The Primary Goal of Washington State Chapter 13 Bankruptcy
Author: Isabel Searie
The primary goal of a Chapter 13 bankruptcy is to consolidate your debts and set up a manageable monthly payment. The plan is developed by undertaking an in-depth analysis of your current income, your current monthly expenditures, and your current debts. Chapter 13 bankruptcies are also often referred to as a "debt consolidation", or the "wage earners plan".
A Washington Chapter 13 bankruptcy plan is specifically designed to allow you to stop foreclosures and repossessions while allowing you to make up the back payments in a 36 to 60 month plan. In a Chapter 13, we can also consolidate other bills, such as your car payment, whereby you only pay the value of the car, and not the loan balance. Other debt that can be consolidated includes tax debts, student loans, and child support or alimony arrears.
A Plan for People Who Earn A Good Income but Simply Cannot Keep up with their Mortgage Payments?
In today’s economy, many people find themselves in an extremely precarious financial state. Many people earn a good living. But they are barely living month to month while falling increasingly behind on their monthly bills. If, despite your good job or higher than average income, you are still drowning in debt and see no way out, then a Washington Chapter 13 may be your best option to make a financial recovery. A Washington State Chapter 13 bankruptcy may also allow you to keep your house and car in spite of being unable to meet your current monthly mortgage or car loan payments.
The process of filing a Chapter 13 bankruptcy is considerably more complex than a Chapter 7 here in Washington State. In addition to the voluntary petition and related documents, filing a Chapter 13 also requires submission of a specific repayment plan that presents a feasible and plausible payment schedule. This repayment plan must specifically detail how you intend to make your monthly payments to the Trustee. In addition to the 341 meeting of creditors, you will also be required to attend another mandatory hearing, which is called a "confirmation hearing".
At your confirmation hearing, your case goes before a bankruptcy Judge for final review and approval. Typically, it is not necessary for you to attend the confirmation hearing. We are able to simply appear on your behalf. Prior to the confirmation hearing, it is not uncommon for creditors to file objections to your plan if they have issues or concerns with your proposed repayment plan. In a number of cases, this requires that we respond to their specific objections on your behalf.
In nearly all cases, however, we are able to get your plan confirmed by the Judge at the initial confirmation hearing if you are current with your Chapter 13 payments to the Trustee, any amendments requested by the Trustee have been filed, and any objections filed by your creditors have been properly addressed and resolved.
Once your plan has been confirmed, all you have to do is make all your monthly payments under the proposed Chapter 13 repayment plan, and you will receive your discharge. There are frequently a number of motions filed by creditors, the Trustee, and by us as attorney, during a Chapter 13 case. Chapter 13 bankruptcies are quite complex and it is highly recommended that you not attempt to proceed without an experienced Washington State bankruptcy attorney.
Reduce or Eliminate Interest on Consumer Debt
Unfortunately, certain kinds of debt simply cannot be eliminated through a Washington State Chapter 13 bankruptcy. These include child support, student loans and most income taxes. Once you consumer debt is under control, however, and your outstanding interest is lowered or eliminated, many people find that a Chapter 13 repayment plan is reasonable and feasible.
Article Source: http://www.articlesbase.com/bankruptcy-articles/the-primary-goal-of-washington-state-chapter-13-bankruptcy-708010.html
About the Author
At Seattle Bankruptcy Lawyer over 90% of individuals and families still qualify for Washington State bankruptcy under the 2005 bankruptcy reform act.
Someone explain this one to me?? ?
How was my response a violation any help here??? The funny thing is I cut and pasted the news story from yahoo news!!!!
Hello dez604 (dez604)
You have posted content to Yahoo! Answers in violation of our Community Guidelines or Terms of Service. As a result, your content has been deleted. Community Guidelines help to keep Yahoo! Answers a safe and useful community, so we appreciate your consideration of its rules.
Question: McCains son in a banking scandal?
