Posted on December 7, 2009 at 3:51 am Hi, I'm thinking of filing Chapter 7 Bankruptcy. I'm from Washington. Is bankruptcy here the same with the rest of the country?

Posted on December 7, 2009 at 4:30 am Hello, may I ask why you are filing Chapter 7 Bankruptcy? And yes, it's the same with the rest of the country,although in 2005 there were revisions to bankruptcy, and not everybody can file Chapter 7 anymore.

Posted on December 7, 2009 at 4:35 am I agree, whether you are filing Chapter 7 bankruptcy in Washington or elsewhere, for it to be approved, you have to first pass the Means Test. It is determined by calculating your income over the past six months and compare it to that of your state average. If your income is higher than your state average you cannot file Chapter 7. You'd be forced to file Chapter 13.

Posted on December 7, 2009 at 5:17 am You don't have to file bankruptcy if your debts are mostly unsecured. Also, you'd find out when you file that Bankruptcy Chapter 7, as part of the said revision, you'd be required to go through credit counseling. Like they said, it's a nationwide law, and not just in Washington.If your debt amounts to $10,000 above and your accounts past due, why not look into debt settlement? If it is less than that amount and your accounts are current, try the Debt Management Plan run by credit counseling agencies.If you have any questions with regard to those, please feel free to fill out a form here at destroydebt.com, and avail of the free initial debt consultation.

Posted on December 7, 2009 at 5:19 am You are right my debts are mostly on credit cards and they are worth way over $10,000. You seem to discourage bankruptcy though, why is that? Also, how long would that settlement cost? What can it do?

Posted on December 7, 2009 at 5:30 am Washington Chapter 7 Bankruptcy vs. Debt SettlementBankruptcy is being discouraged for its credit implication. It stays on your public records for 20 years, but a settlement won't. Also, a Chapter 7 stays on your credit report for 10 years, just like a settlement. When it comes to cost, debt settlement not needing any court appearance, would not need court/legal/lawyer fees. Debt settlement companies would charge 15% of your total debt amount -spread over 18 months or they will take between 20-25% of the settlement amount.

Posted on December 7, 2009 at 5:32 am Washington Chapter 7 Bankruptcy vs. Debt SettlementThe program is about reducing your balance to more or less half of its original price.A debt settlement program lasts from 12 to 36 months, depending on the complexity of your case. It appears on your credit report as "settled", "settled for less than the full balance", or "settled in full."