When debt collectors begin harassing a person, it can be difficult to bear. The phone calls, letters, and threats can often make a person feel as if they are drowning in debt. Unfortunately, debt knows no bounds and can overcome anyone. It is especially difficult to overcome when a person suffers from an unexpected illness or the loss of a job. With the help of an Attorney in Tacoma WA, people can receive the legal assistance they need so they can take the needed steps and have their case properly settled.
An attorney can help a person make sense of their debts and decide what course of action to take. It is important a person does not ignore their debtors since this will only compound the problem. Ideally, one should contact each of the creditors they owe and try to work out payment arrangements. Should the creditors refuse to offer help, debtors have the option of filing for bankruptcy.
There are two types of bankruptcy allowed for individuals filing in the United States. Chapter 7 is typically the simplest to file and is also the fastest. A person filing for chapter 7 simply needs to pass a means test and qualify with their income amount. A trustee is placed over the case, and this person is responsible for forgiving debts and liquidating property to make sure all of the debts are properly settled. In six months or less, this bankruptcy can be complete.
When a person seeks help from an Attorney in Tacoma WA, they are also given the option of filing for chapter 13. Chapter 13 bankruptcy is typically the right choice when a person has secured debts such as a home or car. This bankruptcy option can protect a person from losing their home through foreclosure. It typically takes three to five years for a person to settle their debts through chapter 13 since they will be required to make payments on those debts.
If you feel you are drowning in debt, there is hope to be found. Allow an attorney to introduce you to the different types of bankruptcy so you can make an informed decision on which will benefit you the most.
Be the first to like.