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What Steps Are Involved in a Washington Bankruptcy? learn about Chapters 7 and 13. check whether bankruptcy will erase debt. find out if you can keep property. determine whether you qualify. consider hiring a bankruptcy lawyer. stop paying qualifying debts. gather necessary financial documents. take a credit counseling course.
A Chapter 7 bankruptcy wipes out mortgages, car loans, and other secured debts. But if you don't continue to pay as agreed, the lender will take back the home, car, or other collateralized property using the lender's lien rights.
What is The First Step In Filing For Bankruptcy? After you have decided to file for bankruptcy, the first step is to file a petition with the Bankruptcy Court. On the petition, all your of your debts and property must be listed as well as other schedules of assets and liabilities.
The biggest difference between Chapter 7 and Chapter 13 is that Chapter 7 focuses on discharging (getting rid of) unsecured debt such as credit cards, personal loans and medical bills while Chapter 13 allows you to catch up on secured debts like your home or your car while also discharging unsecured debt.
If your total monthly income over the course of the next 60 months is less than $7,475 then you pass the means test and you may file a Chapter 7 bankruptcy. If it is over $12,475 then you fail the means test and don't have the option of filing Chapter 7.
The filing of a bankruptcy case requires a voluntary petition, the filing of schedules listing the debtor's property and debts, a statement of financial affairs, a statement of ?current monthly income? by all individual debtors with primarily consumer debts, and several other documents.
Collect Your Washington Bankruptcy Documents. ... Take a Credit Counseling Course. ... Complete the Bankruptcy Forms. ... Get Your Filing Fee. ... Print Your Bankruptcy Forms. ... File Your Forms With the Washington Bankruptcy Court. ... Mail Documents to Your Trustee. ... Take a Debtor Education Course.