If you’re struggling to pay your bills, don’t wait any longer to contact a Cheap Bankruptcy Attorney In Tacoma Wa for sound legal advice about your financial future. Bankruptcy is a legal process you can use to eliminate debt and begin a new financial future. There is a process that must be followed and an attorney will be able to help you.
Before meeting with an attorney, an individual should gather information about their major financial transactions over the last two years. They will need to list their monthly living expenses, debts, deeds to property, and tax returns. Possessions include everything an individual owns, not just their real estate.
Before bankruptcy can be filed, an individual has to attend credit counseling within six months before filing. If an individual is eligible for Chapter 13 bankruptcy, they a repayment plan will be created during this time. After filing bankruptcy, an individual will have to attend a financial management instructional course to complete the bankruptcy process.
A Cheap Bankruptcy Attorney In Tacoma Wa will help an individual determine what will be exempt from the bankruptcy proceedings. An individual can choose from the federal or state exemptions. An exemption limit will apply to the equity an individual has in their property.
Chapter 13 Bankruptcy
After reasonable monthly expenses have been paid, the court will determine how much money will be left to pay the credit bills that are included in the bankruptcy and how the money will be divided. Taxes and back child support have to be paid in full. Unsecured debt like credit cards and medical bills will only be paid in part. Payments will be deducted directly from an individual’s paycheck.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is a complete liquidation of non-exempt assets that an individual owns. This type of bankruptcy is completed in a short amount of time and doesn’t require a repayment program. A trustee will be appointed by the bankruptcy court to liquidate any remaining assets.
Hiring an attorney to file and complete a bankruptcy proceeding starts below a $900. A flexible payment plan can be established during a consultation with a bankruptcy attorney.
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