Question Details: The bank lost $73M while Andy McCain sat on the auditor board. He quickly resigned. How will this sit with voters? http://online.wsj.com/article/SB121876461747243159.html?mod=googlenews_wsj
Deleted Answer: Don’t you mean Joe Bidens Kid??? WASHINGTON – A son of Democratic vice presidential candidate Joe Biden was paid an undisclosed amount of money as a consultant by MBNA, the largest employer in Delaware, during the years the senator supported legislation that was promoted by the credit card industry and opposed by consumer groups. ADVERTISEMENT Barack Obama’s presidential campaign said Biden helped forge a bipartisan compromise on the measure, which is now law and makes it harder for consumers to obtain bankruptcy protection in the courts. MBNA’s consulting payments to Hunter Biden, first reported by The New York Times, followed his departure in 2001 from the company, where he had been an executive. Obama opposed the bankruptcy law, enacted in 2005, while Biden supported it. David Wade, a spokesman for the Obama campaign, said that “after working in the Clinton administration in the Department of Commerce on Internet privacy and online commerce issues, Hunter consulted for five years as an expert on these very same issues at a time of enormous expansion in online banking.” At the time Hunter Biden was receiving consulting payments from MBNA, he also was a Washington lobbyist at a firm he had co-founded. “He was not a lobbyist for MBNA, and his work had absolutely nothing to do with the bankruptcy bill. Zero. Nothing,” said Wade. Resurrecting Biden’s role in the bankruptcy legislation could undercut one of the Obama campaign’s lines of attack: That his Republican opponent, John McCain, is insensitive to the financial woes of middle-class Americans. Consumer and civil rights groups and unions, as well as Democratic opponents, had argued that the bankruptcy legislation was unfair to low-income working people, single mothers, minorities and the elderly, and would remove a safety net for those who have lost their jobs or face mounting medical bills. The financial services industry made the case that bankruptcy frequently is a refuge of gamblers, impulsive shoppers, divorced or separated fathers avoiding child support, and multimillionaires who buy mansions in states with liberal exemptions to shelter assets from creditors. When the Senate Judiciary Committee approved the bill early in 2005, Biden, Dianne Feinstein of California and Herb Kohl of Wisconsin were the only Democrats to vote with the Republican majority. Biden also voted for the bill on final passage in the Senate, while Obama voted against it. MBNA employees have poured more than $200,000 into Biden’s Senate campaigns over the past two decades, making donors working for the credit card company the senator’s largest source of campaign money. On the bankruptcy bill, the senator “took plenty of knocks from the largest employer in his state because he demanded changes,” said Wade, the Obama campaign spokesman. “Sen. Biden improved the bill for low-income workers, women, and children. There were times when he believed amendments on both sides would have blown up a bipartisan compromise backed by three quarters of the Senate. At those moments, Sen. Biden had to make the tough calls and he voted to pass a bill.” In a separate matter in which Hunter Biden’s lobbying activities were referenced, he and Biden’s brother Jim have been sued for allegedly defrauding an ex-business partner. In the lawsuit filed last year in state court in New York, Anthony Lotito says that he got a call from Jim Biden in early 2006 saying that Sen. Biden was concerned with the impact that Hunter’s lobbying activities might have on the senator’s expected campaign for the 2008 Democratic presidential nomination. According to the lawsuit, Jim Biden said his brother had asked him to seek Lotito’s assistance in finding employment for Hunter in a non-lobbying capacity. The lawsuit says that Lotito later was cut out of a business arrangement with Jim and Hunter Biden to purchase a Wall Street hedge fund. Nicholas Gravante, a lawyer for the Bidens, said that Lotito’s claim that Sen. Biden told his brother that he was concerned about his son’s lobbying activities is completely baseless. “There is absolutely no connection between Joe Biden and this lawsuit. The case is without merit and it will be dismissed,” said Gravante, a partner at the firm of Boies, Schiller & Flexner.
Violation Reason:Not
who is the best person to lead our country doing these tough economic times?
please have an open mind and read these facts first!
