When you’re swimming in debt and don’t have enough money to pay your bills, it’s overwhelming and stressful. Bankruptcy is a legal avenue an individual can choose to become debt free and eliminate the stress and strain they’re currently experiencing. Just because an individual files for bankruptcy doesn’t mean they will have to give up their house, car, and other assets they’ve accumulated.
The best place to start when debt has piled up is by speaking with an experienced Bankruptcy Lawyer In Puyallup Wa. They will be able to assess the situation and determine whether an individual is eligible to file for bankruptcy, and what type of bankruptcy they should choose. Individuals who have a limited amount of income should consider filing Chapter 7. An individual who has a regular source of income should consider Chapter 13.
What Is The Difference Between The Bankruptcies?
Chapter 7 bankruptcy is a complete liquidation of any assets that are not exempt from the bankruptcy. Chapter 13 bankruptcy provides restructuring of an individual’s debt with a repayment program. Depending on the amount owed on various assets, an individual may have to eliminate some assets while retaining others.
Stopping The Harassment
Once bills are late, creditors will begin harassing telephone calls to collect their money. Banks will begin foreclosure procedures and then the eviction process to remove the non-payer from the home. Once a bankruptcy is filed, the foreclosure and repossession process will immediately cease.
Paying A Bankruptcy Attorney
When an individual works with an experienced bankruptcy attorney, the attorney will provide a free initial consultation to review the individual’s debt and income. It’s very important for the individual to provide the attorney with as much information as possible. In many cases, an individual can get an appointment the same day and can speak to the attorney in the evening.
If your current debt is consuming your money and your life, now is a great time to speak with a Bankruptcy Lawyer In Puyallup Wa. They provide low-cost payment options that fit into your new budget when the bankruptcy is complete. They can help you save your home, car, and other assets that you have acquired over the years.