Bankruptcy law in Washington
The capital city has a plethora of well-managed and professionally organized array of services while dealing with bankruptcy situations within the legal framework.
Bankruptcy law in Washington is unique in exemptions, discharge mechanisms, and debt resolution and reorganization systems.
The bankruptcy law in Washington requires the individual debtors to choose between exemptions under federal law and the state-specific exemptions (as provided under Washington bankruptcy mandate).
While the rest of the procedure for filing for bankruptcy in Washington is similar to the other states, one can experience “capital benefits” as provided under the law.
Process of Bankruptcy law in Washington:
- Individual debtors are filing for bankruptcy within a prescribed period of 6 months.
- Bankruptcy act Means Test, analyzing expenses and incomes to qualify for Chapter 7 or Chapter 13.
- Gathering paperwork for itemizing current income sources
- Filing for bankruptcy using Washington exemptions.
- Chapter 13 requirements and submitting the proposed repayment plan.
- Meeting of creditors and plan confirmation.
You should also know about 8 rules before filing bankruptcy.