If you are saddled with debt, it can put a strain on you both financially and emotionally. That is why you need to contact a legal specialist who deals in bankruptcy law. You can automatically improve your financial health by filing bankruptcy and erasing your debt.
Contacting Legal Help
In the case of a Chapter 7 bankruptcy filing, a Chapter 7 bankruptcy attorney in Bremerton, WA can explain the entire process. In accordance with the 2005 Bankruptcy Act, all expenses and income are assessed to determine an individual’s qualifications to file either Chapter 13 or Chapter 7 bankruptcy. While Chapter 13 is considered a reorganization of debt, Chapter 7 is often referred to as a liquidation.
A means test is applied to an applicant’s income, which permits the courts to review the filer’s income for the past six months prior to filing. This income amount is compared to the median income for the state of Washington. A Chapter 7 bankruptcy attorney will need to be consulted if your income is below the state’s median income. If your income is higher, other parts of the means test will be used to see if you should file for Chapter 7 or Chapter 13.
Initiating a Filing
To begin the filing process, a Chapter 7 bankruptcy attorney will itemize the sources of your current income and gather information about financial transactions for the past two years. Some of the financial information will include the following:
- Monthly living costs (unsecured and secured)
- Assets, belongings, and real estate
You should give the attorney your tax returns for the past two years, any deeds for real estate that you own, loan documents, or car titles. Once the information is collected, you can figure which items are exempt for seizure, based on the state exemption law.
To make a filing, you will need to submit a petition and other paperwork to a state district bankruptcy court. The forms, which are schedules, enable you to set forth your current financial position and share your recent financial transactions. You will also have to pay a filing fee. You can find out more about the process and who to contact by visiting Hilllaw.com online today.