Virtually everyone faces debt in some form but, for some people, debt can become overwhelming. When an individual has done all they possibly can to work with their creditors, but to no avail, it may be time to hire a Bankruptcy Attorney In Tacoma WA. Meeting with an attorney can give individuals options like Chapter 13. Learning about this bankruptcy option will allow individuals to make a sound decision on whether or not they should pursue bankruptcy.
What Is Chapter 13?
Chapter 13 is considered the wage earner’s bankruptcy because individuals must have a verifiable and reliable wage coming in each month. This type of bankruptcy is ideal for those who do not qualify for Chapter 7 bankruptcy or who are homeowners. Once the bankruptcy is in effect, a cease and desist order is sent to all creditors, and they must stop pursuing the individual for the debts they owe.
Chapter 13 allows individuals to submit a payment plan to the courts for approval. This payment plan details a three to five-year payment plan to help ensure the individual is able to pay off the debts they owe. This type of bankruptcy can help individuals avoid foreclosure and keep their home if they are able to catch up on their payments in arrears and are current at the end of the bankruptcy period.
A lawyer will guide their client through the entire process from start to finish. All creditors must report any questions or objections to the lawyer and can no longer contact the debtor, taking a great amount of pressure and stress off of the shoulders of the debtor.
Schedule a Consultation
If you are in need of legal help for the debts, call for an appointment with the Bankruptcy Attorney In Tacoma WA. They will be happy to help you understand your legal options and will determine if Chapter 13 is a good fit for the type of debts owed. With bankruptcy, you can legally overcome your debt and find a better financial future awaits. Give the office a call today to get started on the process of scheduling your appointment.
