Many people live paycheck to paycheck. Often, this provides no wiggle room to have any extra money outside of the bills and necessities needed to survive. It can also make it impossible to save any money back for an emergency or illness. An illness, injury, or unexpected expense can cause a snowball effect on all debt and obligations. It can quickly lead to a serious financial burden that a person maybe unable to escape. A Bankruptcy Lawyer In Puyallup Wa can help in these situations.
Filing for bankruptcy
Filing for bankruptcy can be an option to help a person get out from under the burdens of debt. It can stop creditors from constantly calling and harassing a person for the money they owe. It can help provide options for lawsuits and garnishments of wages. It can even assist with problems associated with repossessions and foreclosures. Most importantly, it can allow a person to begin anew and live without the stress associated with such debt.
Chapter 13 bankruptcy
This type of bankruptcy is for those with a stable income. This option allows for a reorganization of a person’s debt. A repayment plan can be formed to provide affordable payments over the next three years to pay off the debt owed. This plan would be submitted to the court and approved by a judge to ensure a fair agreement is made. This can allow a person to gain control of their life again while paying down the restructured debt.
Chapter 7 bankruptcy
This type of bankruptcy is for those with little income. This options provides a method for those that are unable to payback their debt to find relief. Any assets beyond a personal home and vehicle can be liquidated to help pay off the debt. After liquidation, the remaining debt can be discharged. This can provide a debtor a clean slate and the ability to rebuild their life without crippling debt.
A Bankruptcy Lawyer In Puyallup Wa can help with the entire process. They can assist in determining the best type of bankruptcy for the situation. They can also help with the filing and court hearings. This can help a person remove the harassment and problems that can be associated with debt.