Take Control Of Your Debt With Renton Bankruptcy Lawyers

Residents of Renton and the rest of King County are now facing a future that involves rising costs. As to be expected, such periods of disruptive flux can have a major impact on personal finances. 14% of Washington State residents are already in delinquent debt, and the situation is likely to worsen. We also have no assurances that this will be a short period, as the entire nation, and even nearby countries, enter a time of dramatic economic uncertainty. Sadly, this can mean some Renton residents will find themselves struggling with a financial crisis because of uncontrollable outside circumstances.

During such unexpected crises, it’s not surprising that some people may not know what to do and will need to seek help to achieve debt relief. Our financial lawyers in Renton are to help during these times. We’ve assisted people throughout Washington State for over 30 years, navigating them through tough times to come to terms with debt and manage it. Our bankruptcy attorneys in Renton are ready to provide the legal and financial direction people can use to recover.

Don’t make the mistake of thinking only the wealthy benefit from the help of bankruptcy or debt relief attorneys in Renton. Our team conducts free consultations with anyone who asks, evaluating the circumstances and deciding on the best way to move forward. We have the knowledge, the experience, and the empathy, but mostly, we want to help people set things right again.

Because every person is unique, it stands to reason that the same is true for the financial difficulty they face. It doesn’t matter what economic class you’re in; everyone is potentially vulnerable to a crisis involving unmanageable debt. Our King County debt attorneys can go over your debt issue with you, assess it, and look into solutions like:

• Chapter 7 Bankruptcy
• Chapter 13 Bankruptcy
• Debt Management Plans
• Mortgage Modification Programs
• Payment Plan Agreements
• Lump-Sum Settlements
• Debt Settlement Agreements

Our bankruptcy attorneys will use their knowledge and experience to find out what solution best suits your needs and help you implement them.

People have heard the word “bankruptcy,” but not everyone knows what this entails. There are financial and legal criteria that need to be met at both the state and federal levels. Here’s what is required to qualify for the two most common types of bankruptcy filings:

Renton Chapter 7 Bankruptcy Requirements

• Your income is below the state median for your household size. Those with incomes slightly above the threshold might still be able to deduct certain expenses to qualify.
• You don’t have a previous Chapter 7 bankruptcy filing within the last eight years.
• You attend and complete an approved credit counseling course within 180 days of filing
• Renton Chapter 13 Bankruptcy Requirements
• You have proof of a recurring income to contribute to a payment plan.
• Your secured debt is below the described debt limits for the filing you seek. Unsecured debts lack this requirement.
• You can show four years of correctly filed taxes.
• Like the Chapter 7 filing, attend and pass an approved credit counseling course within 180 days of filing.

Bankruptcy is a financial procedure that discharges some or all of a person’s debt. Sometimes, managing debt becomes impossible, and the only option available is to reset everything and start over. Filing for a Chapter 7 Bankruptcy does this but with consequences.

Chapter 7 Bankruptcy is sometimes thought of as “liquidation bankruptcy” because some feel it’s a “scorched earth” approach to paying off unsecured debt, which are loans without collateral. The liquidation process can get aggressive, but Washington State law has legal measures available to mitigate this. Some exemptions are available for things like your home, car, or other critical assets. Our King County bankruptcy attorneys can conduct a means test with you to determine your eligibility for filing under Chapter.

Chapter 7 Bankruptcy Work For You If

• Your income has reduced so much that you can’t meet your debt obligations
• Creditors are moving to repossess assets or garnish your wages
• The majority of your debt is unsecured, like credit card debt or medical bills
• You lack any major assets you could sell to pay off debts

Some people with debt problems are fortunate enough to still have a salaried job or other means of recurring revenue. People in this situation may benefit from Chapter 13 Bankruptcy, which is a different, slower solution. It’s sometimes called the “wager earner’s plan” because the requirement of having a monthly salary offers more flexibility than a Chapter 7 filing would.

Chapter 13 bankruptcy, unlike Chapter 7, is not a liquidation process. This procedure establishes a payment plan, typically set to last between 3 and 5 years. It doesn’t eliminate debt the way a Chapter 7 filing would, but it provides more time to regain control of debt. Like a Chapter 7 filing, it can also halt other ongoing financial procedures, like repossession or foreclosure. Our King County bankruptcy attorneys can work with you to see if you’re a fit for the Chapter 13 bankruptcy requirements outlined under Washington State law.

Chapter 13 Bankruptcy May Be Your Solution If:

• You can prove that you have a verifiable salary or other income to support monthly payments.
• You need more time to make up missed mortgage payments.
• Your income is past the Chapter 7 bankruptcy means test limits.
• Chapter 7 bankruptcy doesn’t cover your debts, like child support or tax debt.

Washington State and the USA, in general, are entering a period of massive uncertainty. Whether you’re a lifelong gamer looking to relive simpler times at the 8-Bit Arcade Bar or a nature-loving family out to enjoy Gene Coulon Memorial Beach Park, no one is guaranteed to remain untouched by the unpredictable economic climate we're currently facing.

