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Seattle - Everett - Tacoma
(206) 624-9605 (425) 653-4337 (253) 591-9191
Filing for bankruptcy is a privilege and a right allowed by the Federal Government and the State of Washington.
Bankruptcy IS THE LAW; it is NOT against the law.
When you file for bankruptcy you are NOT doing anything wrong. The bankruptcy laws are there to protect you.
Our clients are not trying to avoid their bills. Many of our clients have been struck by tragedy in their lives or by completely unforeseen circumstances that have caused them to fall into financial difficulty. Our clients do not simply wake up one day and decide to stop paying their bills. In the majority of cases we file, our client's financial difficulties are not their fault.
Bankruptcy is your right and your privilege as a U.S. citizen.
Bankruptcy is an opportunity for a fresh start.
Our law firm has streamlined the process and making it as simple and straightforward as possible.
Below are some of the other common misconceptions about bankruptcy.
Common Misconceptions about Filing for Bankruptcy
1. You will NOT go to jail for not paying your debts.
Never! Unscrupulous creditors and debt collectors often tell their victims that they will go to jail for their bad debt. This is patently false and completely absurd. There are no debtor’s prisons in the U.S.
2. You will never be able to obtain credit again.
Wrong! Many people believe that they will never be able to obtain credit again after filing for bankruptcy. This is simply untrue. It is yet another myth perpetuated by the credit card companies and the bill collectors. In reality, your mailbox will literally be stuffed with new offers for credit cards, car loans, and mortgages the minute you file bankruptcy. This is because the people who offer these credit cards and loans know that most people only file for bankruptcy once in their lives, and that they are precluded from filing another Chapter 7 bankruptcy for eight years. You can even buy a new car the day you go to bankruptcy court, and, you can buy a house the day after your bankruptcy is discharged (of course, you must still qualify).
3. Your credit will be destroyed forever.
Wrong again! Most credit scores go up by 70 points within one year after filing for bankruptcy. This is large because the FICO credit scoring system is largely based on a debt ratio. Once their bankruptcy is discharged, most of our clients become debt free. This often has a dramatic impact on their credit scores. In almost every case, the result is positive. The simple truth is that you are a much better credit risk after filing for bankruptcy. You have less debt and more monthly cash flow.
4. I will be prosecuted for not repaying my Payday loans.
Never! A Payday loan is simply a loan. And it is just like any other debt. It is exactly the same as credit card debts, other loans and medical bills. It is not a bounced check. You cannot be prosecuted for legally discharging a debt that you have lawful right to discharge through bankruptcy. There is nothing criminal about filing for bankruptcy. It is your legal right.
5. I will lose everything I own if I file for bankruptcy.
No. You will keep all or most of your property. Many people believe that they will lose all of their possessions, including their car, their furnishings, and their house if they file for bankruptcy. Again, this is untrue. In the vast majority of cases, bankruptcy filers keep all of their property. The bankruptcy laws specifically provide for a number of exemptions under which most, if not all, of your property will be protected. Just be sure to disclose everything to your attorney so that your possessions can be protected.
Whether you are looking for a Bankruptcy lawyer for Bellevue or Kirkland or whether you are looking for a Tacoma bankruptcy attorney, we can help.
Call Our Washington State Bankruptcy Law Firm Now for a Free Confidential Phone Consultation.
Seattle - Everett - Tacoma
(206) 624-9605 (425) 653-4337 (253) 591-9191