Seattle Bankruptcy Attorneys
Attorney
Timothy Tran
Bankruptcy provides debt relief for those who are being crushed by overwhelming debt. In this economic time, many people find themselves unable to keep up with their debts after experiencing reduction in income, job loss, divorce, or other circumstances beyond their control.
Chapter 7 bankruptcy can be an effective method of discharging (eliminate) most of your debt without having to repay anything, giving you the fresh start you need. Many people who file Chapter 7 bankruptcy do not lose any property at all due to allowable exemptions. You will be able to keep your house, car and retirement savings in most cases. In addition, any income you earn after filing is yours to keep.
Filing Chapter 7 bankruptcy will stop these actions:
- Foreclosure Action on your home
- Garnishment of your bank accounts and wages
- Repossession of your car
Filing Chapter 7 bankruptcy will eliminate these debts:
- Credit Card Debt
- Medical debt
- Judgments / Garnishment against you
A debtor must qualify to be able to file Chapter 7. You must also pass what is called the "Means Test." The Means Test limits who can file Chapter 7 to a certain income threshold based on the state’s median income and your household expense. Please call our office to schedule a free initial consultation with one of our attorneys to go over the details if Chapter 7 Bankruptcy is right for you.
Chapter 13 may be an effective alternative for those who do not qualify for Chapter 7. Chapter 13 is a repayment plan for certain debts of the individual debtor who has a regular source of income. By establishing a repayment plan that is based on only what you can afford, a successful Chapter 13 filing can allow you to catch up on certain debts to keep those assets while relieving you from other debt. The plan can be complete within a 3 to 5 years period.
Find Out If Bankruptcy Is Right for You
We offer affordable service while getting you the debt relief you need. Call 206-625-4091 to schedule a free initial consultation with our bankruptcy attorney. We will help you explore all possibilities to get your life back including all bankruptcy alternatives. At the Tran Law Group, PS, we are committed to helping our clients and our commitment show through every day as we help clients take back control of their finances and provide the fresh start they deserve.