The Tracy Law Group PLLC logo

The Tracy Law Group PLLC in Seattle, WA

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Seattle-based bankruptcy law firm providing Chapter 7, Chapter 13, and Chapter 11 representation for individuals and businesses, plus receivership and debt negotiation services.

Data compiled from public sources

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The Tracy Law Group PLLC Review

The Tracy Law Group PLLC is a Seattle-based bankruptcy law firm with over thirty years of experience serving financially distressed individuals and businesses. Founded by J. Todd Tracy, the firm has built a practice focused on creating solutions for complex financial problems across multiple legal structures. The firm operates from a philosophy that nearly every financial problem has a solution, positioning themselves as problem-solvers rather than transactional service providers.

The firm offers bankruptcy representation across Chapter 7 (liquidation), Chapter 13 (reorganization), and Chapter 11 (business reorganization) filings. They represent both debtors seeking relief and creditors protecting their interests. Beyond bankruptcy, they provide pre-bankruptcy debt settlement negotiations, business turnaround structuring, receivership services in state court, and asset purchase representation. Their stated approach emphasizes flexibility and innovation in addressing financial challenges.

The Tracy Law Group distinguishes itself through its dual focus on individual consumer bankruptcy and complex business insolvency matters. Attorney J. Todd Tracy's experience with asset purchasers and receiverships suggests deeper involvement in creditor-side and asset recovery work than typical consumer bankruptcy shops. The firm's emphasis on "creative, cost effective solutions" and pre-bankruptcy negotiation indicates they attempt to resolve cases outside formal proceedings when possible. The thirty-year track record provides listed credibility context in the Seattle legal market.

As a law firm rather than a debt relief or settlement company, the Tracy Law Group's pricing and engagement model likely differs significantly from non-attorney alternatives—bankruptcy representation typically involves hourly billing or flat fees for specific case types, and requires direct attorney engagement. Consumers should expect higher costs than debt settlement companies but receive licensed legal representation. The firm's website lacks specific pricing information, service terms, or detailed case outcomes, requiring direct contact for substantive evaluation.

Services & Features

Asset purchaser representation in bankruptcy contexts
Business turnaround and workout structuring
Chapter 11 bankruptcy representation for businesses
Chapter 13 bankruptcy representation for individuals
Chapter 7 bankruptcy representation for individuals
Creditor representation in bankruptcy cases
Debtor representation in bankruptcy cases
Financial restructuring consulting
Pre-bankruptcy debt settlement negotiation
State court receivership services

Feature Checklist

Mobile App
Online Portal
Score Tracking
Credit Education
Personal Advisor
Identity Theft Protection

Pros & Cons

Pros

  • Offers pre-bankruptcy debt settlement negotiation to potentially avoid formal filings
  • Licensed attorneys with thirty+ years combined experience in bankruptcy law
  • Handles both debtor and creditor representation, showing broad insolvency experience context
  • Provides Chapter 7, 13, and 11 options—comprehensive bankruptcy pathway coverage
  • Offers receivership services beyond typical bankruptcy scope
  • Represents both individuals and businesses, not limited to consumer cases
  • Based in Seattle with local court system familiarity

Cons

  • Website provides no pricing information, fee structures, or cost estimates for bankruptcy filings
  • No case results, client testimonials, or specific outcome data published
  • Limited detail on what distinguishes their approach from other Seattle bankruptcy firms
  • No information on payment plans or accessibility for cost-conscious debtors
  • Website lacks specifics on Chapter 13 payment plan strategies or Chapter 7 asset protection approaches

State Consumer Finance Context

This is state-level context for Bankruptcy Services consumers in Seattle, WA. It does not confirm that The Tracy Law Group PLLC or this specific location is licensed.

