facebook-squarelinkedin-squaremenumobiletwitter-squareyoutube-square

Bankruptcy FAQ

Bankruptcy FAQ

How long does the bankruptcy process take in Washington State, Bellevue, Federal Way, or Seattle?

Each case has its own unique details so it is difficult to give an exact time frame. However, the typical chapter 7 bankruptcy takes roughly 90-100 days (from beginning to end).

How quickly can I rebuild credit after bankruptcy?

After filing for bankruptcy, many people are under the impression that it takes years to rebuild credit. While it does take a few years to rebuild your credit score, you could still be approved for a low-balance credit card. If you stay current on monthly bills, rent/mortgage payments, you should be able to qualify in the months following the bankruptcy.

Bellevue Bankruptcy Attorney Legal Consultation with Lawyer

What personal property or assets can I keep after filing bankruptcy in Washington State?

This depends on whether you file Chapter 7 or Chapter 13 and each individual situation varies. Many worry about losing their home, their car, or personal possessions when declaring bankruptcy. However, the reality is that you may be able to keep most of these items, depending on the kind of bankruptcy you file for in Bellevue, Seattle, and Western Washington.

Should I cancel my credit cards to improve my credit score?

If you are trying to protect or rebuild your credit score, canceling your credit cards may be counterproductive. If you have credit card balances and pay them off over time it will help build your credit. Canceling additional credit cards that have no balance, that you don’t use, may help your credit score.

How does divorce play into bankruptcy?

Divorce does impact bankruptcy when it comes to the division of marital property and debt. In Washington State, any assets or property acquired over the course of a marriage must be equally divided; this includes retirement funds, equity in a home, bank accounts and other assets. However, in the matter of debt, the terms of a divorce settlement do not affect the agreement you and your spouse have with creditors. A bankruptcy lawyer will work closely with CPAs, forensic accountants and business evaluators, as needed to assist you.

What about the bankruptcy reform legislation (passed by the federal government in 2005)?

In October 2005, the federal government did pass new bankruptcy reform laws. There has been a common misconception that it is “hard” to or they cannot file for bankruptcy anymore. However, most studies have indicated the new law affects less than 15{02b93d141c77197c0449b6ae8094cea34516f3b9f119afe0d973b93baf87a4bf} of individuals who could have filed previously. It is highly possible you would fall into the 85{02b93d141c77197c0449b6ae8094cea34516f3b9f119afe0d973b93baf87a4bf} of people who are indeed eligible to file. You won’t know until you look into it further, so don’t delay in contacting a bankruptcy lawyer.

Will I lose everything that is important to me if I file bankruptcy?

A majority of people are concerned about filing bankruptcy because they are afraid they will lose all of their property and possessions. However, most people who file for protection do not lose any property at all!

Can my creditors keep contacting me?

Once you have filed for bankruptcy (the process does not have to be completed), your creditors must stop contacting you and only communicate with you through your attorney.

Advantage Legal Group is your source for helping you file bankruptcy and then recouping and planning for the future. Call us for Mortgage Mediation and all questions regarding foreclosures and bankruptcy in Bellevue, Seattle, Federal Way, Tacoma, Everett, Redmond, Kirkland, Sammamish, Issaquah, Renton, Auburn, and Western Washington.

Does Advantage Legal Group offer free bankruptcy or Foreclosure Defense consultations?

Yes, we do offer a free initial consultation, typically over the phone.  We recommend you write down all your questions in advance so we answer all of your questions during the initial consultation.  Depending on your individual financial situation we will advise you on the best course of action and present all of your options for you to make an informed financial decision.

If you have additional questions regarding filing bankruptcy or rebuilding your credit after filing bankruptcy with an attorney in Bellevue, Seattle, Federal Way including the Puget Sound Region, King County, Snohomish County, Pierce County, and Western Washington, Give Advantage Legal Group a call to schedule a free consultation with a Bankruptcy Attorney to determine the best course of action for your specific financial situation.

Bellevue Office: 425-452-9797

Federal Way Office: 206-414-2750

Recent Posts

  • Taxes and Student Loans in Bankruptcy

    Taxes and Student Loans in Bankruptcy

    Taxes and Student Loans in Bankruptcy There are certain kinds of debt that can be discharged in bankruptcy. A Chapter 7 bankruptcy is a great way to reduce or eliminate many debts.  A Chapter 7 bankruptcy can help discharge credit card debts, medical debts and many other types of unsecured debt.  A Chapter 7 bankruptcy […]Read More »
  • What Do You Lose If You Declare Bankruptcy?

    What Do You Lose If You Declare Bankruptcy?

    If you are reading this, you probably know what it means to claim bankruptcy and is looking to find consequences. On the flip side, there is you who sauntered onto this article unbeknownst of what ‘bankruptcy’ means. I will keep you both in mind through this. Shall we? Bankruptcy is the legal process that involves […]Read More »
  • How Much Do You Have to Be in Debt to File Chapter 7 Bankruptcy?

    How Much Do You Have to Be in Debt to File Chapter 7 Bankruptcy?

    How much do you have to be in debt to file Chapter 7 Bankruptcy? Are you neck-deep in debt? Are you considering filing up for bankruptcy? When you think of filing up for bankruptcy, do selling off your assets come to mind? If your answer to these questions is a yes, then you need to […]Read More »
  • Can Mortgage Forbearance Hurt Your Credit?

    Can Mortgage Forbearance Hurt Your Credit?

    Can Mortgage Forbearance Hurt Your Credit? and why As we all know, the world is currently experiencing a financial downturn due to the ongoing pandemic, which has directly affected millions of jobs. As such, a lot of homeowners are bothered concerning their mortgage payments. There have been some incentives by mortgage providers to soften the […]Read More »