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In Washington, the court imposed filing fee for a Chapter 7 bankruptcy is $306. Chapter 7 Bankruptcy filers have the option of paying this filing fee after their cases are filed. Our office prepares the required application for you so that you can get your case filed quickly and pay the filing fee later. If you do choose this option, the Washington Bankruptcy Court will impose an installment payment schedule that will enable you to pay off your filing fee in the 12 weeks after your case is filed.
It is important to remember a couple things. First, while the court is happy to accept payments, it is not going to work with you when it comes to their timing. Your case will likely be dismissed within moments if it does not arrive on time. It is critically important that the payments be made on time. Second, the court is not going to take a credit card or debit payment over the phone, the payment must be received by the due date. The repercussions for not making the payment on time are severe. Your case will be dismissed and can only be reopened if the entire filing fee is paid in full plus the reopen fee of $260. If you can pay off the filing fee early, do so.
If you can pay off the Washington Chapter 7 filing fees prior to filing by all means do so. If you do want to pay them in installments that’s fine too, just keep in mind that the court is not a flexible creditor. You will receive an order in the mail shortly after your case is filed spelling out the forms of allowable payments, the due dates and the payment address. Be on the look out for it(unfortunately while it comes in a very official looking envelope, it is flimsy enough to get caught up in your junk mail). Save it and if you lose it, call us immediately so that we can get the information to you.
When it comes to Chapter 13 Bankruptcy cases, the court filing fee is $281. The installment arrangement is available. The court requires that $100 be paid up front and the remainder will simply be paid through your Chapter 13 Plan. Please feel free to contact me any time via email or phone if you have any questions at all about the Washington Bankruptcy Filing Fees.
The original post is titled Washington Bankruptcy Filing Fee Installment Plans , and it came from Oregon Bankruptcy Lawyer | Portland, Salem, and Vancouver, Wa .
Telling the bankruptcy court that you’re surrendering property in a Chapter 7 bankruptcy doesn’t mean it’s not yours anymore.
When you file for Chapter 7 bankruptcy, you complete a document titled “Statement of Intention.” That document outlines for the court what you intend to do with the property that’s secured by debts.
Think mortgages and car loans.
You can indicate that you’re going to keep the property and pay the debt, keep the property and pay off the debt through the bankruptcy court, or surrender the property altogether.
The choice is yours. But just because you say something, doesn’t mean it’s set in stone.
Rather, this is a statement of your intention – what you want to do with the debt and the property. It doesn’t reflect what the lender can or will do.
You Still Own The Property Until It’s Transferred
In the case of a house, your statement that you’re giving it up in the bankruptcy means nothing more than you don’t want the house anymore.
It doesn’t mean that you have actually given it up.
To give up legal title to property, the lender needs to accept ownership.
Related:
- Redemption, Reaffirmation and Surrender: Your Options In Bankruptcy
- Can You Reaffirm A Mortgage After Bankruptcy?
Transfer Of Ownership Requires Legal Action
Though you’ve offered up the property to the lender as part of your bankruptcy, there’s still a legal process involved in taking it back.
In the case of real estate, the lender will usually continue with a foreclosure proceeding. Depending where you are, that could take some time to complete.
You’re free to offer up the property to the lender through a deed in lieu of foreclosure, short sale or other mechanism but it’s not necessary.
Related:
In fact, just leaving the lender up to its own devices will often give you more time to pack up the house and find a new place to live.
Your Financial Responsibilities To The Lender
Until the lender takes back the property, you don’t need to keep making payments.
Once the lender picks up the property or forecloses, you don’t need to make payments.
So long as you didn’t reaffirm the debt and the discharge comes through, you’re all set.
Your Other Financial Responsibilities
If there’s a homeowner’s association, you’ll need to pay your new HOA dues until such time as the property is legally transferred to the lender. The HOA fees that accrued up to the date of filing bankruptcy will be discharged in your bankruptcy case, but those that accrue once the case is filed are not going to be wiped out.
You’ll also need to pay your homeowner’s insurance and property taxes (unless the lender is paying them).
With respect to vehicles, remember state laws about keeping insurance in place.
Related:
Talk With Your Lawyer
Filing for bankruptcy involves keeping lots of balls in the air, and issues can get confusing.
Talking with your lawyer as the process unfolds will help you keep things clear, making the most of your bankruptcy.
Authors of a recent Student Loan Study have concluded that Congress should create new classifications for both federal and private student loans and make some of them dischargeable in bankruptcy.
