Chapter 7 and Chapter 13 in Seattle

Bankruptcy isn't a topic most people want to discuss unless they happen to be bankruptcy attorneys; however for thousands of Americans, they are forced to take a crash course. For many people things are getting rough in the financial sense and the only way they can find to get free and clear of the outstanding bills is to take this drastic step. In Seattle Washington bankruptcy law, people have the option of using Chapter 7 and Chapter 13 bankruptcy plans to repair their lives and get a much needed fresh start. It always helps to have some idea of how this process works before jumping in with both feet. Here is a brief look at each of the personal bankruptcy plans and what you can expect from them.

• Chapter 7 bankruptcy
• Chapter 13 bankruptcy
• life after bankruptcy

You can go to several different places for the in depth descriptions of these bankruptcy plans, but in a nutshell, Chapter 7 bankruptcy is a liquidation of your assets. When you file under this Seattle bankruptcy law, the court will order most, if not all of your assets to be sold. The proceeds from the sale are then used to repay your debts. They do mean all assets, including your home, car, and anything of significant value. On the upside, a Chapter 7 bankruptcy plan does allow you walk away from the court proceedings free and clear of all debt.

Things are a little less harsh under the Seattle Washington Chapter 13 bankruptcy plan. It will still stop any foreclosure on your home and stop the harassing calls from the bill collectors. A Chapter 13 bankruptcy is a reorganization of your debts. You and your bankruptcy attorney will compile lists of your debts owed, to whom, and for what purpose. You will also need a detailed list of your income and monthly expenses. From this point, the court will determine an affordable amount the trustee will receive each month to be paid towards your bills. The good part is your home can be saved and you don't have to start completely over.

While you are studying up on Chapter 7 and Chapter 13 bankruptcy, you may as well take a few minutes to learn about life after bankruptcy. It does take some time and patience to return to the type of life and credit you are accustomed to enjoying, but many people feel a Seattle bankruptcy is worth the effort to receive a new start in life.