Get Relief for Consumer Debt in Seattle, Washington
If you are considering Chapter 7 or Chapter 13 bankruptcy as a means of debt relief, it is important to understand the types of debt that may be discharged. Not all debts may be discharged and deciding if and what form of bankruptcy is right for you depends upon your specific circumstances. Talking with a bankruptcy lawyer about your financial challenges can help you make smart decisions.
Attorney Daniel R. Whitmore can help you get the answers you need about every aspect of the bankruptcy process. Given the current economic downturn, it is easy for responsible, hard working people to find themselves in over their heads due to situations in which they had little to no control. Whether you are facing credit card debt, medical bills, income tax debts or other forms of debt, bankruptcy can provide relief and a fresh start for your financial future.
Debts Covered Under Chapter 7 and Chapter 13 Bankruptcy
There are two main types of debts that people can incur - secured and unsecured debts - not all of which can be discharged in bankruptcy. Knowing the difference between these two types of debts is important.
Unsecured Debts
Unsecured debts are debts that are not tied to property and property cannot be sold or repossessed to pay creditors or satisfy those debts. Wage garnishments and other judgments may be gotten against you to fulfill the payments. These debts include:
- Credit card debts
- Personal loans
- Medical bills
Nearly all types of unsecured debts can be discharged in Chapter 7 and Chapter 13 bankruptcies.
Secured Debts
Secured debts, by contrast, are those that are tied to property and other assets. These debts include home mortgages, car loans and home equity lines of credit. Through repossession and foreclosure, property may be sold to pay creditors and satisfy debts. While exempt property may be kept in a Chapter 7 bankruptcy, individuals with secured debts who want to keep their homes and cars may be better off filing for Chapter 13 bankruptcy protection.
Discharge Secured and Unsecured Debts in Bankruptcy
As a consumer, you have rights and it is important to protect those rights with an attorney. Filing for bankruptcy is a right you have under the law. Contacting us at the Law Office of Daniel R. Whitmore to complete the process in an effective manner. Call our Seattle office toll free at 866-467-5841 to get started at your free initial consultation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
