Spokane, WA – Bankruptcy helps financially distressed individuals and businesses by wiping out or restructuring debt, so they can get a fresh start or make better decisions. Those considering bankruptcy are often concerned about their credit, reputation, health/well-being, relationships, and feelings of self-worth, whether they struggle to make minimum monthly payments or meet other financial obligations. While bankruptcy is available for people with unmanageable debt, it’s a complicated process with codes and laws that provide many hurdles. A person must prepare certain forms properly, disclose all assets, and meet other obligations to prevent missteps, repercussions, or denials. With over 23 years of experience, The Law Office of Robert C. Hahn, III, P.S. Spokane bankruptcy attorney eases each client’s way while adhering to ethical codes and offering personalized legal attention.
Chapter 7 is the most common bankruptcy avenue, allowing a person to discharge all or most of their debt. Before filing, people must show that they can’t repay their debts and their income is below the median for their residential area. Most people who file Chapter 7 can keep their cars, homes, or assets if the value is within the bankruptcy exemption limits. Once an attorney completes an application, a bankruptcy trustee appointed to the case receives the documents before the client can attend a meeting of creditors or complete a second debtor education course. They then receive the bankruptcy discharge wiping out their debt in approximately 3 months. Filing for bankruptcy with an attorney stops creditor harassment, eliminates repossession debts, stops garnishments, and ends lawsuits/license suspensions.
If a person has excess income, they may not qualify for Chapter 7 but be eligible for Chapter 13 bankruptcy, a repayment process lasting for 3-5 years. The amount depends on secured loan payments, debtor income, and debts owed to governmental creditors. While Chapter 13 offers some debt relief, it’s also for those who desire to protect valuable property that wouldn’t be exempt under Chapter 7 bankruptcy. There are no specific Washington State bankruptcy laws regarding Chapter 13 besides property exemption statutes. A Spokane bankruptcy lawyer understands the ins and outs of the exemptions to determine if a client’s assets are protected as they navigate the process. They also offer education about foreclosures, repossessions, student loans, cosigner rights, refinancing, and more.
The Law Office of Robert C. Hahn, III, P.S. bankruptcy attorneys in Spokane create a structured plan to provide Chapter 11 bankruptcy protection and reorganize debts or liquidate assets for a business to remain operational during financial distress. Since Chapter 11 bankruptcies vary from case to case, they can be filed by individuals or corporate entities like a Limited Liability Company or Corporation. In a typical case, the US Trustee, the enforcement and regulatory arm of the justice department, appoints one or more committees to represent creditors' interests and stockholders to work with the company to get out of debt. While a company can continue to run the day-to-day business operations, a bankruptcy court must approve all significant business and financial decisions.
To learn more about bankruptcy law, visit the firm’s website or call 5099219500 to schedule a consultation. The Law Office of Robert C. Hahn, III, P.S. is at 2906 N Argonne Rd, Spokane, WA, 99212, USA.
The Law Office of Robert C. Hahn, III, P.S.
2906 N Argonne Rd