When to file for bankruptcy in Washington State?

When to file for bankruptcy in Washington State?

Like other states, Washington state’s exemptions protect the value of your belongings from creditors when you file for Chapter 7 bankruptcy or Chapter 13 bankruptcy.

When do unsecured creditors have to file bankruptcy?

In a chapter 13 case, to participate in distributions from the bankruptcy estate, unsecured creditors must file their claims with the court within 90 days after the first date set for the meeting of creditors.

How often can you file for Chapter 7 bankruptcy?

You can only file for bankruptcy once every 8 years. Before filing for Chapter 7, at least 1 of these should be true: You have a lot of debt and income and/or assets a creditor could take. You lost your driver license after being in an accident while uninsured.

How much can you exempt from bankruptcy in Washington State?

A filer can exempt up to $3,000 worth of any type of personal property other than wages with the following limitations: no more than $1,500 total in cash and $500 total in bank accounts (with the exception that you can have $2,000 in bank accounts for consumer debt and $2,500 for educational loans). (RCW § 6.15.010 (1) (d) (ii).)

What does it mean to file bankruptcy under Chapter 13?

Chapter 13 is called “debt adjustment”. It requires a debtor to file a plan to pay debts (or parts of debts) from current income. Most people filing bankruptcy will want to file under either chapter 7 or chapter 13.

What are the bankruptcy rules in the Western District of Washington?

The procedural aspects of the bankruptcy process are governed by the Federal Rules of Bankruptcy Procedure (the “Bankruptcy Rules”). The Court also follows its own Local Rules for bankruptcy cases and adversary proceedings administered in the Western District of Washington.

Can a debtor be discharged under Chapter 13?

A debtor is ineligible for discharge under chapter 13 if he or she received a prior discharge in a chapter 7, 11, or 12 case filed four years before the current case or in a chapter 13 case filed two years before the current case. Can I own anything after bankruptcy?

Washington Bankruptcy Law. 2005 Bankruptcy Act Credit Counseling. The 2005 Bankruptcy Act requires all individual debtors who file bankruptcy on or after October 17, 2005, to undergo credit counseling within six months before filing for bankruptcy relief and to complete a financial management instructional course after filing bankruptcy.

What’s the means test for bankruptcy in Washington?

To apply the means test, the courts will look at the your average income for the 6 months prior to filing and compare it to the median income for Washington. If the income is below the median, then you may choose Chapter 7.

How is post petition debt handled in bankruptcy?

You can also handle post-petition debt by working through the trustee’s office and seeking court approval before you incur the debt. Generally, the court will approve new debt, or an extension of credit, if you need to buy property or services to complete your plan.

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