Named one of the prettiest cities by Forbes magazine in 2012, it’s no wonder that well over 36,000 residents have chosen to make Longview, Washington their home. Tucked into the southwestern corner of the state and being closely located to both Portland, Oregon and Vancouver, Washington by highway and rail, Longview boasts a thriving manufacturing industry with companies such as Weyerhaueser, Kapstone, and NORPAC being present in the area.
Longview was first settled by the Huntington’s in 1849 and was later purchased by Robert A. Long, a renowned timber baron from Missouri who had big development plans for the area. In order to sustain his massive timber and logging operation, Long realized that he would need to build a city to support the approximate 14,000 individuals needed for it to be a successful venture.
A number of buildings in the area today were purchased with Long’s personal funds, such as the YMCA building, the Longview Public Library, and the R.A. Long High School. But perhaps the most interesting landmark of all is the Nutty Narrows Bridge, a bridge built exclusively for squirrels by Amos Peters in 1963 so that our furry-tailed friends could safely cross the busy roads below.
Homestead Protection in the Face of Bankruptcy
Longview is economically strong, but not every resident living within its borders may be. Every year a number of Washington residents tempt the idea of filing for bankruptcy without fully understanding its complexities. One common misconception about bankruptcy is that the bankrupt may lose their home, a home which in fact may be protected under the Homestead Exemption.
What Is a Homestead Exemption?
If you have equity in your home, then the homestead exemption may be able to protect your home from creditors should you file for Chapter 7 bankruptcy. It can play a positive role if you file for Chapter 13 bankruptcy.
How Does It Work?
The Homestead Exemption can work in two ways:
- Chapter 7: As per Chapter 7, home equity is considered to be an asset. If your home is worth $300,000 and you still have a balance of $200,000 owing, then the equity in your home is $100,000. If the homestead exemption is greater than $100,000, then a trustee cannot take you home. However, if the exemption is only $75,000 a trustee can recover you home and sell it (though the trustee would still need to pay you the exempt amount)
- Chapter 13: The homestead exemption can help you reduce your payments should you choose to file for Chapter 13 bankruptcy
While the same rules and laws apply to everyone, the way in which bankruptcy works for one individual may not be in the best interest of the next.
The experienced bankruptcy attorneys at the law office of Erin Bradley McAleer welcome your call at (360) 334-6277 so you can explore your financial options and secure your future.
Directions to Our Vancouver Bankruptcy Lawyers from Longview, WA
These directions are from Google Maps starting from:
Longview, WA 98632
Total Est. Time: 40 mins
Total Est. Distance: 40 mi
- Head southeast on Olympia Way toward Olympia Way
- Slight right onto 15th Ave
- Turn left onto Tennant Way
- Continue onto WA-432 E
- Take the Interstate 5 S ramp to Portland
- Merge onto I-5 S
- Take exit 1D for 4th Plain Blvd
- Keep right at the fork and merge onto E 4th Plain Blvd
- Merge onto E 4th Plain Blvd
- Turn left onto Main St
- Destination will be on the right
We are located at:
3709 E. Fourth Plain Blvd.
Vancouver, WA 98661