a delay will only make your debt situation worse. If you're currently experiencing one of the following debt scenarios, Chapter 7 bankruptcy could be right for you.

Why do people prolong filing for bankruptcy?

You could suffer under a mountain of debt for a decade, two decades or an entire lifetime -- barely scraping by to make your financial ends meet. Or, you could file for Chapter 7 or Chapter 13 bankruptcy and get your debt problems in order relatively quickly. If you qualify for one of these helpful bankruptcy processes, there's literally no reason to prolong yours any longer. You may have everything to gain by filing for bankruptcy right now.

How often can I file for bankruptcy?

The waiting time that bankruptcy filers must endure before they can file again -- after a previously successful bankruptcy -- depends on a variety of circumstances, including the type of bankruptcy they filed for in their previous debt dissolution processes. If you have filed for bankruptcy in the past, and you're in debt trouble again, here's some general information you need to know in terms of wait times:

4 signs it's time to file for bankruptcy

If you're like most potential bankruptcy filers, you've held on for as long as you possibly can. You may have even given up paying for your essential needs so that you can pay the money you owe on your credit cards. When push comes to shove, however, you may have no other option than filing for bankruptcy. Hopefully, you realize it's time to file as early as possible.

The 'pros' of Chapter 7 bankruptcy

Each bankruptcy process has its pros and cons. In the case of Chapter 7 proceedings, there are the obvious cons, such as needing to liquidate certain assets, the stringent qualification requirements, the fact it will be a negative spot on your credit report for years and so forth. However, this article doesn't intend to focus on these negatives as the potential benefits are much more important than the cons.

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