Dealing with financial issues can be extremely upsetting and stressful. Most people do not plan on getting into debt, yet it is a position they find themselves in over time. When someone feels like they are drowning in debt, there are legal options that can help. Getting help from a Bankruptcy Lawyer in Puyallup WA can assist an individual in legally overcoming their debt and starting a new financial future.
How to Get Started
To get started on the process, an individual needs to bring in information on their income, the debts they owe, and their assets. The more financial records the individual can provide the better equipped the Bankruptcy Lawyer in Puyallup WA will be to help their client choose the best bankruptcy for their needs.
There are a couple of options when it comes to filing for bankruptcy. Individuals need to be fully aware of their options so they will be able to make the best choice for their financial situation.
Options for Bankruptcy
There are two main types of bankruptcy that can be filed by individuals and couples. The first is Chapter 7 bankruptcy. This type of bankruptcy is typically settled quickly, in less than six months. The individual may be required to surrender certain types of assets that are non-exempt. The individual will have a trustee placed over their case to assist them in accounting for all non-exempt assets so they can be liquidated.
There is also the option of filing for Chapter 13. This is often called the “wage earner’s” bankruptcy because the individual must have a steady monthly income coming in so they will be able to make payments on their debts. A payment schedule is put in place and approved by the judge. Most people are given three to five years to pay off the debts they owe.
If you are dealing with more debt than your income can handle, it is important you explore your rights for bankruptcy. Call today and they will be happy to schedule your appointment to get started. With the help of a lawyer, overcoming your debt will be much easier.
