If you’re interested in eliminating the debt that is keeping you from enjoying the financial freedom you want, a free initial consultation with a Bankruptcy Attorney In Puyallup Wa will help you. Worrying about debt can cause a large emotional strain on relationships and your ability to focus on your life. Creditors calling on the telephone all day and night trying to collect their money only adds to the stress. A bankruptcy attorney can help you determine if you’re eligible to file and what type of bankruptcy you qualify for.
What Types Of Bankruptcy Can Be Filed?
There are various types of bankruptcies available, but the most prominent ones that are used by individual filers are Chapter 7 and Chapter 13. Each type of bankruptcy has different income and debt requirements. An experienced bankruptcy attorney can determine which one will work the best.
Chapter 7 Bankruptcy
This type of bankruptcy is for individuals who have little or no income and a large amount of unsecured debt. Unsecured debt is credit cards and other debts that don’t use collateral. This type of bankruptcy is a complete liquidation of any assets an individual owns that aren’t exempt.
Chapter 13 Bankruptcy
If an individual has a regular source of income and a lot of assets, they can reorganize their payments under Chapter 13 bankruptcy. A payment plan will be established for an individual over a three to five-year period. All of the payments will go towards their existing debt, and the balance of the money that is owed will be forgiven when the payment plan is completed.
How Much Does It Cost To File For Bankruptcy?
When an individual hires a Bankruptcy Attorney In Puyallup Wa, rates can start under $100. In addition, an attorney has easy payment plans to help an individual complete the bankruptcy process and eliminate their debt.
Bankruptcy is a legal option for individuals who have found themselves in debt. Certain debts will not be erased, like student loans, child support, alimony, and certain taxes. A bankruptcy attorney can discuss these types of things with an individual during a free consultation.
