Types of Personal Bankruptcy in Everett

Are you experiencing serious financial problems in Everett, Washington? It may be time to consider filing for bankruptcy. If, after speaking with a bankruptcy attorney, you think that this is the best course of action, it’s important to understand the process. As an individual, there are two types of personal bankruptcy options available to you. Keep the following information about each of them in mind as you begin filing for bankruptcy in Everett.

Chapter 7

Chapter 7 bankruptcy, which is sometimes referred to as “liquidation bankruptcy,” is what most people imagine when the topic arises. In this case, you will be expected to sell all of your nonexempt property in an attempt to pay off as much of your debt as possible. The process usually takes three to six months for all of your debt will be cleared.

Chapter 13

Chapter 13 bankruptcy doesn’t require you to liquidate your assets. As someone with a dependable income, you will instead create a plan to repay your creditors over a certain period of time. You will, however, be responsible for sending any additional income to your creditors. A bankruptcy consultation can help you determine if this option is best for you.

Ready to Speak with an Attorney about Personal Bankruptcy in Everett?

Are you ready to speak with an attorney about filing for personal bankruptcy in Everett, Washington? Let the experts at Curtis, Casteel & Palmer in Lynnwood and Marysville help bring some peace back into your life. We are known for providing honest legal advice, quality legal services, and unbeatable client care. As a professional limited liability company, you can rest assured that we’re dedicated to assisting individuals through the bankruptcy process. You can also count on us for bankruptcy alternatives, asset protection and foreclosure protection. Contact us today to schedule a one-hour bankruptcy consultation!

Bankruptcy Attorney in Everett

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About the Author: Steven Palmer

Steven M. Palmer is an experienced attorney primarily practicing bankruptcy law, debt settlement, loss mitigation and foreclosure defense. Steven has worked on over one thousand bankruptcies and knows both sides of the process, having represented both banks and individuals. He’s always careful to treat every client with respect, and is enthusiastic about his work. Now working solely with individuals to help them resolve their financial difficulties through strategic planning and practical options, Steven is committed to helping each client find the best path to recovery and get a fresh start. Licensed to practice law in Washington and Ohio, he lives in Snohomish County and graduated from The University of Akron School of Law where he won two CALI Excellence in Law awards and scored in the top quarter of his class.