State regulator

Washington Department of Financial Institutions

Consumer protection

Washington Attorney General Consumer Protection Division

Credit and debt help rules in Washington

Relevant law: Washington Credit Services Organization Act (Wash. Rev. Code § 19.134.010-19.134.900)

Registration: Not listed as required in the current CreditDoc state summary

Upfront fees: Listed as prohibited in the current CreditDoc state summary

  • Credit repair companies must provide written contract detailing all services, fees, and cancellation rights before charging fees
  • Prohibition on charging fees before services are provided or promised results are achieved
  • Mandatory 5-day cancellation period during which consumer may cancel without penalty

Key state rules to check

  • Payday loans capped at $700 or 30% of gross monthly income, whichever is less.
  • Maximum fee of 15% on first $500 and 10% above $500.
  • Borrowers limited to eight payday loans per 12-month period.

Source: CreditDoc state-law summary and listed public regulator resources. Verify licensing directly with the listed state regulator before relying on a provider.

Frequently Asked Questions

What services does The Tracy Law Group PLLC offer?

The Tracy Law Group PLLC offers 10 services including Chapter 7 bankruptcy representation for individuals, Chapter 13 bankruptcy representation for individuals, Chapter 11 bankruptcy representation for businesses, Pre-bankruptcy debt settlement negotiation, Business turnaround and workout structuring, and 5 more.

What profile signals are listed for The Tracy Law Group PLLC?

The Tracy Law Group PLLC has profile signals associated with Seattle-area residents facing personal or business bankruptcy needing local court representation, Business owners or creditors involved in complex insolvency or receivership situations, Individuals or companies wanting to explore pre-bankruptcy settlement before formal filing, Debtors seeking representation in Chapter 11 business reorganization cases.

What are the strengths and weaknesses of The Tracy Law Group PLLC?

Key strengths: Offers pre-bankruptcy debt settlement negotiation to potentially avoid formal filings; Licensed attorneys with thirty+ years combined experience in bankruptcy law; Handles both debtor and creditor representation, showing broad insolvency experience context. Areas to consider: Website provides no pricing information, fee structures, or cost estimates for bankruptcy filings; No case results, client testimonials, or specific outcome data published.

How does The Tracy Law Group PLLC compare to similar companies?

In the Bankruptcy Services category, comparable providers include Allmand Law, Wenokur Riordan PLLC, Weston Legal. Each company has different strengths, so compare services, pricing, and consumer complaint records before deciding what to do next.

Quick Facts

Headquarters
1601 5th Ave, Seattle, WA 98101
BBB Accredited
No
Visit The Tracy Law Group PLLC

CreditDoc Profile Note

Research Note on The Tracy Law Group PLLC

The Tracy Law Group is profile signals for Seattle-area individuals and businesses needing licensed bankruptcy attorney representation, particularly those with complex situations, pre-bankruptcy settlement needs, or business insolvency issues. The primary caveat is that as a law firm, engagement will be more expensive than debt settlement companies, and the website provides insufficient detail on fees, timelines, or specific case outcomes to evaluate cost-effectiveness without direct consultation.

Profile Signals

  • Seattle-area residents facing personal or business bankruptcy needing local court representation
  • Business owners or creditors involved in complex insolvency or receivership situations
  • Individuals or companies wanting to explore pre-bankruptcy settlement before formal filing
  • Debtors seeking representation in Chapter 11 business reorganization cases
Updated 2026-05-08

Similar Companies

Allmand Law logo

Allmand Law

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Profile signals: Texas residents with overwhelming unsecured debt (credit cards, medical bills) who have determined Chapter 7 bankruptcy is the appropriate path, Homeowners facing imminent foreclosure in Texas who need emergency legal intervention and automatic stay protection

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Wenokur Riordan PLLC logo

Wenokur Riordan PLLC

Seattle-based bankruptcy law firm specializing in Chapter 7, Chapter 11, and Chapter 13 filings for individuals and businesses experiencing financial distress.

BBB: NR

Profile signals: Small to medium-sized businesses facing insolvency or restructuring needs with complex creditor situations, Individuals with multiple large debts across many creditors requiring strategic bankruptcy planning

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Weston Legal logo

Weston Legal

Weston Legal is a Tampa, FL-based law firm specializing in bankruptcy and debt defense. BBB A+ accredited. Founded 2009. 1,336 Google reviews at 4.7 stars.

