The Washington Homestead Exemption exists to protect individuals from losing their homes to creditors. Debtors seeking chapter 7 bankruptcy relief could previously protect up to $125,000.00 in equity in their primary residence. However, as property values have risen over the years, the Homestead Exemption has remained the same at $125,000.00, which has left many exposed [...]
To receive a discharge of debts means that a federal court declares that a debt is no longer enforceable. The creditor has no legal authority to collect the debt once it has been discharged. In that way, Bankruptcy law allows debtors to get a fresh start. However, there are some limitations as to which debts [...]
Despite the challenges and rigors of successfully calculating, filing, and completing a Chapter 13 payment plan, there are several situations where a Chapter 13 may be the best solution for you and your family. A free consultation with an experienced bankruptcy attorney will help you make this decision. Chapter 13 cases should be considered by [...]
If you own or have owned a small business that is either in distress or has closed its doors, a personal bankruptcy might be the right solution to manage the debts associated with that business. If you have personally guaranteed any debt associated with the business such as a lease, credit card, or loan, the [...]
EDITED ON 4/4/2014 For those hoping to close a short sale in 2014, it looks as if the Mortgage Forgiveness Debt Relief Act will be extended for another year and applied retroactively for 2014. http://www.realtor.org/articles/nar-issue-brief-mortgage-debt-cancellation-tax-relief?sf2464863=1 During the years 2007-2013, the Mortgage Forgiveness Debt Relief Act provided an exception to relieve homeowners who completed a [...]
There is a common misconception regarding bankruptcy that in order to receive relief under the bankruptcy code, the petitioner will have to give up all of their personal belongings, or worse, that someone will take away their home. The reality is that the bankruptcy rules provide for a number of generous exemptions which allow a [...]
Chapter 13 is a form of debt repayment provided for under the Federal Bankruptcy Act. It is a Bankruptcy filing and will be reflected on your credit report for up to 10 years from the date of filing. Typically, through a Chapter 13, you will be able to keep all of your property as [...]
Financial distress, failed businesses and poor property investments place enormous stress on a marriage. Therefore, it is not surprising that bankruptcy and divorce often go hand in hand. This article will discuss some important concepts to consider when planning a bankruptcy after a divorce, or prior to a contemplated divorce. Washington is a community property [...]
The “underwater home” has been a buzz term for a few years and, unfortunately, continues to be a popular topic of conversation. Although the market appears to be slowly rebounding, it is doubtful that homeowners will ever see property values as high as they were during the housing boom. Add to that the ongoing effects [...]
Chapter 7 bankruptcy, also called a “liquidation” bankruptcy, allows for individuals to discharge most, but not all, of their debts while still keeping the majority of their personal belongings and other property. It is also the fastest and least expensive form of bankruptcy so individuals looking for relief under the Bankruptcy Code often hope to [...]
