FREE bankruptcy case evaluation.
Do you need to put an immediate stop on your home foreclosure? Unsure of whether a Chapter 13 bankruptcy is right for your situation? Speaking with our experienced Thurston County, WA Chapter 13 bankruptcy attorneys from our team is a great way to start getting some answers. Call for a free initial case consultation today!
Thurston County, WA Chapter 13 bankruptcy attorneys.
Need to save your house from a Thurston County foreclosure action? Put one of our experienced and knowledgeable Olympia Chapter 13 bankruptcy attorneys to work for you.
We are Olympia Chapter 13 bankruptcy attorneys, and if you are drowning in debt but want to save your home while wiping out your qualifying debts, we can help. If you are unable to pass the “means test” and are required to pay back some of your creditors, our Olympia Chapter bankruptcy lawyers will tailor a plan that you afford and that maximized your protections under the bankruptcy code.
A Chapter 13 bankruptcy is a very, very powerful legal tool. In some ways, it’s like a debt consolidation plan, except that in most cases you do not have to pay off all of your creditors. Instead, you pay off the creditors that you can based on their priority, your monthly income, and your monthly expenses.
In many cases, our Olympia Chapter 13 bankruptcy clients are able to wipe out 100% of their unsecured creditors, such as credit card debts, medical bills, or judgments, while keeping their home, their car, and their other property. Would you like to find out if you qualify? Call now for a free Chapter 13 case evaluation. The only thing you have to lose is your debt. With our affordable low flat fees (in most cases) and flexible payment plans available, our firm makes achieving a fresh start as easy as possible.
About Chapter 13 bankruptcy.
What is Chapter 13 bankruptcy? A Chapter 13 bankruptcy is often referred to as a “wage earner plan” or a “house saver.” Federal law allows people who are struggling financially to get court protection under federal bankruptcy laws. It will immediately stop all creditors –just not domestic support obligations or criminal proceedings.
It is a payment plan that usually lasts from 3 to 5 years long. It is available to people that have income from a job, retirement or other source. They also must have some “disposable income” each month. That is, after paying for rent, food, utilities and other expenses, they have some money left. Now, they may not have enough each month to pay ALL their bills, or to catch up on several months of mortgage payments all at once, but they do have something left over.
The law requires that if you have do have some steady disposable income, that you must pay your creditors back at least some portion of what is owed through a reorganization bankruptcy, such as a Chapter 13 or a Chapter 11.
An individual Chapter 11 (as opposed to a big business reorganization like one for a car company or airline) is for people with disposable income who owe more than $1,081,500 in secured debt, such as mortgages and car loans, or more than $360,525 in unsecured debt like credit cards and medical bills. These are fairly rare (only 30 to 50 are typically filed in the entire state of Washington in any given year). But, if you owe less than the amounts above, and you have some disposable income, you can qualify for a Chapter 13 reorganization bankruptcy.
In a Chapter 13 bankruptcy, you will work with our staff and attorneys to put together a plan that meets your financial goals, and frees up as much income as possible each month for you to live on comfortably. It will allow you to get control of your financial situation, at your own pace. Our Olympia Chapter 13 bankruptcy attorneys are skilled debt relief lawyers.
Stop struggling every month, and let us show you the path to financial freedom today! Call now for an initial case evaluation, and find out about our affordable low flat fees and the flexible payment plans available.
When should I think about filing a bankruptcy?
If you are struggling each month to pay all your bills and you don’t expect your income situation to improve significantly any time soon, the creditors are harassing you all day, or you’re looking at a foreclosure, repossession, or an IRS levy on your assets, then you may want to seriously consider all of your options, which includes bankruptcy.
A Chapter 13 bankruptcy is a very powerful legal tool in the hands of experienced bankruptcy attorneys. Our Olympia Chapter 13 bankruptcy lawyers focus on bankruptcy law, know the court system, judges, and trustees, and we can use very creative approaches to solve your financial nightmares. We will work closely with you to find a solution unique to your situation.
Can I save my house?
Yes! If you qualify, we can IMMEDIATELY stop a foreclosure. Your plan can provide a way to catch up on missed mortgage payments, taxes, and fees over time, up to 5 years! If you can no longer afford your mortgage payments, however, bankruptcy laws do not allow the courts to alter the amount you owe or the amounts of your payments. But, for example, you experienced a loss in income for a while, but are making an income again, our Olympia Chapter 13 bankruptcy lawyers can save your house and help you get caught up through your Chapter 13 plan.
Call today for initial Chapter 13 consultation, and let us help put you on a path to financial freedom with our low flat fees and flexible payment plans.
Will Chapter 13 bankruptcy stop repossessions, garnishments, and judgments?
Yes! Immediately after you file.
Will it get rid of all my debts?
Chapter 13 will get rid of (discharge):
- Unsecured lines of credit.
- Credit cards.
- Payday loans.
- Cell phone bills.
- Utility bills.
- Medical bills.
- Most income taxes over 3 years old.
- And more!
Please note: Sometimes, if there is disposable income left over, they may need to pay at least some money to these types of creditors.
Chapter 13 bankruptcy may be able help you pay back these kinds of debts, but will typically NOT discharge:
- Criminal restitution.
- Fines and traffic tickets.
