Commonly Asked Questions About Bankruptcy
Sno-Isle Bankruptcy is a full-service bankruptcy firm that is committed to helping clients find solutions to debt problems. We understand that many people have concerns about bankruptcy. We know from our experience, working with clients, that a fuller understanding of the bankruptcy process can help alleviate those concerns.
We offer a free consultation to answer any of your questions about bankruptcy. We have also provided, below, some of the most common questions about bankruptcy and their answers.
Q: What is Chapter 7 bankruptcy?
A: Chapter 7 bankruptcy is the most common form of bankruptcy and results in a complete discharge of most debts, including credit card debts, medical bills and other unsecured debts.
Q: What is Chapter 13 bankruptcy?
A: With a Chapter 13 bankruptcy, you pay back a portion of your debts over a three- or five-year debt repayment plan. The court may also discharge unsecured debts that you are unable to repay. People typically choose a Chapter 13 if they are unable to file for Chapter 7 relief, or if they have significant assets they want to protect from the possibility of liquidation.
Q: Will I lose my property?
A: Property is not subject to liquidation with a Chapter 13 bankruptcy. Property may be liquidated in a Chapter 7 bankruptcy. However, through bankruptcy exemptions and selective debt reaffirmation, most of our clients who filed for Chapter 7 bankruptcy have been able to keep all or most of their property.
Q: Am I eligible?
A: To be eligible for Chapter 7 bankruptcy, you must be able to satisfy an economic means test that takes into account your income. Most of the people who contact our office are pleasantly surprised to discover that they are eligible for Chapter 7 relief. If you are not eligible for Chapter 7 bankruptcy, you may still be eligible for Chapter 13 bankruptcy, which has no economic means test requirement.
Q: What if I have previously filed for bankruptcy?
A: If you have filed for Chapter 7 bankruptcy previously, you must wait eight years from the date you filed before you can file for another Chapter 7 bankruptcy. However, you do not have to wait the full eight years to file for Chapter 13 bankruptcy.
Contact an Everett Bankruptcy Attorney
To learn more about the bankruptcy process, contact Sno-Isle Bankruptcy in Everett, Washington. To schedule a free consultation with an experienced bankruptcy lawyer at our firm, call 425-265-9400 or contact us by e-mail.
