When someone makes an appointment with a Cheap Bankruptcy Lawyer In Tacoma Wa, this person is likely to have numerous questions. One question might cover whether certain types of debts can be discharged through Chapter 7 filings or consolidated with all debt in Chapter 13 filings. People often ask about payday loans and car title loans. Technically, these loans can be included in a bankruptcy procedure, although there are exceptions. For instance, if someone has taken out one of those loans within a relatively short time frame before declaring bankruptcy, the lender may protest. It may appear to be fraudulent behavior on the borrower’s part, as this person could have been planning to declare bankruptcy before applying for the loan.
People who have gotten into trouble with these types of loans may want to consider consulting a Cheap Bankruptcy Lawyer In Tacoma Wa to learn about getting off the treadmill. It can be easy for someone who isn’t earning enough money to become trapped in a payday or title loan cycle, and even to acquire a few different loans. Now this individual must at least pay the minimum due on those loans every month or face collection activity. In the case of a vehicle title loan, the person risks having the car repossessed. Chapter 13 bankruptcy essentially brings all the outstanding debt together in an affordable repayment plan. If there isn’t enough income to manage repayment of all debt within three to five years, a Chapter 7 filing pays creditors whatever the person can manage and discharges the rest of the qualifying debt.
When someone has been borrowing money and juggling loan payments just to make ends meet, more debt may be accumulated. This individual likely has already maxed out at least one credit card and may have more than one. Collection calls from various companies are stressful and even scary when creditors threaten to file lawsuits and garnish wages. A bankruptcy lawyer such as Rafal Gorski can help put a stop to all this. The filing immediately puts a halt to collection actions and even stops utility shut-offs and foreclosure and eviction proceedings.
