Helping Clients Resolve Their Legal Financial Issues in the Greater Seattle Area
Are you are facing foreclosure, vehicle repossession, or unable to pay your bills? If you are in debt, you deserve the opportunity to start over. Bankruptcy gives debtors the opportunity to start over by discharging their debt. If your debt has become unmanageable, you should consult a Bothell, Washington bankruptcy attorney and learn about your options. The Law Office of Ken Schneider, P.S. has been helping clients obtain relief through Chapter 7, Chapter 13 and Chapter 11 bankruptcy matters since 1993.
The fundamental goal of the federal bankruptcy laws enacted by Congress is to give debtors a fresh financial start. A fresh financial start can be achieved through bankruptcy. Chapter 7 and Chapter 13 bankruptcy are the two types of bankruptcy options typically available to debtors. If you are considering filing bankruptcy, you will need a knowledgeable Bothell, Washington bankruptcy attorney who will help you understand the benefits, ramifications, and process of filing a Chapter 7 or Chapter 13 bankruptcy.
The Benefits of Filing Bankruptcy
If your debt has become unmanageable and you are receiving calls from creditors, you are at risk of having your wages garnished. Filing a Chapter 7 or Chapter 13 bankruptcy will provide you immediate relief from creditors. Typically, the filing of Chapter 7 or Chapter 13 bankruptcy automatically triggers an automatic stay.
While the stay is in effect, the creditor cannot initiate or continue lawsuits, foreclosure sales, wage garnishments, or other collection efforts, such as telephone calls demanding payment. The automatic stay offers many benefits. To learn more about the benefits of a bankruptcy automatic stay, contact Bothell bankruptcy attorney Ken Schneider.
Do I Lose My Possessions if I File for Bankruptcy?
When filing a Chapter 7 or Chapter 13 bankruptcy, your bankruptcy estate will need to be determined. The bankruptcy estate consists of your property and assets. Determining which federal and state exemptions to use can be a very complicated process. Exemptions are the items and or property that you will be able to keep, and the creditors will not have access to. Due to the complex nature of exemptions, and the impact that they will have on your case, it is essential that you contact a knowledgeable bankruptcy attorney who can determine which exemptions provide you the most protection.
Bankruptcy Exemptions in Washington
While there are federal exemptions, there are also state exemptions (items creditors cannot access), that can provide debtors additional protection.
The following bankruptcy exemptions apply to Washington residents, and some can be used in conjunction with federal exemptions:
- Homestead – Real property or mobile home, and equity up to a specific amount
- Personal Property – Clothing, keepsakes, and vehicle up to a specific amount
- Insurance – Proceeds from health, disability or personal injury settlements, health insurance, and life insurance or annuity earnings
- Pension – Along with insurance, state employee pensions are exempt (public patrol officers, volunteer firefighters)
- Public Benefits – Unemployment compensation, workers’ compensation, crime victims’ compensation
- Tools of Trade – Items such as clothing, books and tools/instruments used in your trade up to $5000
- Wages – 75% of your earned but unpaid wages; may be authorized to low-income debtors
- Wild Card – $3000 in any personal property is exempt (no more than $1500 in cash; nor more than $500 in financial accounts)
The Law Office of Ken Schneider, P.S. has extensive experience conducting thorough client evaluations. Ken Schneider will review your current financial situation and determine what bankruptcy petition will work best so that you can achieve financial freedom. Ken Schneider will address all of your secured and unsecured debt so that you are able to make informed decisions. Ken Schneider and his support staff will help guide you throughout the entire bankruptcy process by answering all of your questions and concerns.
Contact Bothell bankruptcy attorney Ken Schneider today for your free bankruptcy consultation.
“Ken Schneider is a great attorney. He helped me and my family get through one of the toughest times in our lives. He was able to guide us and help pick the best plan that fit my family. I have recommended him to others and will continue.”- Reese
“I not only have come away with the best scenario in a difficult situation, but I also have come away with peace of mind and hope. He came highly recommended and I can highly recommend him to others.”- Melanie
“Ken was right on the case, knew the complex facts quickly and accurately, and was successful at holding the trustee accountable to bankruptcy law.”- Mike
“Ken has a vast knowledge of Chapters 7 and 13 and will counsel you and make sure that he guides you to help you make the right decision. We know of at least 2 other friends that have hired Ken and they are very happy with Ken’s results and knowledge.”- Shaun
“I cannot say enough good things about Mr. Schneider. He is so kind, upfront, and intelligent.”- Stacy