It is not uncommon for a person to run into some financial difficulty at some point in their life. For some, the problem becomes so serious that they dig themselves into financial debt. When this happens, bankruptcy may be their best option. If an individual is planning to file for bankruptcy, they should hire a Bankruptcy Attorney in Tacoma Wa. There are several ways that an attorney can help the individual get out of debt and eventually start over.
Complete Financial Assessment
Everyone’s financial situation is different. Some people may only need the help of a financial counselor while others would benefit the most from filing for bankruptcy. An attorney would take a good look at the person’s financial situation and let them know what the best course of action would be.
Choosing the Best Type Of Bankruptcy
There are type types of bankruptcy that a person can file for. Chapter 7 would discharge all of the individual’s unsecured debt, and it would remain on their credit report for ten years. Chapter 13 bankruptcy gives the individual more time to pay off their debt, and it remains on their credit report for seven years. A bankruptcy attorney would be able to advise the individual of the best type of bankruptcy for their particular situation.
Bankruptcy is Complicated
The bankruptcy process can be very complicated. First, there is a lot of paperwork that needs to be filled out. It needs to be filled out correctly, and deadlines need to be met. If they aren’t the bankruptcy could be denied. There are also certain things that the individual would need to complete for the judge to sign off on the bankruptcy. An attorney will let the individual know what needs to be done and they will make sure that these things get done on time. They will make sure that all of the requirements are met before the individual’s court date.
Before a person files for bankruptcy, they should consult with a Bankruptcy Attorney in Tacoma Wa. Filing for bankruptcy is a major financial decision. It is a process that a person should not begin without the guidance of an attorney.