It is never an easy time when a person’s financial situation is so messed up that filing bankruptcy is the only way out. If that time should come, the average person usually files Chapter 7 bankruptcy or Chapter 13 bankruptcy, according to what the financial situation will allow. A Bankruptcy Attorney In Puyallup Wa assists clients who are in need of the financial assistance to file bankruptcy and helps them to see their financial options clearly. Here are some things to know about the laws regarding bankruptcy in the State of Washington.
Understanding Bankruptcy Law in Washington
When filing bankruptcy, Chapter 7 bankruptcy allows the individual to completely eliminate most, if not all, of the unsecured debts while the Chapter 13 allows the individual to reorganize and pay the debts. If a person’s income is too great, Chapter 7 bankruptcy will not be an option, but Chapter 13 may be preferable to many, at any rate. With a Chapter 13 bankruptcy, the individual gets to keep the home and other valuable assets that may not have fallen under the bankruptcy exemption law.
More about Bankruptcy Law in Washington
With a Chapter 7 bankruptcy, the pressure of having to make payments on debts that couldn’t be paid anyway is released, but there may still be some secured debts that have to be paid. If the person filed a reaffirmation agreement with the creditor then the debt will have to be paid, but the person does get to start over fresh. Usually, the bankruptcy process is over within months for a Chapter 7, but a Chapter 13 bankruptcy lasts about three to five years with a debt repayment agreement.
A Bankruptcy Lawyer in Washington
Many lawyers are dedicated to providing bankruptcy assistance to clients throughout the State of Washington, whether it is Chapter 7, Chapter 13, or two other types of bankruptcy. Rafal Gorski, Attorney at Law is an attorney who offers clients aid with their bankruptcy issues in Puyallup, Washington.
