Gaining the financial freedom you need can be easy with the help of a Cheap Bankruptcy Attorney In Tacoma Wa. Individuals who can’t pay their bills can meet with an experienced bankruptcy attorney to determine which type of bankruptcy will be best for their situation.
An individual who files Chapter 13 bankruptcy can reorganize their debt and keep many, if not all, of their assets. An individual who is eligible to file Chapter 7 bankruptcy will be able to keep certain items through the exemption process, and the others will be liquidated by a trustee appointed by the court.
Is Bankruptcy Legal?
Bankruptcy is a legal process an individual has available to eliminate excessive debt. The bankruptcy court does not pass judgment on a filer for the reasons they filed. The only thing the individual has to do is financially qualify for either Chapter 7 or Chapter 13 bankruptcy.
How Does The Court Determine If Someone Is Eligible To File?
If an individual has no source or a limited amount of income to pay their bills, they will probably qualify to file Chapter 7 bankruptcy. If they have a lot of assets that can be liquidated, they will have to be sold to pay the debt. If an individual has a regular source of income, their debt will be restructured and payments will have to be made for a three to five-year period to the creditors.
Will Chapter 7 Bankruptcy Eliminate All Of An Individual’s Debt?
There are certain things that bankruptcy will not eliminate, including child support, alimony, student loans, and certain taxes. These types of things can be thoroughly discussed with an experienced bankruptcy attorney. Unsecured debts, such as credit cards, will be completely eliminated, and repossession or foreclosure on a home might be stopped depending on the situation.
It’s very important to hire a Cheap Bankruptcy Attorney In Tacoma Wa if you’re swimming in debt. The law is very complicated, and it’s important the papers and documentation are submitted on a timely basis. Hiring an attorney and filing for bankruptcy will put an end to the harassing creditor calls, foreclosure, and repossession of things you currently own.
