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LOCAL: (425) 531-7946
ATTORNEYS AT LAW
BELLEVUE | KING, SNOHOMISH, PIERCE COUNTY
CONSUMER BANKRUPTCY
ARROW LAW GROUP, PLLC
DEBT RESOLUTION
LAW FIRM
Bankruptcy, Mortgage Relief, Foreclosure Defense, Short Sales, Foreclosure Fairness Mediation
BANKRUPTCY
AREA
CHAPTER 7
The most common chapter to file under is Chapter 7 (Chapter 7 of Title 11 of the United States Code). For individuals, Chapter 7 allows for a fresh start by erasing years of accumulated debt, while allowing people to keep their essential assets. The bankruptcy exemption law defines which assets people are allowed to keep. This allow relies on state law to determine exemption.
Most debts are dischargeable, which means they can be erased. Debts such as credit cards, medical, business loans, debts owed to landlord, personal loans, debts as a result of a foreclosure or repossessions, are debts considered dischargeable. Some debts are not dischargeable: certain taxes, tickets and fines, child support, alimony, student loans, debts incurred by fraud, etc.
Its important to note that not everyone qualifies to file a Chapter 7 bankruptcy. After October 2005, there is a test called the "Means Test" that measures your income and your ability to pay your debts. It takes into account all income earned in the past 6 months, household size, and your household expenses. You can only file a Chapte 7 if you pass the means test. Thus, for some folks, they cannot "choose" to file Chapter 7.
CHAPTER 13
The second most common chapter to file under is Chapte 13. Folks with income higher than the state median income would be a candidate for Chapter 13. Chapter 13 requires the filer to make partial payments toward their debts. If they can afford to pay all of their debts off, then they will be given an opportunity to do so.
Chapter 13 provides a vehicle for people to repay a portion or all of their debts, depending on their financial circumstance, without being subject to state collection law. This means that wage garnishment, foreclsoure, repossessions, etc. are put on hold while the debtor is in Chapter 13 proceedings. In fact, if someone's driver's license is suspended due to a car accident debt or unpaid ticket, federal law requires the state to reinstate the license while the Chapter 13 is open. Chapter 13 can be opened for three to five years.
There are also certain debts that are dischargeable in Chatper 13 that are not available in Chapter 7. This is known as the "Super Discharge".
OUR VISION
Life comes in stages. How we overcome challenges in life defines the reward we call "success".
At Arrow Law Group, PLLC, we do not treat bankruptcy as a "failure" on anyone's part. It takes
courage and widsom to seek advice about bankuprtcy. It is a decision that affects your future and your family,
and it is a decision that only you can make. We understand that it is a difficult decision and most likely
a once-in-a-lifetime decision. We treat everyone with dignity and encourge people to plan out their
bankruptcy as early as possible to achieve the most favorable result. Our clients tell us that
bankruptcy allows them to regain control of their life, which was spirling into an uncontrollable
debt crisis before they met us. Let us help you too!
OUR ATTORNEYS
Minh Tran
PARTNER
Tel: 425-531-7946
Sam Tang
PARTNER
Tel: 425-531-7946
CONTACT
Arrow
Law Group
OUR ADDRESS
Main Office: 12020 SE 60th St, Bellevue, WA 98006
Email: info@arrowlawgroup.com
Tel: 425-531-7946
For any general inquiries, please fill in the following contact form:
