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When To Seek Help From A Puyallup, WA, Bankruptcy Lawyer

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When To Seek Help From A Puyallup, WA, Bankruptcy Lawyer

One of the worst things a person can do is to put off seeking legal help if they are struggling to pay bills and keep current with financial obligations. By seeing a bankruptcy attorney sooner rather than later, there are typically fewer complications in a case and often more than one option to consider.

Get the Facts

There is a lot of misinformation online and on social media about the realities of filing for bankruptcy in Puyallup, WA. It is important to realize not everyone will qualify for bankruptcy and, if you have the means to repay creditors, you will be required to do so.

The bankruptcy attorney can complete a means test to determine if you will qualify for Chapter 7 or Chapter 13 bankruptcy. Chapter 7 is often called liquidation bankruptcy as your non-exempt assets will be sold to pay off creditors. This process will typically take a few months, but it is only an option for those with limited assets and low-income levels.

Chapter 13 is a restructuring of payments. This bankruptcy is most commonly used for those with significant assets and higher incomes where a modification of the payments will allow repayment of past debts and keeping current with mortgages, loans, and other financial obligations.

Foreclosure or Repossessions

If you are concerned about foreclosure on a home or repossessions of your belongings, including vehicles or other valuable items as secured debt, contact a bankruptcy attorney. These legal experts can help to avoid these situations and, when filing for bankruptcy, they can prevent harassing creditor calls and attempts to collect.

Always look for a specialized bankruptcy attorney in Puyallup WA. This will ensure you have the legal representation you need to protect your assets and address your debt.

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