While everyone deals with debt, for some, it can become overwhelming. Unexpected crises such as a devastating injury or illness can prevent a person from being able to pay down their debt successfully. When debt rises, it is vital it is met head-on and not avoided. If an individual has taken all of the measures to get out of debt and has been unsuccessful, it behooves them to meet with a bankruptcy Lawyer In Puyallup Wa. Knowing what to expect at this meeting will allow a person to be properly prepared.
When a person meets with the bankruptcy Lawyer In Puyallup Wa, they need to be prepared to document their reasons for seeking bankruptcy. Providing financial information is crucial for allowing the consultation to proceed successfully. During this meeting, the lawyer will ask questions and may have the potential client fill out a questionnaire about their financial status. This information will help the lawyer to determine if bankruptcy would be a good fit and what type would be most beneficial.
A bankruptcy lawyer is not going to try and attempt to cajole a person into filing for bankruptcy. Their job is to properly assess their client’s financial situation to determine their best mode of overcoming their debt. In some cases, they may inform a person bankruptcy is not a good fit or may have them hold off on filing. The advice received from a lawyer can be beneficial in helping individuals to make a sound decision.
Generally speaking, unsecured debts are the easiest to wipe out with bankruptcy. Chapter 7 allows individuals to overcome their debt quickly, in less than six months. In some cases, an individual may be required to liquidate assets but many simply have their debt absolved by a court-appointed trustee.
There is also the option of Chapter 13 bankruptcy which is more for those who have secured debts, such as a mortgage. This type of bankruptcy can prevent the loss of a home or property through foreclosure or repossession. Applicants are generally given three to five years to pay off their debt through a structured payment plan.
If you are facing more debt than you can handle, it is imperative you seek legal help right away. Contact a lawyer and allow them to schedule your consultation appointment today.
