What is bankruptcy?

Bankruptcy is a legal process of debt resolution that starts once a debtor declares that he or she does not have enough money to pay off the amount owed in the specified period of time. Under Chapter 7 bankruptcy, debtors have the option of liquidating their non-exempt assets and paying off secured debt with the money obtained from the liquidation. Under Chapter 13 bankruptcy, debtors reorganize their repayments plans to require lesser payments over longer periods of time.

If you would like to further explore the possibility of filing for bankruptcy, contact Tacoma, Seattle, Kirkland, Bellevue, Bremerton, Everett bankruptcy lawyer Ryan Nykamp today at 425-289-9873.

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