No one enters a business thinking it will fail and they will end up researching bankruptcy in Washington state. However, things don’t always work out how we plan and there may come a time when filing for bankruptcy in Washington becomes the best option for your and your business.
Research the bankruptcy laws in Washington before you begin the make a decision about filing for bankruptcy. You want to have a complete understanding of the process and what you have to lose and gain from filing for bankruptcy in Washington. Before filing for bankruptcy keep in mind and the following:
- Filing for bankruptcy offers you an opportunity to start anew. Look at it as a new beginning instead of an ending.
- Understand how Washington bankruptcy law is going to affect your current business and any possible future business endeavors.
- Examine the decisions you made that bought you the point of needing to file for bankruptcy. Analyze the situation so you know what went wrong and so you won’t make the same mistakes again.
Know the exemptions you have under WA bankruptcy lawYou should know the exemptions you have available under WA bankruptcy laws. Homestead, insurance and pensions are just some of the property concerns you want to investigate before you make a decision to file for bankruptcy in Washington.
Understand the bankruptcy process in WashingtonFiling for bankruptcy has changed drastically with the passage of the 2005 bankruptcy laws. You may not be eligible to file for Chapter 7 bankruptcy. If you have a valuable asset you want to keep that isn't covered under the exemptions, Chapter 13 may be a better option for you anyway.
Hire a good Washington bankruptcy lawyer to get you through the processYou shouldn't file for bankruptcy without a good Washington bankruptcy attorney. There are plenty of high-quality Washington bankruptcy lawyers to choose from; find one that is a good fit for you and your business.
- Review your assets and debt before filing for bankruptcy in Washington. Property that you can't claim as an exemption may be sold to pay off to your creditors. Be sure to claim all property that you are eligible to keep as exempt or the exemptions will not be given.