If your debts are piling up, then you may see bankruptcy as your only solution. It is important, however, to step back and ask yourself questions before you contact a bankruptcy lawyer in Olympia, WA.
The first question that you need to ask is if you qualify under the means test. If you are thinking of filing a Chapter 7 bankruptcy, then this test looks at your income, expenses and family size to see if you have enough income to repay your debts. A bankruptcy lawyer in Olympia, WA, can help you with this test. If you do not qualify, then you may be able to file a restructuring plan under Chapter 13 if you want to retain some of your assets.
The next question that you should ask is if it will help. Certain debts cannot be dismissed in bankruptcy court. It is important to work with an experienced attorney who can help you identify all of your debts because if you leave an entity off your petition, then they can still come after you for the money owed to them. Many types of taxes, child support, student loans, personal injury compensation, and criminal debts cannot be discharged.
You also need to ask if you can afford to file for bankruptcy. As of 2020, the charge to file for bankruptcy is $355 unless you file a special form if you make less than 150% of the state’s poverty level. You will also need to take a credit counseling course and pay your attorney.