Barack Obama
# can’t do anything at home with $12 billion a month on Iraq. (Feb 2008)
# Protect consumers with Credit Card Bill of Rights. (Feb 2008)
# More accountability in subprime mortgages. (Feb 2008)
# Bush stimulus plan leaves out seniors & unemployed. (Jan 2008)
# Voted against limiting credit to 30%, because 30% too high. (Jan 2008)
# Account for every single dollar for new proposed programs. (Jan 2008)
# Help the homeowners actually living in their homes. (Jan 2008)
# Bankruptcy bill pushed by banks &. (Jan 2008)
# Lack of an energy policy is a financial burden. (Jan 2008)
# Bush & GOP dug budget hole; need years to dig out. (Dec 2007)
# Save $150 billion in tax cuts for people who don’t need them. (Dec 2007)
# Take China “to the mat” about currency manipulation. (Dec 2007)
# Rejects free market vision of government. (Oct 2007)
# Regulate financial instruments to protect home mortgages. (Aug 2007)
# Government regulation needed for when markets fail. (Aug 2007)
# Return to PayGo: compensate for all new spending. (Oct 2006)
# Bush’s economic policies are not working. (May 2004)
# Supports federal programs to protect rural economy. (May 2004)
# Voted NO on paying down federal debt by rating programs’ effectiveness. (Mar 2007)
# Voted NO on $40B in reduced federal overall spending. (Dec 2005)
# Get minorities into home ownership & global marketplace. (Jan 2001)
# Require full disclosure about subprime mortgages. (Dec 2007)
# Reform mortgage rules to prevent foreclosure & bankruptcy. (Feb 2008)
John McCain
* These are tough times; we need changes; so keep taxes low. (Aug 2008)
* Can’t pass trillions of dollars of debt to our children. (Jul 2008)
* GovWatch: Specified cuts are $10B, not $100B. (May 2008)
* Bailing out Bear Stearns necessary to protect economy. (Apr 2008)
* Key is to not to bail out homeowners who speculated. (Apr 2008)
* Things are tough now, but we’re better off than in 2000. (Jan 2008)
* May have to go further to fix the subprime lending situation. (Jan 2008)
* Recession is partly psychological and not inevitable. (Jan 2008)
* I’m well-versed in economics; I was at the Reagan Revolution. (Jan 2008)
* FactCheck: Said–then denied–he needed economics education. (Jan 2008)
* Impose some fiscal discipline to revive the economy. (Jan 2008)
* Will be able to reduce war costs & have a stable Middle East. (Jan 2008)
* Reform insurance to cover violent weather patterns. (Jan 2008)
* To avoid recession, stop out-of-control spending. (Jan 2008)
* Loss of economic strength leads to losing military strength. (Dec 2007)
* Republicans have forgotten how to control spending. (Nov 2007)
* AdWatch: Outrageous to spend $233M for bridge to nowhere. (Nov 2007)
* FactCheck:Bridge-to-Nowhere never built; would serve 200,000. (Nov 2007)
* FactCheck: Criticized “Woodstock museum,” but skipped vote. (Nov 2007)
* Congress spends money like a drunken sailor. (May 2007)
* Veto all pork-barrel bills and announce pork spenders. (May 2007)
* Use veto power to reduce government spending. (Jan 2000)
* Distribute surplus: 23% tax cuts; 62% Social Security. (Jan 2000)
* $9B of pork in current budget bills; cut subsidies. (Oct 1999)
* For Balanced Budget Amend., & off-budget Social Security. (Jul 1999)
* List of budgetary spending priorities. (Jul 1998)
* Supports Balanced Budget Amendment. (Jul 1998)
* Apply surplus to Social Security, Medicare, tax cuts & debt. (Jul 1998)
* Voted YES on $40B in reduced federal overall spending. (Dec 2005)
* Voted NO on prioritizing national debt reduction below tax cuts. (Apr 2000)
* Voted YES on 1998 GOP budget. (May 1997)
* Voted YES on Balanced-budget constitutional amendment. (Mar 1997)
* Maintain & enforce existing spending caps in the future. (Sep 1998)
i got this info from http://www.ontheissues.org
How can our next president run the country? ?
