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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.

An automatic stay won’t always prevent your foreclosure

One of the benefits of filing for bankruptcy is known as the automatic stay. The automatic stay puts a moratorium on your creditors in their debt collection efforts and it's a feature of both Chapter 7 and Chapter 13 bankruptcy proceedings. However, in some cases, the automatic stay won't stop your creditors from taking legal action against you. Here are a few examples of these situations:

Which of my debts will not disappear via Chapter 7 bankruptcy?

Chapter 7 bankruptcy could allow you to wipe out a lot of debt if you can get approved for the process. However, there are certain types of debt that you probably won't ever be able to legally walk away from. What follows is the short list of debts that tend to be immune from the Chapter 7 process. If the vast majority of your debt happens to fall into one of these categories, it's highly likely that you won't be able to make it disappear:

Loan and debt scams: Mortgage flippers will ruin you financially

Navigating the loan market as a consumer can feel like you're walking through a minefield of potentially bad decisions and scams. The problem with getting scammed on a loan is that victims can suffer a lifetime's worth of debt consequences in "scams" that are just legal enough that the victims don't have any real recourse.

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