At Stone Rose Law, our bankruptcy lawyers represent Spokane residents during bankruptcy, including Chapter 7 bankruptcy and Chapter 13 bankruptcy.
Spokane is home to the U.S. Bankruptcy Court for the Eastern District of Washington.
If you are considering bankruptcy in Spokane or eastern Washington, call us at (480) 739-2448 or use our contact form to schedule a free initial consultation with an experienced Spokane-based bankruptcy lawyer.
Our Bankruptcy Practice Areas and Resources
At Stone Rose Law, our bankruptcy law attorneys provide legal advice and representation for all your debt relief needs. The most common of these are Chapter 7 and Chapter 13 bankruptcy.
Chapter 7 Bankruptcy
This is perhaps the most well-known form of bankruptcy, also known as “liquidation bankruptcy.” If your disposable income is not enough to keep up with your monthly payments, or you have lost your source of income, Chapter 7 may be a good choice for you.
In a Chapter 7 bankruptcy, upon discharge, most of your unsecured debts will be eliminated. You will still pay secured debts, such as car loans and mortgages, if you wish to keep the car or home. If you stop paying, you may be subject to repossession of the vehicle or foreclosure of the home.
Another signature characteristic of Chapter 7 is that the trustee in bankruptcy is authorized to sell or liquidate non-exempt assets of your bankruptcy estate. Washington law allows you to choose between federal bankruptcy exemptions or Washington’s exemptions. Your bankruptcy attorney can help you decide which set of exemptions is best for you.
A Chapter 7 bankruptcy generally only takes four to six months to complete through discharge.
Pros and Cons of Chapter 7 Bankruptcy
|
Advantages |
Possible Disadvantages |
| Speed: You can usually complete the bankruptcy process in less than six months. | Loss of property: You may lose some of your non-exempt assets to trustee liquidation sale to pay your creditors. |
| Best for people with low income and few or no assets. | You must pass a means test to qualify for Chapter 7 bankruptcy. |
| You can completely eliminate many debts through discharge, like credit card debt, personal loans, and medical bills. | Not all debts are dischargeable. |
Chapter 13 Bankruptcy
A Chapter 13 bankruptcy is also known as a reorganization bankruptcy. Unlike a Chapter 7 bankruptcy, the trustee will not seek to sell your non-exempt assets. You can keep your property.
Instead, you will work with your creditors to create a debt repayment plan. This repayment plan typically takes between three and five years to complete. When the payment plan is complete, your outstanding debts will be discharged with some exceptions.
A Chapter 13 is often a good choice if you have a stable, regular income. Under the debt payment plan, you may pay off some debts completely and others partially, but the monthly plan payments will allow you to handle them without breaking your budget.
Pros and Cons of Chapter 13 Bankruptcy
|
Advantages |
Possible Disadvantages |
| Availability: If you do not qualify for Chapter 7 due to the means test, Chapter 13 may be available if you have regular income and meet debt limits. | The time to complete a Chapter 13 debt repayment plan can take three to five years. |
| No liquidation like under Chapter 7. You can keep assets like your car and your home. | You may need to pay some unsecured debts that might otherwise be completely dischargeable under Chapter 7 bankruptcy. |
| Certain debts that cannot be discharged under Chapter 7 bankruptcy can be paid over time through a Chapter 13 repayment plan, though child support obligations are not dischargeable. | You may have little disposable income left outside of your obligations under the debt repayment plan. |
Helping You Understand the Bankruptcy Process
The financial stress of bankruptcy and bankruptcy litigation can be intimidating and confusing. The bankruptcy process can be complex and hard to understand, blending the federal bankruptcy code and Washington laws. Although you can represent yourself in federal bankruptcy court in Spokane, it is a good idea to have an experienced bankruptcy lawyer represent you through the process.
A Stone Rose Law Washington-licensed bankruptcy attorney can make sure you are well-informed about your bankruptcy choices, how each applies to your situation, and the advantages and disadvantages of each.
We are a full-service law firm for bankruptcy matters. We will answer your questions about debt relief and bankruptcy promptly and clearly, so you can make an informed decision. Then we will represent you throughout the entire bankruptcy process. We can help end creditor calls, collections, and garnishments. We will assist you in gathering the necessary information to file for bankruptcy and stay with you until your bankruptcy case is discharged.
Call Stone Rose Law About Bankruptcy in Spokane
The Washington-licensed Spokane bankruptcy lawyers at Stone Rose Law are thoroughly experienced in all areas of personal bankruptcy filings.
- If you are facing home foreclosure, we can help you keep your home and avoid repossession of a vehicle subject to a car loan.
- We can make sure your creditors and debt collectors no longer contact you about debt repayment through the use of the automatic stay in bankruptcy.
- If lenders or debt collectors are contacting you, we can stop them through the bankruptcy automatic stay.
- If a creditor has sued you in court to get a debt judgment against you or to garnish your wages, we can stop such a lawsuit.
- If you owe back taxes to the federal government or to the state of Washington, we can advise you of the possible effect of bankruptcy on these obligations.
- If paying your student loans is causing you undue hardship, these may be discharged only if you prove undue hardship in a separate adversary proceeding in bankruptcy court.
Filing for bankruptcy does not mean that you are a bad person. It does not make you a “failure.”
Bankruptcy is a tool that the federal government provides to help ordinary people like you get back on their feet in times of financial distress that can occur due to matters beyond your control, like medical bills, job loss, or other unexpected life events. It can help you take back control over your financial future.
Having a Stone Rose Law bankruptcy lawyer on your side in the bankruptcy process can help you protect your legal rights, stop lawsuits, get a fresh start, and start rebuilding your credit. No matter what caused your financial situation to become one of crushing debt, our dedicated team of skilled lawyers is here to help.Get started by calling our law office at (480) 739-2448 to reach an experience
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