Congress can pigeon-hole the Executive at every turn, according to the Constitution. Whether Cheney, Bush or Clinton ever said it’s just a G-D piece of paper has no bearing on the near-totality of Congress’ powers.
Have a look. It won’t burn your eyeballs out or blow your head up.
*********************
The Constitution of the United States
Article I
Section 7
1: All Bills for raising Revenue shall originate in the House of Representatives; but the Senate may propose or concur with Amendments as on other Bills.
2: Every Bill which shall have passed the House of Representatives and the Senate, shall, before it become a Law, be presented to the President of the United States;
– If he approve he shall sign it, but if not he shall return it, with his Objections to that House in which it shall have originated, who shall enter the Objections at large on their Journal, and proceed to reconsider it.
– If after such Reconsideration two thirds of that House shall agree to pass the Bill, it shall be sent, together with the Objections, to the other House, by which it shall likewise be reconsidered, and if approved by two thirds of that House, it shall become a Law.
3: Every Order, Resolution, or Vote to which the Concurrence of the Senate and House of Representatives may be necessary shall be presented to the President of the United States; and before the Same shall take Effect, shall be approved by him, or being disapproved by him, shall be repassed by two thirds of the Senate and House of Representatives, according to the Rules and Limitations prescribed in the Case of a Bill.
Section 8
1: The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States;
2: To borrow Money on the credit of the United States;
3: To regulate Commerce with foreign Nations, and among the several States, and with the Indian Tribes;
4: To establish an uniform Rule of Naturalization, and uniform Laws on the subject of Bankruptcies throughout the United States;
5: To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;
6: To provide for the Punishment of counterfeiting the Securities and current Coin of the United States;
7: To establish Post Offices and post Roads;
8: To promote the Progress of Science and useful Arts, by securing for limited Times to Authors and Inventors the exclusive Right to their respective Writings and Discoveries;
9: To constitute Tribunals inferior to the supreme Court;
10: To define and punish Piracies and Felonies committed on the high Seas, and Offences against the Law of Nations;
11: To declare War, grant Letters of Marque and Reprisal, and make Rules concerning Captures on Land and Water;
12: To raise and support Armies, but no Appropriation of Money to that Use shall be for a longer Term than two Years;
13: To provide and maintain a Navy;
14: To make Rules for the Government and Regulation of the land and naval Forces;
15: To provide for calling forth the Militia to execute the Laws of the Union, suppress Insurrections and repel Invasions;
16: To provide for organizing, arming, and disciplining, the Militia, and for governing such Part of them as may be employed in the Service of the United States, reserving to the States respectively, the Appointment of the Officers, and the Authority of training the Militia according to the discipline prescribed by Congress;
17: To exercise exclusive Legislation in all Cases whatsoever, over such District (not exceeding ten Miles square) as may, by Cession of particular States, and the Acceptance of Congress, become the Seat of the Government of the United States, and to exercise like Authority over all Places purchased by the Consent of the Legislature of the State in which the Same shall be, for the Erection of Forts, Magazines, Arsenals, dock-Yards, and other needful Buildings;–And
18: To make all Laws which shall be necessary and proper for carrying into Execution the foregoing Powers, and all other Powers vested by this Constitution in the Government of the United States, or in any Department or Officer thereof.
Section 9
1: The Migration or Importation of such Persons as any of the States now existing shall think proper to admit, shall not be prohibited by the Congress prior to the Year one thousand eight hundred and eight, but a Tax or duty may be imposed on such Importation, not exceeding ten dollars for each Person.
2: The Privilege of the Writ of Habeas Corpus shall not be suspended, unless when in Cases of Rebellion or Invasion the public Safety may require it.
