Seattle Bankruptcy Law Attorney
Christien Drakeley
Are you overwhelmed by debt? Are you being harassed by creditors? Have you received a summons from a collection agency? Have you exhausted your options and are looking for honest legal advice?
Providing clients with legal debt relief solutions since 1978, we are experienced Seattle Bankruptcy Law attorneys who are dedicated to helping people get the legal help they need with personalized, practical services.
At Drakeley, PLLC, you will be provided with effective legal help to get you back on track financially and ease your stress. Contact our office today if you need assistance with any of the following bankruptcy matters:
- Chapter 7 Bankruptcy
- Chapter 13 Bankruptcy
- Chapter 11 Bankruptcy
About Bankruptcy:
Chapter 7 bankruptcy: Chapter 7 is a consumer and business bankruptcy option that wipes out many types of debt completely. However, it may require some assets to be sold to creditors in order to repay at least a portion of the debt.
Chapter 13 bankruptcy: This type of consumer bankruptcy involves having a judge set up a 3 – 5 year repayment plan for all of an individual’s or family’s debt with a reduced interest rate and no penalties. Even if you can’t afford to pay off all of your debt in 5 years, if you make all of your payments, your debt will be legally considered paid.
Chapter 11 bankruptcy: Chapter 11 is a form of corporate financial reorganization in which a company’s assets get sold off to pay creditors. In some cases, Chapter 11 bankruptcy allows companies to continue to function. The theory here is that businesses that are allowed to continue to operate will generate some revenue, protect jobs, and otherwise heal creditor wounds. Scraping and selling businesses for their parts, on the other hand, may lead to less than optimal utilization of company resources.
Chapter 11 bankruptcy filing may be “strategic.” In other words, management may wish to reorganize for political reasons, not simply for the sake of balancing the books. Occasionally, individuals may be able to file for Chapter 11 bankruptcy. However, the vast majority of consumer filers end up applying for bankruptcy under Chapter 7 or Chapter 13 Titles.
Straightforward, Legal Debt Relief
Many organizations promise to help people get out of debt. They are very expensive and rarely eliminate debt. Instead, they will do a work out settlement with a couple of creditors leaving you with most of the debt that you had before you handed them a lot of money. When you are faced with overwhelming debt, and no means to repay, that is the time to speak with an attorney before you borrow or give your remaining money to one of these companies.
Filing for bankruptcy is an option to be taken seriously. There are other options, and we can help you determine which is best for your situation. The process doesn’t have to be complicated – we will work with you and make sure you understand what is happening every step of the way.
Because we believe in personalized attention, clients can reach an attorney 7 days a week. We know these are stressful times. No need to fret alone, someone is always available at our firm to answer your questions.
If you or someone you know needs the assistance of an experienced Seattle Bankruptcy Law attorney, call Christien Drakeley today at 866-271-6361, or complete the contact form provided on this site to schedule a free consultation.
Practice Areas and Legal Definitions
Bankruptcy Laws:
Bankruptcy is a federal court process designed to help individuals and businesses eliminate their debts or repay them under the protection of the bankruptcy court. Bankruptcies can generally be described as liquidation or reorganization. Under a liquidation bankruptcy (Chapter 7), a claimant files to eliminate debt through the bankruptcy court. Under a reorganization bankruptcy (Chapter 13), a claimant files a plan with the bankruptcy court proposing how to repay creditors.
In 2005, the requirements under which a debtor could file Chapter 7 bankruptcy changed with the passage of the Bankruptcy Abuse Prevention and Consumer Protection Act. Debtors are now required to seek budget and credit counseling within six months of filing, financial “testing” is required to determine the debtor’s capacity for debt repayment, Chapter 7 cannot be filed if the household income is greater than the median household income as deemed by the state, and state exemptions cannot be applied unless the debtor has resided at current residence for over two years.
Due to the imposed requirements for Chapter 7 bankruptcy as set forth by the new laws, debtors who were eligible to file under Chapter 7 now have to file under Chapter 13 bankruptcy instead, in which individuals and creditors agree to a court-imposed plan that requires some or all debts be repaid over five years, with an appointed trustee assigned to monitor the repayment process. Bankruptcy filings will continue to be recorded on an individual’s credit report for seven years in the case of Chapter 13, and up to ten years for Chapter 7.
Chapter 7:
Chapter 7 cases are commonly referred to as straight bankruptcy or liquidation cases, and may be filed by an individual, corporation, or a partnership. A Chapter 7 bankruptcy case does not involve the filing of a plan of repayment as in Chapter 13. Instead, the bankruptcy trustee gathers and sells the debtor's nonexempt assets and uses the proceeds of such assets to pay holders of claims (creditors) in accordance with the provisions of the Bankruptcy Code. Part of the debtor's property may be subject to liens and mortgages that pledge the property to other creditors. In addition, the Bankruptcy Code will allow the debtor to keep certain "exempt" property; but a trustee will liquidate the debtor's remaining assets. Accordingly, potential debtors should realize that the filing of a petition under Chapter 7 may result in the loss of property.
Chapter 13:
A Chapter 13 bankruptcy is also called a wage earner's plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years. Chapter 13 permits individuals to keep their property by repaying creditors out of their future income. It is not available to corporations or partnerships. After completion of payments under the plan, Chapter 13 debtors receive a discharge of most debts.
Chapter 11:
Chapter 11 is typically used for business bankruptcies and restructuring. It is not commonly used by individual consumers since it is far more complex and expensive to pursue. It allows businesses to reorganize themselves, giving them an opportunity to restructure debt and get out from under certain burdensome leases and contracts. Typically a business is allowed to continue to operate while it is in Chapter 11, although it does so under the supervision of the Bankruptcy Court and its appointees.
If you or someone you know needs the assistance of an experienced Seattle Bankruptcy Law attorney, call Christien Drakeley today at 866-271-6361, or complete the contact form provided on this site to schedule a free consultation.
ADDRESS OF THE FIRM:
Drakeley, PLLC
1817 Queen Anne Ave N., Suite 204
Seattle, WA 98109
Phone: 866-271-6361
Hours: M-F, 8:00AM-5:00PM
Services provided after-hours
MEMBERS OF THE FIRM:
Attorney Christien L. Drakeley
- Jurisdictions Attorney is Licensed in: Washington State
- Date Admitted to the Bar: 1987
- Colleges Attended, Degree & Year Graduated: Golden Gate University, School of Law, JD, 1987
- Professional Memberships & Achievements: WA Bar Association
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