Snohomish County, WA
Skagit County, WA
Island County, WA
San Juan County, WA
Mary Elizabeth Schmitt, Attorney at Law
Credit debt ruining your life? Discuss bankruptcy protection and bankruptcy alternatives with an experienced bankruptcy lawyer – Mary Elizabeth Schmitt in Everett, WA.
Attorney Schmitt can explain how talking with creditors can lead to loan modifications, a new loan payment plan, and how a credit counseling service may help you develop a debt repayment plan.
For more than 20 years, attorney Schmitt and staff have provided advocacy for individuals and families in financial distress. She has handled more than 6,000 cases, with good results.
Make an appointment with Ms. Schmitt today by calling the Everett office at 425-252-5567 or the Friday Harbor office at 360-378-6222. Also, please see the attached bankruptcy information form.
Alternatives To Bankruptcy:
Talk with your creditors. Your creditors may be willing to work out a modified payment plan. A creditor is not legally bound to follow through with the plan even if the creditor agrees to the plan. If you have a lump sum of cash you may try to negotiate an offer and compromise with all your creditors.
The balance of the debt owed to each creditor will often be reflected on your credit record as a charge off. A charge off has a negative impact on your credit record. Make sure to investigate how settling with creditors will be reflected on your credit report.
Contact a credit counseling service. Credit counseling services are private or public organizations that work with you and your creditors to develop debt repayment plans. Such plans may require an up-front fee. Also, the plans require you to deposit money each month with the counseling service. The service then pays your creditors.
Some nonprofit organizations charge little or nothing for their services. The creditors can choose to withdraw from acceptance of the terms of the repayment plan at anytime. If your debts are already in the hands of collection agencies, it may be too late to negotiate a repayment plan through credit counseling.
Obtaining a second mortgage or home equity line of credit is another alternative to bankruptcy. It is an alternative that you should be cautious of taking. When you consolidate debt with a second mortgage or home equity line of credit, you convert unsecured debt to secured debt. Under the bankruptcy law you can exempt from the bankruptcy estate, depending on each state, a certain amount of equity in your home.
If you take out a second mortgage or home equity line of credit you create a secured debt which would not be discharged in bankruptcy with one exception. If the appraised value of your home is less than the amount of the first mortgage, then you may be able to discharge the amount of the second mortgage.
Mary Elizabeth Schmitt is in her 20th year of practicing law. She received her Bachelor of Arts from the Pennsylvania State University in 1979. In 1980, she graduated with a Master of International Management from the American Graduate School of International Management ( Thunderbird School ) in Glendale, Arizona, where she specialized in international banking.
Attorney Schmitt received her law degree from the University of Pittsburgh in Pennsylvania in 1991. She began in private practice in Pennsylvania and in 1992 she opened her practice in Everett.