3: No Bill of Attainder or ex post facto Law shall be passed.
4: No Capitation, or other direct, Tax shall be laid, unless
==============
Bryan: Good point. And even there, Congress has the power.
How?
The Constitution sets no specific number of justices that may, at any given time, serve on the court.
So, let them pass a law requiring a thousand, low-paid justices – some lawyers, some not – to serve at all times on the court.
And, unless I missed something, there is no provision ensuring life-time tenure of these justices. I need to study up on that but, whatever the law providing for that, it isn’t in the body of the Constitution (again, unless I missed it).
…
How can American churches file for federal bankruptcy protection if there’s Separation of Church & State?
I was reading this Associated Press news article:
http://www.google.com/hostednews/ap/article/ALeqM5gpGQMt6LBG2r4b05dlRDSGHCdAsAD9BE12S00
So how is the Catholic Diocese of Wilmington able to file for federal bankruptcy protection?
Since houses of worship are tax-exempt, I thought they would also be exempt from many of the rules of business law due to the First Amendment…
What limits the power of congress / federal government?
Speaker Pelosi was asked what in the constitution gave her and the president the right to mandate the purchase of health insurance. After a stunned silence she shrugged and said..`the general welfare I guess?
If that’s the case then why do we have Enumerated Powers / Article I, Section 8, U.S. Constitution ?
The primary powers granted to the federal government are found in Article One,
Section Eight under the headings of “general welfare” and “common defense.”
For The General Welfare:
1. International and interstate commerce (trade)
2. Naturalization
3. Bankruptcy
4. Coin Money, establish its value
5. Weights and Measures
6. Punish counterfeiting
7. Postal Service
8. Issue patents and copyrights
9. Establish Federal Courts
10. Govern District of Columbia
11. Purchase real estate for necessary buildings
For the Common Defense:
1. Define and punish Maritime and international Crimes
2. Declare War
3. Make rules for, and fund Military Services
This list represents the Sum Total of the functions the federal government is constitutionally authorized to do. The limitation on Congress by the Constitution is further emphasized in Amendment Ten of the Bill of Rights.
“The powers not delegated to the United States by the Constitution, nor prohibited by
it to the States, are reserved to the States respectively, or to the people.”
~Amendment 10, U.S. Constitution
Any taxes levied or laws passed for purposes other than those listed are unconstitutional
And therefore unlawful.
So why do we have *enumerated powers* if four words “For the general welfare” can be twisted to mean anything the party in power wants them to mean?
LOL @ Beth!
It sure has me puzzled, too. Since they receive so much and pay nothing for it, how could they be like a Wall Street firm? Awarding huge bonuses to youth music ministers?
Ironically, there is a huge church along Capitol Street here in Jackson with a big sign “For Sale By Owner”. Don’t the Christians call it “the house of god”?
Nathan, if you could spell “lose”, I may begin to take you seriously.
During this political season, questions of this caliber are going to be raised and deleted by both sides, as the more unpleasant aspects are goping to be ignored
Keating 5
phil grahm and john mccain sponsored deregulation, that put us into this mess. and mccain said he did not understand the economy very well.
http://video.google.com/videoplay?docid=-8806732954810834885&ei=8f_aSNDRF4T0-gGSy4yiCw&vt=lf&hl=en
the constitution was formed
by the people and for the people and was meant to serve THE PEOPLE. it’s too bad that the congress doesn’t abide by the people’s wishes and has become a self-serving bunch of lawyers who bastardize the true meaning of the constitution.
Central banking…. they are calling the shots and the sky is the limit; sadly, the tax payers are just plain screwed:(
SanFran Nan Pelosi and her entourage of 1960′s hash heads have taken our system of checks and balances and subjectively interpret the general welfare of the people to suit their own “sex and drugs and rock and roll”, free love entitlement psychedelic fantasy land.
NOTE: Nice job posting the function of the feds, thanks.
@Beth: LOL, good one