Under current law, as any Washington or Oregon debtor can tell you , student loans are almost always impossible to discharge in bankruptcy.
The report calls for two student loan classifications. Loans would be either qualified or non-qualified. Qualified student loans would remain protected from bankruptcy discharge. No In order to receive this status. The loans would have to offer manageable repayment terms such as capped interest rates and would only be offered to students in college programs with proven records with respect to job placement.
Non-qualified student loans, loans with untenable repayment plans for students who enroll in inadequate education programs would be eligible for chapter 7 bankruptcy discharge after a certain waiting period.
The solution proposed in the report is long overdue. The percentage of students taking out student loans has risen exponentially in recent years. During a bad economy with a bleak employment picture and a decline in manufacturing jobs, more and more people in both Washington and Oregon have felt compelled to take loans in the hopes of finding job security. Because the employment picture has remained bleak post graduation, we now have more than seven million college loan borrowers in default. It seems that anything would be better than the current status quo.
If you are struggling with student loan obligations give our office at call or set up an appointment at any of our Oregon and Washington locations.
The original post is titled Hope for Student Loan Borrowers and Bankruptcy , and it came from Oregon Bankruptcy Lawyer | Portland, Salem, and Vancouver, Wa .
I’m Northern Virginia bankruptcy lawyer Robert Weed. I want to talk to you about using Chapter 13 bankruptcy to stop foreclosure in Virginia. Before the housing crisis, Chapter 13 bankruptcy was the best way to stop foreclosure in Virginia. Today, a lot of the time, getting a loan modification is a better way to stop […]The post Stop foreclosure in Virginia with Chapter 13 Bankruptcy appeared first on Robert Weed.
You can often consolidate your federal student loans. Whether it’s a good idea, however, is a different matter entirely.
I’m a big fan of keeping my finances simple.
The more bills I get each month, the more likely it is that something’s going to fall through the cracks.
That’s why I like to pay my utility bills automatically through my checking account, and why I opt for paperless billing whenever possible.
When it comes to consolidating your federal student loans, however, the decision isn’t always so simple.
Can You Consolidate Your Federal Student Loans?
Though most federal student loans can be consolidated under the Direct Loan program (which is administered through the U.S. Department of Education), there are exceptions to the rule.
Some Loans Can’t Be Consolidated. You can’t consolidate private education loans with your federal loans. You also can’t consolidate a PLUS loan originally made to the parent of a dependent student.
Default May Be An Issue. In order to consolidate, you’ve got to have at least one Direct Loan or FFEL Program loan that is in a grace period or in repayment. If one of your loans is in default then you’ve got to either cure the default before consolidating or agree to repay the new Direct Consolidation Loan under either the Income-Based Repayment Plan, Pay As You Earn Repayment Plan, or the Income-Contingent Repayment Plan.
You Can Consolidate Only Once. Consolidation is usually a one-time process; you can’t ordinarily consolidate a loan that’s already gone through the system as you would with refinancing a mortgage or a car loan.
You can, however, consolidate an existing consolidation loan again by adding in an additional Direct Loan or FFEL Program loan in the consolidation.
For this reason I’ve heard of people going back to school for a semester and taking out a new Direct Loan for a single class so they could reconsolidate. That just doesn’t sound like a wise financial move – adding in debt simply so you can consolidate again. If you’re thinking about doing this, you may want to give me a buzz first so I can show you just how bad of an idea this is.
See also:
Is Consolidation A Good Idea?
Let’s say you can consolidate – now you need to figure out whether it’s a good idea for you.
Just because you can do something, after all, doesn’t necessarily mean you should.
In order to make your decision, consider these issues:
Your Interest Rate May Change. The interest rate on a Direct Consolidation Loan is based on the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest one-eighth of 1%. If you’ve got one loan with an outrageously high rate, that’s going to bring up the average.
You May Enter Repayment Faster. Repayment on your new consolidated loan will begin within 60 days of the date of consolidation. If you’re currently in deferment or forbearance, that could hit you in pocket pretty quickly.
Your Payments May Rise. Remember that your interest rate will change once you consolidate; that means your payments may actually go up rather than down. Estimate your weighted average interest rate to determine your loan payments after consolidation.
The Federal Loans May Not Be Your Problem. If your private student loans or other debts are the ones dragging you down, then consolidating won’t really solve the problems. Take a look at the rest of your financial situation to make the smart move.
