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About Bankruptcy Law in Spokane, United States

Bankruptcy law in Spokane, United States is designed to provide individuals and businesses with a fresh start financially by eliminating or restructuring their debts. The process involves filing a petition in federal court, where a trustee will assess the assets and debts of the filer to determine the appropriate course of action.

Why You May Need a Lawyer

Hiring a lawyer for bankruptcy in Spokane is crucial in navigating the complex legal process. Lawyers can provide guidance on the best type of bankruptcy to file, help with paperwork, represent clients in court, and negotiate with creditors.

Local Laws Overview

In Spokane, bankruptcy laws are governed by federal law under the United States Bankruptcy Code. However, there are specific exemptions and rules that apply in Washington state, including property exemptions and income limits for Chapter 7 bankruptcy.

Frequently Asked Questions

1. What are the different types of bankruptcy?

There are mainly two types of bankruptcy for individuals: Chapter 7, which involves liquidating assets to repay debts, and Chapter 13, which involves creating a repayment plan over a period of 3-5 years.

2. Will bankruptcy eliminate all my debts?

Bankruptcy can discharge most unsecured debts, such as credit card debt and medical bills, but certain debts like student loans, child support, and taxes may not be dischargeable.

3. How will bankruptcy affect my credit score?

Bankruptcy will negatively impact your credit score, but it is possible to rebuild it over time by managing your finances responsibly.

4. Can I keep my assets in bankruptcy?

Depending on the type of bankruptcy you file and the exemptions available, you may be able to keep certain assets such as your home, car, and personal belongings.

5. How long does the bankruptcy process take?

The process can vary depending on the complexity of your case and the type of bankruptcy filed, but typically it takes 3-6 months for Chapter 7 and 3-5 years for Chapter 13.

6. What are bankruptcy exemptions?

Exemptions are laws that allow you to protect certain property from being seized by creditors during bankruptcy. Washington state has specific exemptions that may apply to your case.

7. Will I lose my job if I file for bankruptcy?

Employers are prohibited from firing employees solely because they filed for bankruptcy under the Bankruptcy Code.

8. Can I file for bankruptcy without a lawyer?

While it is possible to file for bankruptcy without a lawyer, it is highly recommended to seek legal assistance due to the complexity of the process and the potential consequences of making mistakes.

9. How much does it cost to file for bankruptcy?

The filing fee for Chapter 7 bankruptcy is $335 and for Chapter 13 is $310. Additionally, legal fees for hiring a bankruptcy lawyer will vary depending on the complexity of your case.

10. Will bankruptcy stop creditors from harassing me?

Once you file for bankruptcy, an automatic stay goes into effect, which prohibits creditors from contacting you or taking any further collection actions against you.

Additional Resources

For more information on bankruptcy in Spokane, you can visit the Washington State Bar Association website or contact the United States Bankruptcy Court for the Eastern District of Washington.

Next Steps

If you are considering filing for bankruptcy or have questions about the process, it is recommended to consult with a bankruptcy lawyer in Spokane who can provide you with personalized legal advice and guidance.