Chapter 7: Debt relief for familes and small businesses
Experienced Washington State attorney guides you in making the best choices in bankruptcy and related legal issues
If you are in need of debt relief, let our attorney with more than 30 years' experience in bankruptcy law and consumer law help you make the best decision. In addition to bankruptcy and consumer law, our team of attorneys stands ready to help you with related issues such as tax and family law.
GSJones Law Group, P.S., can help you fight illegal collection tactics by creditors. We also guide clients through all phases and processes of moving into a life free of crushing debt through Chapter 7 bankruptcy.
Chapter 7 bankruptcy offers definitive relief
Chapter 7 bankruptcy, more than any other financial instrument, can provide an end to:
- Creditor harassment
- Foreclosure
- Wage garnishment
- Bank account levies
Chapter 7 bankruptcy may allow you to keep your home, automobiles and other key property
Using Chapter 7 may result in the elimination of all your consumer debts, including credit card debts and medical bills. You may choose to reaffirm your mortgage and car loan and keep your house and car. Although it is often referred to as liquidation bankruptcy, most people who file Chapter 7 do not lose much or any of their personal property when they fall within the Chapter 7 exemptions.
Washington State residents have the option of choosing the exemptions offered by Federal Bankruptcy laws and the Washington State laws. You can depend on your GSJones Law Group bankruptcy attorney to help you choose the most advantageous option for your situation.
Common bankruptcy exemptions in Washington State
These exemptions are drawn from those available through Washington State law. Many people find the Washington State exemptions work best for their financial situation and goals. The laws and regulations are subject to change. Please consult an attorney for the most up-to-date information.
The Homestead Act protects a sizable portion of equity in your dwelling
This exemption applies to your principal residence only. The limit of the exemption depends on where you live. Currently, the highest exemption is more than $900,000 in locations where average property values are the highest. When filing jointly, the limit is not doubled.
Motor vehicle exemption
Next to the family home, our vehicles are usually a key foundation of our daily lives. In most situations you do not need to lose your transportation. Currently, you can exempt $15,000 of equity in one vehicle. If you are married and filing jointly, your spouse can also exempt up to $15,000 in a second vehicle.
Pension and retirement fund exemptions
You are protected up to more than $1.5 million in most tax-exempt retirement accounts and pensions. Under that amount creditors can't touch your 401(k), 403(b), profit-sharing and money purchase plans, SEP and SIMPLE IRAs, for example. If you have any questions about your own retirement funds, contact the fund to determine their status.
Professional tools exemption
If you own your own tools for your business or employment, you may protect up to $15,000 in value. This applies to anyone who purchases the items they need to earn a living.
Wild card exemption and more
Washington State laws allow you to protect many personal items, as well as personal injury awards and child support payments from creditors up to stated amounts for each category. In addition, there is a miscellaneous category of property of choice, valued up to $10,000.
Chapter 7 may be the best option for small business owners
There is no better guide to using Chapter 7 for your business than Norman Short. For 30+ years he has focused on tax, business and estate law, in addition to bankruptcy.
Don't hesitate: the sooner you begin the debt relief process, the sooner you have your fresh start
Many people hesitate for fear of ruining their credit records. In fact, your credit is most likely already at risk or soon will be if your debts overwhelm your ability to repay them. Through bankruptcy, thousands of debtors have successfully found a fresh start and re-established credit in a year or less.
Find out if Chapter 7 bankruptcy is the answer for your finances
Located in Port Orchard, our lawyers serve Kitsap County and surrounding communities including Bremerton, Silverdale, Seabeck, Gig Harbor, Poulsbo, and the area
Naval facilities.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
