Changes to WA state chapter 7 bankruptcy

March 14, 2009 at 11:07 am (bankruptcy) (, )

I’ve mentioned my impetus for starting a blog and starting the debt-free journey before. Well this week I got an interesting email regarding changes to Washington state’s bankruptcy laws. Apparently the income cut-off point for Chapter 7 bankruptcy, which I previously did not qualify for, has been raised:

"Effective March 15, the new median income figures for Washington are: $50,656 for one, $63,521 for two, $69,577 for three and $82,445 for four."

¬†This means that even with my recent raise and with my overtime, I would easily qualify for Chapter 7. Previously I only qualified for Chapter 13. While I don’t know a ton about it, I know that on the latter path,¬† you are put on a govt-mandated budget. No thanks, I can do that myself.

While I am not planning on doing bankruptcy, it does make me wonder – would it be easier to just do it? I could just save up money and pay things for cash, ie, save up for a house in total before buying one (if I ever do), and all that.

When I first started looking at blogs, I was trying to find people’s stories about living during bankruptcy and to find out how it really works. I never did find any good sources, instead I found PF blogs and how to do it myself. So anyway, does anyone have any good info/stores/leads? I’m still curious about the process of how it works and particulars of logistics.



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