Bankruptcy is not a pleasant term, but it serves two essential purposes. One, it is a financial restart button that wipes out your debt so you can start building again. Two, bankruptcy law contains property exemptions that can help protect your assets from attachment, garnishment, and even repossession.
John Kenney & Associates, PLLC offers substantial knowledge in creditor-debtor law and can help clients who face home foreclosure, oppressive liens, or face debt issues from a divorce. We act in compassion in order to not make this process any more difficult than it is and find you the best option.
Known as a ‘straight’ bankruptcy, a Chapter 7 wipes out all your dischargable debt. There is a means test you must pass and we can review your debt picture to see what items can be eliminated in a Chapter 7 bankruptcy.
If you cannot file a Chapter 7, you will likely qualify for a Chapter 13, which implements a three to five year payment plan. At the end, the remaining debt is eliminated. A Chapter 13 can also help with tax debt, home foreclosure, and other secured debt issues, so if you are facing these issues and have disposable income, this may be the best option for you.
A downturn in business, lay-off, or other reduction of income got you behind on your mortgage? We can help you find an option to save your home. Defense in foreclosure proceedings, loan modification or Chapter 13 bankruptcy are all options to fight a fight a foreclosure and keep you in your home.
If you file bankruptcy, your estate (meaning your property) will undergo scrutiny by creditors as they find grounds to object to a discharge of your debt. As a creditor in someone else’s bankruptcy, you may require assistance scrutinizes the estate of the debtor. Either way, we can protect you from this process or help you review the financial and property records of your debtors.
Another service offered by Chapter 13 bankruptcy is lien stripping. This process eliminates junior liens, like second or third mortgages, and treats them like unsecured debt. That makes them easier to discharge and makes it easier for you to keep property, like homes, that may hold multiple liens.
Divorce and Bankruptcy
Divorce causes emotional upheaval and can also prove disastrous for your finances. If your soon-to-be former spouse files bankruptcy, those joint debts will become your sole responsibility. Likewise, if your income can not cover joint debts, either a joint bankruptcy before divorce or your individual one can protect your interests. We can review bankruptcy and debt management options available to you if you are facing divorce.
Are you facing a creditor or debtor legal issue that is not listed here? With our wide range of experience, we can likely help you get through that challenge. Contact John Kenney & Associates, PLLC in Poulsbo for a consultation regarding bankruptcy or other types of financial relief. Call us at (360) 850-1049.