Are you drowning in debt and unable to pay your bills? If so, you may qualify for relief under chapter 7 bankruptcy. Chapter 7 bankruptcy is intended to discharge debt and allow debtors to have a financial fresh start. Since 1993, Ken Schneider has been helping his clients discharge debt through Chapter 7 bankruptcy. Ken Schneider is an experienced Everett, Washington bankruptcy attorney who offers free consultations. Ken Schneider, Attorney at Law will evaluate your financial situation and provide counsel on the options available to your specific needs.
What are the Different Types of Bankruptcy?
Chapter 7 – The primary purpose of Chapter 7 bankruptcy is to discharge debts and give debtors a fresh financial start. Certain debts are typically not dischargeable. For example, student loans, most taxes, alimony, and child support are not dischargeable through bankruptcy. If your income is less than the Washington median for a household of your size income, then its presumed that you are eligible to file Chapter 7 bankruptcy.
If your income exceeds the median household income you may still be eligible to file bankruptcy. This why it is important to discuss your financial situation with an experienced Everett, Washington bankruptcy attorney. Ken Schneider will guide you through the process of bankruptcy eligibility.
Chapter 13 – Is designed for debtors who have a regular income, but have fallen behind making regular payments. Someone who has fallen behind on mortgage payments and/or vehicle payments who is facing possible foreclosure/repossession, but wishes to retain their property is a candidate for Chapter 13 bankruptcy. Chapter 13 bankruptcy filers tend to exceed the Washington median household income for Chapter 7. The repayment period for a Chapter 13 bankruptcy is approximately three years but no more than five.
Chapter 11 – Is primarily used for business reorganizations. Ken Schneider files Chapter 7, Chapter 13, and Chapter 11 bankruptcy petitions. Contact Ken Schneider today and schedule a free appointment to discuss which filing would best suit your needs.
Filing a Chapter 7 Bankruptcy
Once hired, Ken Schneider, Attorney at Law will file a Chapter 7 bankruptcy petition with the Bankruptcy Court in Seattle, Washington. The petition will be accompanied by a number of documents, schedules of assets and liabilities, proof of current monthly income, expenses, and a Chapter 7 means test calculation. The bankruptcy court requires debtors to obtain a certificate of credit counseling from an approved credit counseling agency.
Approximately one month after filing your Chapter 7 bankruptcy petition, a meeting of creditors will be held. This is typically a short meeting in which creditors usually do not appear. Approximately two months after the creditors meeting is held, your Chapter 7 discharge papers are processed and mailed to you. Ken Schneider is a seasoned Everett bankruptcy attorney who will file your petition with all necessary supporting documents so that you can obtain Chapter 7 discharge and have a fresh financial start.
Filing a Chapter 13 Bankruptcy
Ken Schneider is familiar with every aspect of filing a Chapter 13 bankruptcy. He will diligently restructure your debt so that your repayment plan is approved by the bankruptcy judge. After your Chapter 13 bankruptcy petition is filed you are required to pay secured creditors on time and on the scheduled due date. Examples of secured creditors are your mortgage, vehicle, furniture, and jewelry.
Typically, the filing of Chapter 13 bankruptcy will immediately stop the foreclosure of a home or repossession of a vehicle. After the petition is filed, you must pay all secured debt on time as outlined in your repayment plan. You will be required to make plan payments to the bankruptcy trustee one month after you have filed your Chapter 13 bankruptcy repayment plan. Approximately one month after filing Chapter 13 bankruptcy you will have a meeting of creditors. At this meeting, the bankruptcy trustee will review your petition, and inquire if you are able to meet your monthly financial obligations in addition to your Chapter 13 repayment plans.
Financial Freedom is Possible
Ken Schneider is an experienced Everett, Washington bankruptcy attorney who understands the difficulties of filing a Chapter 7 and Chapter 13 bankruptcy. Ken Schneider will assist you in identifying the best options for your situation. Call Ken Schneider today and schedule a free interview to discuss all options available to you.