However, that’s no reason to panic or give up. King County still has opportunities for its residents, whether they live in Renton or Redmond. People can acquire new, marketable skills by upgrading with Continuing Education or developing better financial skills with coaching from My Secure Advantage.

What’s important is to stay calm and take the time to plan appropriately for facing the challenges to come. Look at what options may be available to you here in Washington State. Reassess the priorities you have in the Pacific Northwest and see how they align with the new current economic situation. And always keep in mind that the struggles you face don’t require you to overcome them by yourself. Our Renton financial attorneys want to help and are ready to answer any questions you may have.

For over 30 years, our bankruptcy attorneys have been helping people throughout Washington State. Unsurprisingly, many people had questions, and here are some of the most commonly asked:

Renton residents are far from alone in struggling with credit card debt. Many Americans are wrestling with increasing debt, including credit cards. Sadly, the incoming disruptive financial period means the challenges will only continue. Economic factors like inflation, interest rate fluctuations, and fee hikes can quickly raise credit card debt to unmanageable amounts. However, legal solutions exist that allow people to regain control. Working with our Renton bankruptcy attorneys can help you find a way out.

Our team can also play a crucial role in protecting you against outside interference. Sometimes, creditors hire other groups, like debt collection agencies, to collect unpaid debts. Collection agents sometimes resort to unethical or even threatening actions in pursuit of this, but that doesn’t mean they have the legal right to do it. The Fair Debt Collection Practices Act (FDCPA) outlines the rights you have even when you are in debt. Some Washington State statutes of limitations might also class parts of your debt as unenforceable. Renton bankruptcy lawyers will work with you to protect you and your rights as you manage your debt.

For the majority of Renton residents, a home is the biggest and most important investment in their lives. So it’s natural that one of the biggest nightmares people have is that their home is being taken away from them. And foreclosures are a 100% legal way to do this. King County foreclosure lawyers, however, do have ways to fight this procedure.

Legal strategies like filing for bankruptcy or loan modifications can delay foreclosures. Washington State also has laws in place laying out the specific procedures lenders must follow during foreclosures. Our Renton financial attorneys can ensure your home doesn’t get taken away from you.

The United States has some of the most advanced medical treatments in the world. However, if you don’t have comprehensive health insurance from an employer, the cost of such treatment can easily escalate into medical debt. It only takes one serious surgery, diagnosis of a new chronic condition requiring lifelong treatment, or an accident to wipe out personal finances. Sometimes, facilities like St. Anne Hospital or Harborview Medical Center may work with collection agencies to recover payments. These actions can significantly hurt your credit rating. If you’re facing severe medical debt, our Renton financial lawyers can help by:

• Mediating payment plans; some medical facilities also offer financial assistance programs or are open to settlements.
• Bankruptcy filing. Chapter 13 or Chapter 7 bankruptcy filings may discharge some or all medical debt, depending on your situation.
• Challenge mistakes; billing errors and financial inaccuracies can be addressed or even negated through debt validation.
• Surprise bills: While residents can be unexpectedly hit with surprise billing, both State and Federal laws consider this illegal.

Banks aren’t the only organizations that provide loans. Businesses like MoneyTree offer “Payday Loans,” which they market as an “advance” on your salary. These options seem convenient, with no credit checks and fast approvals, but they are often accompanied by higher interest rates and numerous additional fees that can quickly turn into a debt cycle. This cycle leads to increasing expenses that can quickly surpass the original loan amount, resulting in massive debt. Some debt cycles can last for years, with paychecks being used to pay off additional loans, fees, and overdraft fees that consume personal finances. King County bankruptcy lawyers can help break the cycle, allowing people to recover.

Missing too many payments on a car loan puts your vehicle at risk of being taken back. However, even if this process is in progress, it’s possible to slow down or delay it. Renton bankruptcy attorneys have legal countermeasures to keep a car, even after a repossession. If you’ve been notified of an incoming repossession or are already in the middle of one, our team of Renton financial lawyers find ways to halt it.

While it’s legal for creditors who are owed money to try to collect what they’re owed, the practices used for this are sometimes illegal. Some collection agencies or agents rely on the ignorance of debtors, who believe that an agent or agency would only treat them poorly if they were legally in their rights. The reality is that even if you’re in debt, you have rights that must be respected. Talk to a Renton debt lawyer immediately if any of the following has already happened to you:

• Constant aggressive phone calls day or night
• Threats of extreme legal retaliation, like police arrest
• Harassment of family members or employers over the debt
• Use of abusive language or threats of violence

Renton bankruptcy attorneys can respond with cease-and-desist letters, retaliatory lawsuits for damages, and other legal actions to end illegal harassment.

Sometimes, creditors resort to serious legal measures to get payment, such as filing a lawsuit. This is a rare circumstance where the best option is not working with a litigation attorney. Instead, you should consult with an experienced financial law or bankruptcy attorney. Our teams in King County can help people with:

• Representing you in King County Court
• Ensuring your rights are respected under the FDCPA
• Negotiate settlements
• File for bankruptcy
• Challenge breach of contract lawsuits to collect debt

If your financial problems have created a debt crisis, we can help. Renton bankruptcy attorneys in King County have the experience, expertise, and empathy to help you resolve your debt problems. Contact us today.