These days, more and more people are experiencing a high level of debt. Credit cards, medical bills, and mortgages can cause a person to experience mounting debt they cannot repay. When debt becomes a problem, there is a legal solution. One of the first steps a person needs to take is to make sure they seek the help of a Bankruptcy Attorney In Puyallup Wa.
Why File For Bankruptcy?
Filing for a bankruptcy is a legal means of overcoming debt, and it can allow a person to start over and gain financial freedom again. Bankruptcy is not an easy process and should not be entered into lightly, but it can offer great relief by stopping the harassing bill collectors and the many means they take of recovering what they are owed.
Before a person can decide on bankruptcy, they need to meet with the Bankruptcy Attorney In Puyallup Wa. An attorney will review a person’s financial records and give debtors the information on the bankruptcy options they have available to consider.
Options For Bankruptcy
There are two main options when it comes to individuals and couples filing for bankruptcy. The more a person knows about their bankruptcy options, the better equipped they will be to make the right decision for their financial needs.
Chapter 7 is a bankruptcy type that allows individuals to settle their bankruptcy in as few as six months. This type of bankruptcy requires a person to surrender some of their non-exempt assets so they can pay off the debts they owe. A person must be approved for this bankruptcy by passing a means test.
There is also the option of Chapter 13, which is often referred to as the wage earner’s bankruptcy. This type of bankruptcy requires a repayment plan to be submitted to the court, and the individual must make monthly payments to pay down their debt in the time period given by the court.
If you are dealing with more debt than you can handle on your own, there is legal help available. To learn more, call the office today so your consultation appointment can be scheduled.
