While no one wants to face bankruptcy, it is a choice that can help individuals to overcome their debt and be given the opportunity to improve their financial situation in the future. There are many reasons a person might face financial difficulty. Whether it be poor decisions, the loss of a job, or an unexpected illness, the mounting debt can cause great stress for a person. Those who are experiencing uncontrollable debt are urged to seek help from the Bankruptcy Attorney In Puyallup Wa.
Types of Bankruptcy
There are a couple of types of bankruptcy that are available to individuals. The type a person chooses will depend on their types of debt, the amount of debt they owe, and their income. It is important a person explores both of their options so they can make the right choice for their needs.
- Chapter 7 is one of the simplest types of bankruptcies because it allows individuals to settle their debts within six months. Individuals can seek this bankruptcy type as long as their income does not rise above the median income for the state. If a person is found to be a proper candidate for Chapter 7, they will be appointed a trustee by the court. This person is responsible for ensuring all of the assets are accounted for and those that are eligible for liquidation are sold to pay off the debt.
- Chapter 13 is a bankruptcy choice that can help individuals overcome their debt and prevent the loss of their home to foreclosure. This type of bankruptcy is often referred to as the “wage earner’s” bankruptcy because a person must have a reliable income coming in each month so they can make payments to the court so their debts can be paid down over a period of three to five years, depending on the amount of debt that is owed.
How to Get Started
If you are facing more debt than you can handle paying, there is help available. Call today to get help from a Bankruptcy Attorney In Puyallup Wa. Scheduling an appointment will allow you to learn more about your options so you can make the best choice.