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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