Debt is something that can grow out of control very quickly. When someone is in too much debt, they often feel as if they are losing control. Thankfully, there is the option of seeking bankruptcy. Bankruptcy can absolve some debts and ensure a person has a brighter financial future. With this information, individuals will discover how to get help from a Bankruptcy Lawyer In Tacoma Wa.
How to Get Legal Help
Getting help from the Bankruptcy Lawyer In Tacoma Wa will assist a person in learning about their rights and the best form of legal recourse they have available. One of the most popular types of bankruptcy is Chapter 7. With this type, individuals will be able to overcome their debt in as few as six months.
The process involves going through means testing to measure the individual’s income against the median income in the state of Washington. As long as the income is not over the median income, the individual will pass.
Once a person has been approved for Chapter 7, they will be able to overcome their debts in as few as six months. The process begins first with a third-party trustee being placed in charge of the liquidation process.
There are non-essential assets that can be liquidated to pay off the debts a person owes. If there are no valuable assets, the third-party trustee is given the power to absolve the debts.
How to Get Started
To get started on the process, the individual should first plan on scheduling a consultation appointment with the lawyer. The lawyer will inform the individual of their rights and what will be done in the process of seeking Chapter 7.
At the consultation appointment, the individual should plan on bringing in their financial records and information on their assets. The lawyer will review the information and help the individual determine the next steps that are needed.
If you are dealing with too much debt, now is the time to seek help. Bankruptcy is a legal option that can help individuals overcome the debt they have so their financial future will be much brighter.