Debt is something everyone handles in different ways. Some are able to go into debt and quickly pay off the bills they owe, while others end up succumbing to their debt over time. Unfortunately, unexpected issues can begin to arise and cause a person to begin to feel overwhelmed by their debt. When the debt becomes impossible to pay, it would be wise for individuals to discover their options for filing for Chapter 7 in Tacoma Wa.
What Is Chapter 7 Bankruptcy?
Chapter 7 is a type of bankruptcy that allows individuals to legally overcome the debts they owe in a short amount of time. To file Chapter 7, an investigation into the person’s financial records must be carried out. This process is called mean’s testing. Mean’s testing allows individuals to discover if they will be allowed to file for bankruptcy. As long as their income is not above the state’s median, they will likely be approved.
How Will the Lawyer Help?
Although it is certainly not required, it is wise for individuals to get help from a lawyer for Chapter 7 in Tacoma Wa. Getting help from a lawyer makes the process easier and it will typically result in a faster resolution of debt. The lawyer handles all the paperwork and works to ensure their client’s rights and best interests are protected at all times.
Once the third-party trustee is scheduled, the attorney will continue to provide services for their client, protecting their rights as their assets are accounted for an some are put up for sale. Those who do not have any valuable non-essential assets will find the trustee is often able to absolve the debts they owe which means they are forgiven and the creditor can never pursue collections again.
Getting help from a lawyer is the first step a person needs to take when they realize their debts have grown too great. If you have reached this point, it is important to seek legal help to learn about your bankruptcy options right away. Call today if you are ready to get started. They will be happy to help you through the process.
