Although bankruptcy is not an option for every financial issue, it can sometimes be a viable option for those dealing with more debt than they can handle. If a person has done all they possibly can to overcome their debt, without success, it is important to meet with a Bankruptcy Attorney In Puyallup Wa. A bankruptcy attorney will offer their client help in the process of overcoming their debt so they can be free of the stress.
How Does a Bankruptcy Attorney Help?
When an individual has done all they can to get out of debt by calling their creditors, yet their creditors are unwilling to work with them, an attorney can help. An attorney will first go over the client’s financial records, including the debts they owe, their tax returns, and their wage statements. The more information the client can provide the Bankruptcy Attorney In Puyallup Wa, the better the chances the attorney will be able to offer sound advice.
The attorney will offer information on the two types of bankruptcy options that are available to the client. The more a person knows about their options, the better the chances of them making a sound decision for overcoming the debt they owe.
Types of Bankruptcy
Chapter 7 is a bankruptcy type that allows individuals to overcome their debt in as few as six months. As long as the debtor passes the mean’s testing for income, they will be approved. Some people who file for Chapter 7 will be required to submit their property for liquidation. In this type of bankruptcy, some debts can be absolved.
There is also the option of filing for Chapter 13. With this type, a person will make payments towards their debt each month, via a specific schedule. The schedule must be approved by the court and once approved, must be adhered to. Most people are given between three and five years for this type.
If you are in need of help with your overwhelming debt, contact a bankruptcy attorney. Call today and they will be happy to schedule your appointment so you can get started on overcoming your debt.
