It’s often said that bankruptcy should be the last option considered when dealing with the hardship of job loss, medical bills, threatened foreclosure, credit card debt and tax debt. But when debt counseling, budgeting help, debt consolidation loans, debt forgiveness, asset liquidation and lifestyle changes don’t provide relief, many people struggling under a mountain of debt become desperate for a solution. Filing for bankruptcy can then become the last and best option.
An experienced bankruptcy lawyer can present bankruptcy solutions and alternatives, and if after receiving that council you’re confident bankruptcy is the right option for you, there are some important questions to ask.
Most personal bankruptcies filed are Chapter 7 or Chapter 13, and which is right for you depends on your income, debt, assets and economic goals. In a free initial consultation with Curtis, Casteel and Palmer, PLLC, you’ll be asked questions to help determine what bankruptcy type might be best for you or your company.
Chapter 7 bankruptcy is the type most commonly filed in the United States. Called a ‘fresh start’ or ‘straight’ or ‘liquation’ bankruptcy because it’s designed to wipe out your general unsecured debt (usually credit cards and medical bills). Chapter 7 is the fastest way to discharge debt while keeping your house, car and retirement savings.
Chapter 13 bankruptcy is a financial reorganization designed for people who can afford to make payments and get caught up on missed mortgage payments, car payments, child support, etc.
Chapter 11 is most often used by businesses but it can help individuals who may not qualify for Chapter 13. Chapter 11 allows a business to stay open while continuing to pay their creditors.
Filing bankruptcy can be a path to a new beginning for good people going through a bad financial time. If you have questions, call Curtis, Casteel & Palmer, PLLC for a free consultation and the most trusted bankruptcy advice in Snohomish and King Counties.
Proudly serving the communities of Lynnwood, Edmonds, Everett, Mill Creek, Bothell, Shoreline, Brier, Mountlake Terrace, Kenmore, Woodinville, Lake Forest Park, Northgate, Seattle and all north King & Snohomish Counties