What are the steps for filing for bankruptcy protection?
Filing for bankruptcy protection in Washington is a legal process that begins with filing a petition with the United States Bankruptcy Court. The petition must include detailed financial information, including assets, liabilities, income, expenses, and creditors. The next step is to obtain credit counseling from an approved credit counseling agency. During the credit counseling session, the debtor and the creditor must reach an agreement on the repayment plan, which must be filed with the court. After the credit counseling session, the debtor must file an official statement of financial affairs and a schedule of assets and liabilities with the court. Along with these documents, the debtor must also submit evidence of income, a statement of any monthly payments being made, and a statement of any monthly payments that cannot be made. The final step in filing for bankruptcy protection is to attend a 341 meeting with the court-appointed trustee and creditors. During this meeting, the trustee will review the financial documents and ask questions about the petition and the proposed repayment plan. After the meeting, the court will issue a decision on whether or not to approve the petition. If the court approves the petition, the debtor will receive a discharge of all the debt and any payments that are due under the repayment plan. The debtor is then released from liability from the discharged debt and creditors can no longer pursue collection activities.
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