Washington consumers who are experiencing financial instability because they have no stable employment may benefit from the protection of personal bankruptcy. Chapter 7 bankruptcy may also be referred to as a liquidation bankruptcy, and while it will discharge most unsecured debts, non-exempt assets will be liquidated, and the proceeds distributed to creditors. However, some debts will not be discharged, and creditors may claim that a particular debt is non-dischargeable.
Few things in life are worse than living with insurmountable debt. There may be many Washington families struggling to keep the lights on while debt continues to eat away at their earnings. For many, a Chapter 7 bankruptcy may provide a way out of financial red ink.