Living from paycheck to paycheck and being unable to pay all of your bills is stressful and exhausting. There are legal ways to eliminate debt and retain some of the assets you have accumulated. When you choose to contact a Cheap Bankruptcy Lawyer In Puyallup Wa, you will receive all of the information you need about becoming financially free from overwhelming debt.
A bankruptcy lawyer offers a free initial consultation to discuss an individual’s financial situation. The individual should take their pay stubs, their income tax returns for the last two years, and a list of their bills and balances for the attorney to review during the consultation. After the attorney reviews the information, they will provide an individual with a solution to their financial problems.
Is Bankruptcy Legal?
Bankruptcy is a legal option through the federal court system to eliminate debt that an individual is unable to pay. Bankruptcy can stop creditor harassment, foreclosures, evictions, repossessions, garnishments, and the stress from the debt. Chapter 7 bankruptcy takes approximately four months to complete and Chapter 13 bankruptcy will take approximately three to five years.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is a clean start. This type of bankruptcy is good for an individual who has a limited amount of assets and a lot of unsecured debt. If an individual does not have a regular source of income, this type of bankruptcy is ideal.
An administrator will be appointed by the bankruptcy court for this type of bankruptcy. Any assets that are not exempt from the bankruptcy will be sold to pay the creditors. This can be completed within four months.
Chapter 13 Bankruptcy
When an individual has a home, car, and a regular source of income, Chapter 13 bankruptcy could eliminate the debt they have and allow them to retain their assets. This type of bankruptcy restructures an individual’s debt and permits them to repay their debt at a reduced rate over a three to five-year repayment program. At the end of the payment period, the balance of the debt will be forgiven.
With the help of a Cheap Bankruptcy Lawyer In Puyallup Wa, your debt can be eliminated. You can stop stressing over your debt and gain the financial freedom you have always wanted.