- Student loans.
- Domestic support obligations.
- Personal injury or death caused while you were under the influence of alcohol, drugs, or other substances.
- Secured debt, like vehicle loans and mortgages.
- Most taxes.
Do I have to pay all of my debts back in a Chapter 13?
Our Olympia Chapter 13 bankruptcy lawyers will work with you to pay only what you need to in order to save your house, pay off your vehicle, back taxes, etc., but pay nothing, or as little as possible, to regular unsecured debt like credit cards and medical bills.
What if I owe taxes?
Many income taxes can be discharged in a Chapter 13 bankruptcy if they are older than 3 years old, were filed within the past two years, and there has been nothing like a due process appeal or appeal to the tax court that would stop the 3 year “clock” from ticking.
The rest of the taxes are considered “priority” debt, and usually must be paid in full through the plan. However, the bankruptcy will freeze the tax debt, and it will not accrue interest while you are paying it back, and the penalties will be discharged along with all your regular unsecured debt, like credit cards and medical bills. Get a free Chapter 13 case evaluation today! Wipe out your qualifying debts, and create a payment plan that you can afford.
What if I happen to owe back spousal maintenance or child support?
The new bankruptcy laws allow those types of creditors to keep garnishing you. However, they may be willing to let you make back payments through your plan.
My vehicle is about to be repossessed – can a Chapter 13 stop it?
Absolutely! Filing this kind of bankruptcy IMMEDIATELY stops all collection attempts, including car repossessions. You can pay the vehicle back through the plan, in many cases we can “cram down” what you owe down to the current retail value, and also cram down the interest too!
I lost my driver’s license – can a Chapter 13 help?
Yes. In many cases we are able to help our clients get their licenses back. If it is due to fines, we can propose a plan to pay the tickets and fines back. If it is due to unpaid debts other than fines and tickets, that can usually be discharged in the bankruptcy without having to be paid back.
Will I lose my home, vehicle or other possessions?
No. In a Chapter 13, you do not lose assets. Simplified, you basically pay the equivalent value of what a Chapter 7 bankruptcy would have paid your unsecured creditors (including taxes).
Here’s an example: Let’s say the only asset you have that is worth anything is a car that’s paid off, but is worth $10,450. Since you only get to claim an exemption of $3,450, there would be $7,000 of non-exempt equity that a Chapter 7 case would pay to the unsecured creditors. In a Chapter 7 case you would probably lose your car.
In a Chapter 13 case you would keep the car and pay about $7,000 to your unsecured creditors. (Priority debt like child support and new income taxes are unsecured debts that get paid first). We would actually calculate the cost of sale and Chapter 7 trustee’s fees in there, too, which would reduce the amount you pay. Now, let’s add one more thing to our example above: Let’s say that you owe about $7,000 in new income taxes. These have to be paid in full, and would have to be part of your plan payment anyway. So you would keep the car, and pay off your taxes over 3 to 5 years.
In a Chapter 7, the car would’ve been sold and the money would’ve gone to pay off the taxes, interest, and penalties. In a Chapter 13, you keep the car and have time to pay JUST the principal balance of taxes back over 3 to 5 years. This is a very simplified version of a pretty complex subject. We would be happy to explain it to you.
Is my retirement safe?
Yes. IRA’s, 401(k)s and pensions are exempt. If you are receiving a pension, however, it is considered part of your income for the purpose of calculating how much you pay into your Chapter 13 plan.
Is an Washington State bankruptcy for you? Call now to learn more about your options. Your initial consultation is free, and is a good time to learn about our flexible payment plans and low flat fees.
I will be receiving a substantial amount of money from an inheritance or settlement, but am in need of help now. What should I do?
We have filed many cases where part of the future settlement or inheritance will go to pay off the case. The benefit of this is that you can get court protection from your creditors and buy yourself time while the legal issues or probate are completed. A benefit of this is that nearly all of the debts are frozen at the amount owed on the date you file. This can be a great benefit if, say, you owe $50,000 in credit cards now at the default rate of 30% interest, $15,000 a year in interest!
Will filing Chapter 13 bankruptcy hurt my credit?
A bankruptcy will remain on your credit report for up to 10 years after the date of filing. But, it will also show that you were in a Chapter 13 plan, attempting to pay your creditors. Even more, after you complete your plan, your debt problems will be fixed, and you will be a safer credit risk than you were before you filed. Many of our clients are able to rebuild their credit quickly after filing a bankruptcy.
What if I file, but my circumstances change?
We can always modify your plan to adjust to the new circumstances. Or, you can convert the case to a Chapter 7 if you’ve lost a lot of income, and add in any NEW debts. You also can dismiss a Chapter 13 voluntarily any time you like, but just remember, the creditors will be back at your door in just a few weeks. And if you voluntarily dismiss the case, you may need to wait 180 days until you can re-file, unless you can show cause to the bankruptcy court.
Talk to an Olympia Chapter 13 attorney today!
A Chapter 13 bankruptcy can help you in many ways. Call us today for a free consultation with one of our attorneys, so we can see if you qualify, and what a Chapter 13 plan can do to help you. Stop feeling guilty – you can start over! We offer low flat fees in most cases, as well as flexible payment plans.
Need help? Email us today.