How to file for bankruptcy in washington state

How much debt should you have to file Chapter 7?

There is no minimum amount of debt for Chapter 7 bankruptcy, but there is a maximum. You can’t have more than $1,257,850 in secured debt (usually home, automobile, boats or motorhomes) or $419,275 in unsecured debt (usually credit cards, medical bills or personal loans).

Where do you have to file bankruptcy?

The proper place to file your bankruptcy petition is in the federal bankruptcy court. You’ll choose the court located where you live, maintain your principal place of business, or keep your primary assets during the majority of the 180 days before filing.

How do I file for bankruptcy if I have no money?

In other circumstances you may be able to file a petition with the court to reduce or eliminate your Chapter 7 filing fee. Finally, the best possible advice for any who has any amount of income through a job is to stop paying anyone and take your next paycheck directly to a bankruptcy attorney.

Can I keep my cell phone in Chapter 7?

Chapter 7 bankruptcy.

The trustee appointed to oversee a Chapter 7 bankruptcy sells any nonexempt property a debtor can’t exempt and turns over the proceeds to the creditors. Most people find that their exemptions sufficiently cover all of their household goods and electronics, including cell phones.

Can I go on vacation after filing Chapter 7?

If you want to take a vacation while in Chapter 7, this is permissible as long as it is in your budget. Keep in mind however there is always the chance the Trustee and/or your attorney will request additional information or documentation while you are away.

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How bad is filing bankruptcy?

Filing for bankruptcy has a bad reputation in many circles due to the fact that it damages your credit and involves discharging debts that will likely never be repaid. … If you file for bankruptcy, both the credit card debt as well as the debt to your brother will be eliminated.

Does filing for bankruptcy eliminate all debt?

Most debts that you have when a bankruptcy order is made will be covered by your bankruptcy. … This means you won’t have to pay them at the end of the bankruptcy period. However, not all types of debt are included in bankruptcy. The people you owe these debts to can still take action to get their money back.

How does bankruptcy affect your credit?

The Truth: While bankruptcy may help you erase or pay off past debts, those accounts will not disappear from your credit report. All bankruptcy-related accounts will remain on your credit report and affect your credit score for seven to 10 years, although their impact will lessen over time.

Why you should not file bankruptcy?

Not all debts are created equal. Certain debts, even in bankruptcy, are not discharged or eliminated through the bankruptcy process. … If the majority of your debt is taxes and relatively recent, bankruptcy is likely not going to be a good option because you will not obtain the benefit of discharging those debts.

Is a Judgement worse than bankruptcy?

Bankruptcy will damage your credit in the short term, but will let you recover fast, while the judgment is going to chip away at your credit to a point that it will be impossible to recover.

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What do you lose if you declare bankruptcy?

After filing for Chapter 7 bankruptcy, all of your property will go into what is known as a bankruptcy estate. You don’t lose everything, however. You’re allowed to remove (exempt) property reasonably necessary to maintain a home and employment from the estate.

Will they take my furniture in Chapter 7?

In most cases, you can use state or federal exemptions to keep most or all of your household goods and furniture when you file for Chapter 7 bankruptcy. Most Chapter 7 bankruptcy filers can keep all of their household goods and furniture in bankruptcy.

Do you stop paying bills before Chapter 7?

Regular debts – credit cards, medical bills, payday loans, collection accounts. As a general rule, you can stop paying most kinds of debts several months before filing bankruptcy. … So use the money you would have spent paying debt to save up to hire an experienced bankruptcy attorney.

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