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Google rating from 1,336 reviews

BBB: A+

Profile signals: Florida residents facing debt lawsuits who need attorney representation, Consumers considering bankruptcy who want legal evaluation of all options

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Quick Summary

  • The Tracy Law Group PLLC is listed as a Bankruptcy Services provider in Seattle, WA on CreditDoc.
  • Use this page to check contact details, location, listed services, review signals, FAQs, and similar providers before deciding what to do next.
  • If you need a loan, account, installment option, credit help, or debt support, start with the fit quiz and compare alternatives before contacting a provider.
  • For broader context, continue into the free Credit Fundamentals course or a relevant financial wellness guide.

Next Steps

Find contact or location Check phone, address, map, and website availability. Check specific services See whether the provider lists the help you need. Review fit context Use the quiz to compare category, service, and public-rating fields. Compare alternatives Review similar providers before making contact. Improve your position What Your Credit Score Actually Means: Number-by-Number Breakdown Learn the basics Start the free Credit Fundamentals course.

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Financial Terms Explained (14 terms)

New to credit and lending? Here are the key terms used on this page, explained in plain language with real-number examples.

How Loans Work

Default — Loan Default

When you fail to repay a loan according to the agreed terms — usually after 90-180 days of missed payments. It's the point where the lender gives up on collecting normally.

Why it matters

Default triggers severe consequences: credit score drops 100+ points, the debt may be sent to collections, you could be sued, and your wages or assets could be seized.

Example

You miss 4 consecutive car payments. The lender declares your loan in default, repossesses your car, sells it at auction for $8,000, and you still owe the remaining $5,000 (called a deficiency balance).

Legal Terms

CFPB — Consumer Financial Protection Bureau

A federal agency created in 2010 to protect consumers from unfair financial practices. They write rules, supervise financial companies, and handle consumer complaints.

Why it matters

The CFPB is your most powerful ally against high-cost lenders. Filing a complaint with them gets a response from the company within 15 days — companies take CFPB complaints seriously.

Example

A debt collector calls your workplace after you told them to stop. You file a CFPB complaint online. Within 15 days, the collection agency responds and agrees to stop. The CFPB tracks complaint patterns across all companies.

FDCPA — Fair Debt Collection Practices Act

A federal law that limits what debt collectors can do. They can't call before 8am or after 9pm, can't harass you, can't lie, and are required to stop contacting you if you request in writing.

Why it matters

Knowing your FDCPA rights stops abusive collection tactics. If a collector violates the law, you may have a right to sue for up to $1,000 per violation plus attorney fees.

Example

A collector calls your workplace 3 times after you told them not to. That's 3 FDCPA violations. You hire a consumer attorney (free — they get paid by the collector). The collector settles for $3,000.

Garnishment — Wage Garnishment

A court order that requires your employer to withhold part of your paycheck and send it directly to a creditor. Usually happens after a creditor sues you and has obtained a judgment.

Why it matters

Federal law limits garnishment to 25% of disposable income. Some states have lower limits. Student loans and taxes can be garnished without a court order.

Example

You owe $8,000 on a defaulted credit card. The bank sues, gets a judgment, and garnishes your wages. On a $3,000/month net paycheck, they take $750/month until the debt is paid.

Statute of Limitations — Statute of Limitations (Debt)

A time limit (typically 3-6 years, varies by state) after which a creditor can no longer sue you to collect a debt. The debt still exists, but they lose the legal power to force payment.

Why it matters

Knowing your state's statute of limitations prevents you from being tricked into paying debts that are legally uncollectable. Beware: making a payment can restart the clock.

Example

You have a $3,000 credit card debt from 2019. Your state has a 4-year statute of limitations. In 2024, a collector calls demanding payment. The statute has expired — they cannot sue you.

Debt & Recovery

Chapter 13 Bankruptcy — Chapter 13 Bankruptcy (Reorganization)

A type of bankruptcy where you keep your assets but follow a court-approved 3-5 year repayment plan to pay back some or all of your debts. Stays on credit for 7 years.

Why it matters

Chapter 13 may be more relevant than Chapter 7 if you have a home or assets you want to keep. It can stop foreclosure and let you catch up on mortgage payments over 3-5 years.

