While most people will deal with some level of debt in their lives, sometimes, debt can become a problem that seems insurmountable. When someone is dealing with more debt than they can handle, it is important they understand their rights and how a lawyer can help. This information seeks to help individuals understand why they might need the help of a Bankruptcy Lawyer In Puyallup Wa.
Why is Bankruptcy a Viable Option For Debtors?
Before someone considers meeting with the Bankruptcy Lawyer In Puyallup Wa, it is wise for them to face their debt head-on and see if any arrangements can be made. Ignoring the bill collectors will only make things worse and should be avoided. Ideally, a person should contact their debtors as soon as they learn they will be unable to pay their debts so they can work out satisfactory payment arrangements that prevent them from growing further behind.
If a person has done everything they can to pay off their debt or make arrangements, to no avail, it is their right to seek help from a lawyer. American citizens have the right to seek bankruptcy if they truly cannot pay off their debt. There are a couple of different options available, depending on a person’s financial needs.
Types of Bankruptcy
When it comes to individuals filing for bankruptcy, there are a couple of different options. It is important individuals explore those options by scheduling a consultation appointment with a lawyer. A person should bring in their financial records so the lawyer can determine which bankruptcy type will be most beneficial. The following are the two types of bankruptcy that can be offered to individuals.
Chapter 13 is considered the wage earner’s bankruptcy and allows individuals to make payments towards their debts so they can be paid off in the given time period.
Chapter 7 allows for a person’s debts to be absolved, depending on the type of debts owed and the assets owned.
Individuals who are dealing with more debt than they can handle should contact a lawyer right away. Call today to schedule a consultation appointment to get started on the process.
