In Washington, consumers and businesses file for bankruptcy to resolve debt problems as quickly as possible. Strategic planning for their claims could enable the filers to end their case debt-free. However, they must review the options and make distinctions first. A Bankruptcy Lawyer In Tacoma Wa provides answers to common questions that claimants may have.
Should All Married Couples File a Joint Claim?
This depends on the couple and whether or not their marriage will last through the bankruptcy claim. In these cases, the married couple can obtain higher exemption values for their assets. On the other hand, if they file for a divorce, the bankruptcy will continue to affect each party’s credit. In extreme cases, one party could be stuck with the bankruptcy payments unless the bankruptcy is included in the divorce terms and enforced by the civil court.
Which Bankruptcy Chapter is Completed the Fastest?
Chapter 7 bankruptcy cases are concluded within a period of six months. However, if the consumer has more assets than debts, they could finish the process in three months. The duration of these claims depends on how fast the properties sell and the total value of the proceeds generated from the sales.
Can the Claimant Keep Their Home?
A homestead exemption could enable the consumer to keep their primary home during a bankruptcy case. Chapter 13 could provide them with greater benefits and keep the consumer in their home for a long period of time. However, any additional homes aren’t covered under these exemptions.
Why Should Claims be Filed Quickly?
The claims provide protection against legal action, and once they are filed, the creditor cannot sue the consumer. An automatic stay applies in each chapter of bankruptcy and protects the consumer throughout the full duration of the bankruptcy process. This can stop foreclosure and repossession.
In Washington, consumers and businesses file for bankruptcy to stop common legal actions. The claims may also provide them with a chance to liquidate their assets or start a new plan for repaying their debts. Claimants who need to start a claim can contact a Bankruptcy Lawyer In Tacoma Wa and schedule an appointment.
