In Washington, consumers review their options when filing for bankruptcy. Chapter 13 isn’t available to all consumers due to income restrictions. However, any consumer with adequate assets can file for chapter 7. A local attorney helps claimants start the case for Chapter 7 in Tacoma Wa and guides them through the proceedings.
Assessing the Assets
The court reviews the assets owned by the consumer and determines which items are sold. Typically, the primary home and at least one automobile are excluded from the liquidation. The court acquires appraisals for each asset to calculate the overall proceeds that are possible. The value could determine if the liquidation request is approved.
Managing the Sale
The trustee assigned to the case managing all sales related to the claim. The assets are advertised in the legal section of the local newspaper and through certain online outlets. Auctions are used to sell some assets more quickly. The auctions and private sales are overseen by the court to ensure that they are compliant with all bankruptcy laws.
Distributing the Funds
The trustee distributes the proceeds to all creditors and settles the debts. Once the payment is received, the accounts are updated and closed. All listings for the accounts are removed from the consumer’s credit history after a request is submitted. The bankruptcy, on the other hand, remains on the consumer’s credit history for up to ten years. All exempted values are sent to the consumer.
What are the Consumer’s Rights?
The consumer has the right to start new lines of credit after the claim is approved. Any new acquisitions that occur after the bankruptcy are protected from the court. The assets are owned by the consumer and are not associated with the bankruptcy claim. The case is over in about six months.
In Washington, consumers file chapter 7 bankruptcy to settle their debts quickly. The liquidation process involves selling off the assets to accumulate proceeds to pay the creditors. The trustee appointed by the court manages all sales and coordinates the auctions. Any exempted values are provided to the consumer after the sales are final. Consumers who need to file for Chapter 7 in Tacoma Wa contact an attorney right now.
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