Bankruptcy Lawyers in Washington D.C.
Depressed over debt? Losing sleep over those harassing phone calls from creditors? If you have fallen behind in your bills or credit card debt, find out your options fast by taking our free, confidential legal evaluation. A highly qualified District of Columbia Bankruptcy Attorney can guide you through the confusing legal process. We can help you decide if Chapter 7, Chapter 13 or Bankruptcy Alternative is right for you. Washington D.C. bankruptcy lawyers work with bankruptcy law and cases on a daily basis. They stay on top of the latest updates and changes to District of Columbia bankruptcy law.
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Washington DC Bankruptcy
With unemployment rates in the District of Columbia around 10 percent, more and more Washington DC residents may be considering filing bankruptcy. If you are having trouble paying your bills in the district, you should talk to a Washington D.C. bankruptcy attorney about your options.
The first thing that you should know is that bankruptcy cases are always filed in United States Bankruptcy Court, which is an adjunct to the U.S. District Courts. However, bankruptcy cases, particularly with respect to the validity of exemptions and claims, are often dependent upon state law. Because of this, it is not possible to generalize bankruptcy law across state lines. For this reason, it is important for you to know the laws regarding bankruptcy where you live. If you live in Washington DC, you need to know the laws that pertain to you in filing a District of Columbia bankruptcy. You will need the help of a Washington DC bankruptcy lawyer who can assist you in understanding how District of Columbia bankruptcy laws will affect your case.
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Chapter 7 Bankruptcy in Washington D.C.
The most common type of personal bankruptcy that is filed in Washington D.C. is Chapter 7. Chapter 7 involves a surrender of your non-exempt property to a bankruptcy trustee who then liquidates your property and gives the money to your unsecured creditors. In return for this, you are entitled to a discharge of some of your debt.
Chapter 7 is often known as "straight" or "liquidation" bankruptcy. Chapter 7 is usually best if you want to make a fresh start with a new beginning. Chapter 7 will allow you to be discharged (forgiven) of all of your unsecured debts. These are things like credit cards and medical bills. On top of this, some of your secured debts like your house and car may be exempt from liquidation. You may not have any property that is not exempt. In that case, you will not lose anything. This is called a no asset bankruptcy.
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Chapter 13 Bankruptcy in Washington D.C.
The other type of personal bankruptcy that is filed in Washington D.C. is Chapter 13. Chapter 13 allows you to retain possession and ownership of all of your assets, but you have to give some part of your future income to repaying your secured creditors. Usually, this is over a three to five year period.
Chapter 13 is often referred to as "debt adjustment", "reorganization" and "rehabilitation" bankruptcy. It is a plan that allows you to repay at least a portion of what you owe to your secured creditors. The plan is called a Chapter 13 plan. It is designed by your attorney under the protection of the bankruptcy laws. It is carried out under court supervision for three to five years.
While you may want to file Chapter 7, Chapter 13 could actually work better for you. It is usually better if you are behind on secured debts like mortgage and business payments, and you want to retain everything you own. Chapter 13 is also your only option if you do not qualify to file Chapter 7.
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