When you are swimming in debt and being constantly harassed by creditors who want their money, a visit to an experienced bankruptcy attorney could completely change your life. Filing bankruptcy is legal and is a great way to achieve the financial freedom you have always wanted from too much debt. An individual who has a limited amount of income and a lot of unsecured debt could easily wipe it clean.

Garnishments, foreclosures, and repossessions will be a thing of the past when the bankruptcy is complete. An individual does not have to worry about their debt any longer and a Cheap Bankruptcy Attorney In Tacoma Wa will establish affordable payments so the individual can pay off their bankruptcy fees. If an individual feels financially overwhelmed, they should speak to a bankruptcy attorney who is available in the evenings and provides same day appointments.

Is All Debt Erased?

Almost all of the debt in a bankruptcy proceeding will be eliminated except child support, alimony, student loans, and certain taxes. A bankruptcy attorney will carefully review all of the bills an individual has and will usually run a credit report to make sure there are no outstanding debts the individual is unaware of. Once the bankruptcy is discharged, the individual will be free from the debt.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy is different from Chapter 7 because it requires a three to five-year repayment plan to the creditors. The amount of money that an individual has to pay is usually at a reduced rate. After the three to five-year payments are complete, the remaining debt will be forgiven and the individual can keep their assets.

Chapter 7 Bankruptcy

This type of bankruptcy will have a court-appointed trustee assigned to inventory all of the assets that are not exempt from the bankruptcy proceeding. Any assets that are not exempt will be sold to pay the creditors. Chapter 7 bankruptcy usually takes a short amount of time to complete.
When your bills are overwhelming you and there’s not enough money to keep up with the payments, a visit to a Cheap Bankruptcy Attorney In Tacoma Wa for a free consultation will provide you with the guidance you need. Filing bankruptcy will stop foreclosure on your home, and give you a chance to determine what the best steps are for your situation.