Example

You're 3 months behind on your mortgage and have $30,000 in credit card debt. Chapter 13 stops foreclosure and puts you on a 5-year plan: you pay $600/month to catch up on the mortgage and pay 40% of the credit card debt.

Chapter 7 Bankruptcy — Chapter 7 Bankruptcy (Liquidation)

A type of bankruptcy that wipes out most unsecured debts (credit cards, medical bills) by liquidating non-exempt assets. It stays on your credit for 10 years.

Why it matters

Chapter 7 gives you a fresh start but at a steep cost: 10 years on your credit, difficulty getting loans, and you may lose assets. Income is generally required to be below your state's median to qualify.

Example

You have $45,000 in credit card debt and earn $35,000/year. Chapter 7 erases the debt. You keep exempt property (basic car, household items). Your score drops to ~500 but you're debt-free.

Charge-Off

When a creditor declares your debt a loss after 180 days of nonpayment and removes it from their books. But you still owe the money — they just stop expecting to collect it themselves.

Why it matters

A charge-off is one of the most damaging entries on your credit report and stays for 7 years. The debt is usually sold to a collection agency who will pursue you for it.

Example

You stop paying your $4,000 credit card. After 180 days, the bank charges it off and sells the debt to a collector for $800. The collector now contacts you demanding the full $4,000 (they profit from what they collect above $800).

Collections — Debt Collections

When an unpaid debt is transferred or sold to a third-party collection agency that specializes in recovering the money. Collection accounts appear on your credit report for 7 years.

Why it matters

Even a $50 collection account can drop your score 50-100 points. Some newer FICO models (FICO 9) ignore paid collections, but many lenders still use older models.

Example

An old $200 gym bill goes to collections. It appears on all 3 credit reports and drops your 720 score to 640. Paying it helps with newer scoring models but under FICO 8 (still widely used), a paid collection still hurts.

Debt Consolidation

Combining multiple debts into one single loan with one monthly payment, ideally at a lower interest rate. It simplifies repayment and can reduce total interest.

Why it matters

Consolidation is generally most useful when you get a lower rate than your existing debts. But it doesn't reduce what you owe — and extending the term can mean paying more total interest.

Example

You have: $5,000 at 22% (credit card), $3,000 at 18% (store card), $2,000 at 25% (payday loan). A $10,000 consolidation loan at 11% saves you ~$2,100 in interest over 3 years.

Debt Settlement — Debt Settlement / Negotiation

Negotiating with creditors to accept less than the full amount you owe — typically 40-60 cents on the dollar. Usually done after you've already fallen behind on payments.

Why it matters

Settlement can save thousands, but it severely damages your credit (settled accounts show for 7 years) and the IRS may tax the forgiven amount as income.

Example

You owe $15,000 on a credit card and negotiate a settlement of $7,500 (50%). You save $7,500 but: your credit drops 100+ points, the account shows 'settled' for 7 years, and you may owe taxes on the $7,500 forgiven.

DTI Ratio — Debt-to-Income Ratio

The percentage of your monthly gross income that goes toward paying debts. Lenders use it to judge whether you can afford another loan payment.

Why it matters

Most lenders want DTI below 36% for personal loans and below 43% for mortgages. Above that, you're considered overextended and likely to be denied.

Example

You earn $5,000/month gross. Your debts: $1,200 mortgage + $300 car + $200 student loans = $1,700/month. DTI = 34%. A new $400/month loan would push you to 42% — risky for lenders.

Judgment — Court Judgment (Debt)

A court ruling that says you legally owe a specific amount to a creditor. It gives the creditor power to garnish wages, freeze bank accounts, or place liens on your property.

Why it matters

Judgments are enforceable for 10-20 years (varies by state) and can be renewed. They give creditors far more collection power than a simple unpaid debt.

Example

A credit card company sues you for $8,000 and has obtained a judgment. They can now garnish 25% of your paycheck ($750/month on a $3,000 net salary) and freeze your bank account.

Want to learn more? Read our Financial Wellness Guides for in-depth explanations and practical advice.

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