A taxpayer will sometimes get in a tight place financially and becomes so beneath the burden that the only way out is through bankruptcy. The two major bankruptcies for taxpayers are Chapter 7 and Chapter 13, and the taxpayer’s income must be beneath the state’s median income to qualify for Chapter 7. If the taxpayer qualifies for Chapter 7 in Olympia WA, there are some important things that must be understood. Here are some of the key facts with which taxpayers should become acquainted.
Key Facts about Chapter 7 Bankruptcy in Washington
Even if a taxpayer doesn’t appear at first to qualify for Chapter 7 bankruptcy based on income, the means test could still be passed after qualifying expenses are deducted from the income. The taxpayer must also take two financial courses, with the first being before filing and the second course prior to the discharge. The courts will appoint a trustee to the case who will sell all of the taxpayer’s nonexempt property to be distributed to the creditors, according to the rules of bankruptcy. Some exemptions will be allowed the laws of bankruptcy in Washington.
More Key Facts about Chapter 7 Bankruptcy in Washington
All aspects of the taxpayer’s financial information must be filed when filing the papers for bankruptcy, which includes, but is not limited to income, debts, and property. Unless the courts allow the taxpayer a waiver, a filing fee will have to be filed, and the taxpayer will find it is usually more beneficial to get assistance from a bankruptcy attorney to handle all these matters. Due to the nature of the taxpayer being in a financial strain, many lawyers can appreciate the taxpayer’s lack of funds.
An Attorney in Washington for Bankruptcy Help
Many lawyers and law firms are available throughout the State of Washington to assist individuals with bankruptcies. Rafal Gorski, Attorney at Law is a law firm in Olympia, Washington that provides reasonable aid to individuals in need of bankruptcy help. If a person is looking to file Chapter 7 in Olympia WA, the law firm is available and provides more information at the website.
