There are many different ways to address financial issues. Unfortunately, pretending financial problems are not a reality in life is never a good option. The earlier people in Puyallup, WA, meet with a bankruptcy attorney, the earlier they can understand their options and decide if bankruptcy is the right move forward.
With two different bankruptcy options, Chapter 7 and Chapter 13, meeting with a lawyer will be critical. Each will require the individual or the couple to meet specific eligibility criteria as determined by the court. A Chapter 7 bankruptcy attorney can complete the means test to see if you qualify.
The Basics
As your Chapter 7 bankruptcy attorney will explain at the first meeting, this is a form of bankruptcy, which will allow a bankruptcy trustee, who is appointed by the court, to liquidate qualifying assets to pay creditors. In turn, the creditors will discharge all debts covered by the bankruptcy, providing the individual with a clean slate moving forward.
In addition, the individual or couple filing for bankruptcy must have an income and asset level below the median. They must also have fewer assets than the amount of the total debt and have insufficient income to work through a repayment plan in a Chapter 13 bankruptcy.
What to Bring
Prior to most appointments, a Chapter 7 bankruptcy attorney will email or mail the individual or couple a checklist of items to bring. This will include past tax returns, income statements, proof of other sources of income as well as information on all assets and debts.
Not all debts will be discharged through the bankruptcy, and some assets are exempt. The attorney in Puyallup, WA, will evaluate our case and provide information specific to your case.