See also:
- How To Know If Your Student Loan Is Federal Or Private
- Federal Student Loan Standard Repayment Options
- Income-Based Repayment For Federal Student Loans
- Direct Loan Consolidation Payment Calculator
Tread Lightly To Avoid Problems Later
The student loan companies sell consolidation as a cure-all for your student loan problems. But as you can see, it’s not always so.
Spend some time getting the facts about how the process will impact your bottom line. If it makes sense, go for it.
And if not, take a pass.
Most income taxes cannot be discharged in bankruptcy, but some can. To find out whether yours can, your lawyer will need your tax account transcript. The IRS makes these available now on line. You can download yours here. Why do you need that? Your lawyer can use your account transcript to see if your taxes […]The post Before bankruptcy: Getting your tax account transcripts appeared first on Robert Weed.
The Statement of Current Monthly Income is used by judges to determine if your income level raises the question of abuse of the bankruptcy laws. Part of the responsibility of the judge in a bankruptcy case is to ensure that debtors do not abuse the bankruptcy laws and avoid paying debts by filing bankruptcy when they have the means to pay. Prior to 2005, this determination was made at the discretion of judges. After new bankruptcy laws were passed in 2005, judges are no longer able to use their discretion, but instead follow the formulas outlined in the law to determine if there is abuse. The Statement of Current Monthly Income provides this information to the judge.The post The Statement of Current Monthly Income and Your Bankruptcy Plan appeared first on Tucson Bankruptcy Attorney.
The Statement of Current Monthly Income is used by judges to determine if your income level raises the question of abuse of the bankruptcy laws. Part of the responsibility of the judge in a bankruptcy case is to ensure that debtors do not abuse the bankruptcy laws and avoid paying debts by filing bankruptcy when they have the means to pay. Prior to 2005, this determination was made at the discretion of judges. After new bankruptcy laws were passed in 2005, judges are no longer able to use their discretion, but instead follow the formulas outlined in the law to determine if there is abuse. The Statement of Current Monthly Income provides this information to the judge.
A layperson is often at a disadvantage when defending against a debt collection suit filed by an attorney. The debtor as a defendant does not know the "rules of the game" and sometimes takes the advice or direction of court staff (who by the way should not be giving legal advice but often do.)
Talking to clients who have appeared to defend in small claim collection suits in this area (Northern Virginia, suburban Maryland and DC), I am surprised that many will meekly follow court staff instructions to come back to court on another date -- when the collector's attorney fails to show up or is late! This failing is a perfect opportunity to have the case thrown out!
You have a right to ask the court to proceed on the case. Tell the clerk that you are present and ready for the case to be called. When the case is called, proceed to the podium and ask the court to have the case "dismissed with prejudice." That very important qualifier -- "with prejudice" -- means that you are asking the court to dismiss forever.
The plaintiff can ask the court to re-instate the case later, but, for most judges, he will have to have a very good excuse, for example unavoidable illness that came on suddenly, and he will need to ask for that reinstatement very soon after the dismissal, in most cases, within 30 days.
Remember: It's the plaintiff's case. He brought it. Not you. You're present and ready to go forward. If he's not there, the law is very willing to treat him harshly.
It's a simple technique, and a very valuable one, to get rid of a lawsuit.
If you need more advice, call our law firm. We're ready to help.
A layperson is often at a disadvantage when defending against a debt collection suit filed by an attorney. The debtor as a defendant does not know the "rules of the game" and sometimes takes the advice or direction of court staff (who by the way should not be giving legal advice but often do.)
Talking to clients who have appeared to defend in small claim collection suits in this area (Northern Virginia, suburban Maryland and DC), I am surprised that many will meekly follow court staff instructions to come back to court on another date -- when the collector's attorney fails to show up or is late! This failing is a perfect opportunity to have the case thrown out!
You have a right to ask the court to proceed on the case. Tell the clerk that you are present and ready for the case to be called. When the case is called, proceed to the podium and ask the court to have the case "dismissed with prejudice." That very important qualifier -- "with prejudice" -- means that you are asking the court to dismiss forever.
The plaintiff can ask the court to re-instate the case later, but, for most judges, he will have to have a very good excuse, for example unavoidable illness that came on suddenly, and he will need to ask for that reinstatement very soon after the dismissal, in most cases, within 30 days.
Remember: It's the plaintiff's case. He brought it. Not you. You're present and ready to go forward. If he's not there, the law is very willing to treat him harshly.
It's a simple technique, and a very valuable one, to get rid of a lawsuit.
If you need more advice, call our law firm. We're ready to help.
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