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Chapter 7 Bankruptcy is what most people think of when discussing bankruptcy, and this proceeding is also known often as ‘straight’ bankruptcy or, as Congress named it, a ‘Fresh Start’. As a debtor, you are given relief from creditors while the bankruptcy process is under way, and at the end you receive an order from the court that discharges, or ‘wipes out’, most or all of your unsecured debts.
The law also allows people who owe debts protection from creditors (called ‘exemptions’), that prevents having all property and belongings taken away. There are some cases where there is non-exempt (not protected) property that can be sold by the bankruptcy trustee and the money paid to the creditors. In most cases, though, you are able to keep most or all of your property.
Bankruptcy laws are extensive and complex, and everyone’s case is different and unique. You can call our office for an appointment with Mr. Coy to discuss your situation and have your options explained to you before you decide what course of action is best for you.
Good general information regarding Chapter 7 and Chapter 13 Bankruptcy is also availabe from the Washington State Bar Association at:
Bankruptcy Information Pamphlet
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We are a debt relief agency. We help people file for bankruptcy under the Bankruptcy Code.
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