Today, there are so many people in way over their heads with debt. Unfortunately, many people end up reaching for credit cards to try and resolve their debt crisis, only to make it worse. If you are dealing with more debt than you can handle, ignoring the problem will not make it go away. Instead, you need to contact your creditors and work towards a resolution. Once you have done all you can and still are not able to clear your debt, you may need to consider hiring a bankruptcy lawyer in Tacoma WA. Through the help of a lawyer, you can learn more about your options.
When filing for bankruptcy, you have a couple of different options, depending on your financial situation. The first option is to file for chapter 13. With this type of bankruptcy, you list all of your debts, protecting you from being further pursued during the bankruptcy period. You are required to pay a monthly payment to the court, based on your income. This amount will be distributed among your creditors, in an effort to pay down your debt. This bankruptcy type typically takes between two and five years to be accomplished.
You also have the option of filing for chapter 7 bankruptcy. This type takes much less time, but you must submit all of your assets to be sold to pay down your debts. You may keep your home, car, furniture and any clothing you own. Any other assets must be sold, through the overseeing of a court-appointed trustee. The trustee works with your creditors to pay down your debts as much as possible. He or she can also absolve you of some or all of certain debts.
To find out more about your options, you first need to make an appointment with a bankruptcy lawyer in Tacoma WA. He or she will need information on the debts you owe, your income and your assets. This will assist the lawyer in helping you make a decision on which type will benefit your financial needs.
To get help with your debts. They will be glad to provide you with the assistance of finding out whether or not bankruptcy is a viable option for you.
