Bankruptcy is a legal option that allows people to manage their debt without so much stress. Depending on the type of bankruptcy, a person’s debts can be absolved or they can be given time to repay them on a reasonable schedule. Before making a final decision on bankruptcy, it behooves a person to meet with the Bankruptcy Lawyer In Tacoma Wa. During this meeting, a person can learn all the information they need so they can make an informed decision.
There are two main options individuals can file for bankruptcy. A lawyer will fully explain these options so a person can make a decision on which one will be beneficial. The first option is chapter 7 which allows a person to settle their debt fairly quickly. The entire process typically takes around six months or less but there are some drawbacks, such as being required to surrender non-exempt property to settle debt.
A person also has the option of filing for chapter 13. This type of bankruptcy option allows a person to submit a restructured payment plan to the court. If the court approves a person for chapter 13, they will be given three to five years to pay off their debts with some debts being discharged. There are debt limits that change periodically due to the consumer price index.
Before attempting to pursue any bankruptcy option, a person needs to sit down for a meeting with the Bankruptcy Lawyer In Tacoma Wa. A lawyer will carefully review a person’s financial records and help them determine which option will be most beneficial for their particular needs. The goal is to rid the person of as much debt as possible so they can have less stress, along with the opportunity to improve their financial outlook.
Those who are dealing with more debt than they can handle are urged to seek help from a lawyer right away. A lawyer will guide their client through each step in the process to ensure the best outcome is achieved. Call the lawyer’s office today and schedule your appointment so your creditors will stop hounding you and you can overcome your debt.
