King County – Seattle, Bellevue, Kirkland, & Eastside Bankruptcy Attorneys

You should be comfortable consulting with an attorney for any reason.  Bankruptcy is highly personal, and you may feel that it is highly embarrassing.  Unfortunately, the number of bankruptcies in the last decade has been on the rise, and given the state of the US economy this year it isn’t likely that will change.

YOU ARE NOT ALONE!

If you have worked with an attorney before on a non-bankruptcy issue, contact them and ask if they handle bankruptcies.  If they do not, they may be able to refer you to one of their colleagues who they know will give you the same service level that they offer.

A typical bankruptcy legal practice:

Most experienced King County bankrkuptcy lawyers work hard to provide clients with high-quality legal services in the practice areas they offer, and to maintain a strong and completely confidential attorney-client relationship.  A well-developed bankruptcy practice will concentrate on helping individuals with Chapter 13 and Chapter 7 filings, help businesses with Chapter 11 filings, and help creditors protect their rights in the bankruptcy process.

Some bankruptcy practices will also be skilled in additional areas (which can be involved in bankruptcies):

Debt negotiation and credit repair
Real estate litigation
Landlord tenant issues
Construction law
Franchising a business
Business formation – incorporation & filings
Conducting business – forms & procedures necessary for business
Buying and selling businesses
Commercial and residential real estate transactions
Wills and estates
Financial planning
Arbitration or dispute resolution

You goal:

You want an attorney who will listen to your unique circumstances, care about how each facet of your case is best handled, and help you to understand this complex area of law.

Be sure to interview several King County bankruptcy lawyers.  If possible, ask your friends if they’ve worked with an attorney before, if they had a positive and productive experience.  If so, consider contact that attorney to have an initial consultation.

The word “mortgage” literally means “dead hand”. Figuratively, it means a pledge unto death. Old-fashioned mortgages were never paid off. They didn’t amortize, or liquidate the debt itself. Instead, they gave the right to build and use the property for life, with the understanding that the ownership of the property remained with one who originally owned it.

Old English property laws were intended to protect the holdings of the elite. Mortgages were a way to “monetize” their land without surrendering control of it. Nowadays, the idea that someone could “mortgage” land without eventually surrendering it to the one paying the mortgage is unthinkable.

There are still forms of this archaic method of long-term leasing:

• Ground rent
• 99 year leases of property

There is also a type of non-amortizing loan called a “balloon loan” or interest-only loan. Typically, the loan payments are as if one had a 25 or 30 year amortizing loan, but no payments are credited to paying off the principal. Instead, in only 5 to 7 years, the principal becomes due and payable as a lump sum.

Today’s mortgage market has seen a troublesome use of so-called ARM (Adjustable Rate Mortgage) loans. While these loans are not in and of themselves bad, giving them to those who will not be able to make the payments when the loan “adjusts” upward has created a crisis in the Real Estate market and the world economy as a whole!

Rather than dissect this problem here, consider well which type of loan you choose for your own home purchase or Real Estate investment property. It is up to you to do your own due diligence when it comes to borrowing a substantial amount of money. It is imperative that you do so when that money represents your life savings and your future net worth.

In Tacoma, there are a huge number of mortgage brokers to choose from. The key is to find one that will take into account your total financial plan and fiscal “fitness”. Do your research and find the Mortgage Brokers in King County that will best serve your needs and select the best of the best.