Does your debt have you worried about how you’ll pay all of your bills? Are you receiving foreclosure notices on your home? Is your car at risk of being repossessed? When these problems occur, it’s time to visit a Bankruptcy Attorney In Tacoma Wa. They will be able to stop creditor harassment, lawsuits, garnishments and worries that occur with excessive debt. An attorney is not going to judge someone about their financial situation. They understand things happen throughout life, such as illness, death of a spouse, divorce and many other catastrophic events that can result in this type of situation.
Everyone that considers filing bankruptcy must attend credit counseling within 180 days before someone files bankruptcy. After completion of the counseling, the attendee will be given a certificate of completion. The certificate must be filed no later than fifteen days after the bankruptcy is filed with the court. The purpose of the counseling is to determine if someone really needs to file for bankruptcy or if an informal arrangement for a payment plan can create the same results. Even when it’s very clear that someone’s income is not enough to pay the debt, they must still attend all of the counseling sessions.
Chapter 7 bankruptcy is an option for individuals that do not have enough income to pay their debt. Under this type of bankruptcy, items that are not exempt will be sold to pay the debt. Many of the state exemptions allow enough exemptions so that most of someone’s things do not need to be sold. The completion time for this time of bankruptcy can vary from three to six months. A bankruptcy will remain on someone’s credit report for ten years. Chapter 13 bankruptcy allows someone to keep all of their assets and restructures their debt. They will be required to make monthly payments for a period of time, the balance of the debt will be forgiven.
A visit to a Bankruptcy Attorney In Tacoma Wa will answer all of the questions someone needs to know to decide their financial future. Now’s the time to eliminate the worries over your debt, foreclosure or repossession.
