There is no question that when a person is facing a financial situation that they can’t see a way out of, especially as it relates to debt, the idea of bankruptcy may seem appealing. Bankruptcy can be an effective maneuver to help a person alleviate themselves of certain types of debt they can no longer afford to pay.
However, not everything is so rosy with bankruptcy. Even if it is necessary, there are many disadvantages that come with life after bankruptcy and there are many complications during the bankruptcy process. That’s why it’s important to speak with a Bankruptcy Attorney in Tacoma Wa.
The Consultation
The first thing a bankruptcy attorney will do when meeting with an individual or a couple is determine their need for bankruptcy. The attorney may ask for the individual or couple to bring in certain types of documentation so that the attorney can get a better idea as to the debt situation that their potential clients are facing.
A Means Test
Upon review of these basic documents, the attorney can determine if bankruptcy is necessary. If it is, the attorney can administer the means test to determine what type of bankruptcy the individual or couple will be allowed to file for.
Preparing the Clients
The attorney will likely explain to the individual or couple what they’re about to face. The bankruptcy process can be quite complicated and lengthy. In addition, the courts will require certain things from people filing for bankruptcy.
Things People Going Through Bankruptcy will Face
The courts will require detailed financial reporting, participation in financial classes to help them understand and manage debt better and they will also have to disclose assets that could potentially be sold off in order to repay an individual or couple’s existing creditors. All this may sound intimidating, but having the help of a Bankruptcy Attorney In Tacoma Wa can make this process a bit easier.
If you’ve reach an impasse in your finances and you don’t know how you’re going to continue to repay the debt that you’ve accumulated, it may be time to speak with a bankruptcy attorney. While it isn’t ideal, it may be the only way for you to hit the reset button on your finances in order to eventually achieve some financial stability.
