Individuals suffering from financial hardship may often experience difficult situations ranging from threatening calls from creditors, garnishments, and foreclosures, to repossessions, evictions, and more. Dealing with such terribly inconvenient circumstances is understandably stressful. Fortunately, there is help for those suffering from these types of issues. Obtaining quality legal counsel from a Bankruptcy Lawyer In Tacoma Wa is the most effective way to get help in resolving many financial situations. Throwing out letters from creditors can be quite damaging. Individuals may not realize that a Bankruptcy Lawyer In Tacoma Wa can have collection and legal actions, including foreclosures, evictions, repossessions, and even garnishments, stopped or halted while they are in the process of assisting their clients with filing bankruptcy. These matters are critical and require urgent attention and action in order to effectively resolve many of these major financial issues.
Understanding what bankruptcy is and how it may help many people in various financial situations is imperative for anyone considering bankruptcy. It is crucial for individuals to understand the process and what it entails. First, many people have misconceptions concerning what a bankruptcy can discharge. For instance, individuals cannot discharge student loans, child support, tax debts, and other secured debts. However, they can discharge credit card debt with chapter 7. Many believe that chapter 7 is better than chapter 13, but that is not accurate. If an individual is in jeopardy of losing their home through foreclosure, filing chapter 13 may allow homeowners the opportunity to pay the mortgage arrears over time while still keeping their home. On the other hand, chapter 7 will require individuals to give up the home while discharging the arrears. This is just one of many factors that make these two types of bankruptcies different, but not necessarily better over the other. It really depends on an individual’s situation.
Anyone considering bankruptcy should contact a legal professional handling bankruptcy cases. Providing legal notices, correspondences, and financial documents is vital. Attorneys often request a list of creditors and others clients may owe. Obtaining a credit report is also essential to be aware of what exactly is on their report and potential creditors to be added when filing bankruptcy. A certificate of completion from an approved credit counseling agency is also required before filing bankruptcy. To obtain more information it is essential to contact an experienced legal professional.
