If you’re struggling to pay your bills on time or at risk for losing your home to foreclosure, how is the time to contact a Cheap Bankruptcy Lawyer In Puyallup Wa. Financial problems can happen for a variety of reasons including divorce, illness, injury, the loss of a job, and so much more. A bankruptcy lawyer will never judge you for the reason you’re in debt.
Bankruptcy is a legal option for individuals who are unable to pay their bills. Bankruptcy can stop creditor harassment, lawsuits, garnishments, foreclosures, eviction, repossessions and worries about debt. It will also allow an individual to keep their home, car, paycheck, and restore their peace of mind.
Types of Bankruptcy
Most individuals choose from one of two types of bankruptcy, including Chapter 7 and Chapter 13. These two types of bankruptcy are very different because one will completely eliminate debt without any payments, and the other requires a three to a five-year repayment plan. An experienced bankruptcy attorney can help an individual determine which type of bankruptcy is right for them.
Chapter 7 Bankruptcy
This type of a bankruptcy requires any assets to be sold by an appointed trustee from the bankruptcy court. The individual will be able to exempt certain items from the bankruptcy. Any assets that remain will be sold to pay off the creditors.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy allows an individual to retain their assets and restructure their debt. The bankruptcy court has to approve the payment plan that will last for three to five years. After the payments have been completed, the bankruptcy will be discharged and the remaining debt will be forgiven.
Certain Debts Cannot Be Discharged In Bankruptcy
There are certain debts that a bankruptcy court will not discharge such as child support, alimony, certain taxes, and other debts. It’s important to discuss all of the debt with a Cheap Bankruptcy Lawyer In Puyallup Wa to determine what will be eliminated through bankruptcy.
Filing bankruptcy is a great way for an individual to start a clean financial slate and start on the path to a healthier financial future. After a bankruptcy is discharged, an individual will not be able to file bankruptcy again for several years and should be very careful about the debt they incur.
