Whether a person loses a home or a job, whether they have medical bills or a defaulted mortgage, a bankruptcy Lawyer In Puyallup Wa can help. Hiring a lawyer has significant advantages over DIY foreclosure avoidance methods, and it’s certainly better than doing nothing at all. Bankruptcy is a complex process, and clients should get legal advice before making a decision.
Do Nothing, or Act and Benefit
While it is possible to avoid bankruptcy with various alternatives, this guide is not about creditor negotiations; it’s about wiping the financial slate clean. Sometimes doing nothing works out, but the risks are usually too high. Failing to act can cause an owner to lose their home, but hiring an attorney can help them save money, time and emotional turmoil.
Save the Home From Foreclosure
Many people don’t know that delaying bankruptcy for too long can cause them to lose their home. Anyone who is significantly behind on their mortgage should call an attorney, and they should note that Chapter 7 may require the sale of the home to pay back debt. For homeowners, Chapter 13 is a safer alternative, and an attorney can provide guidance throughout the process.
Before Filing Chapter 13
Before filing for bankruptcy, the homeowner should consider all their options. Chapter 13 isn’t right for everyone, although it does have its advantages. An experienced bankruptcy Lawyer In Puyallup Wacan help a homeowner save his or her assets if they’re hired early on.
When Chapter 7 is Appropriate
Chapter 7 can be advantageous to some clients. Before filing, the client should learn the rules on property exemptions. A knowledgeable bankruptcy attorney can help the client understand what they may keep (and lose) during the process, and they can provide advice on efficient debt elimination.
It may seem minor to some people, but one of the biggest benefits of hiring a bankruptcy lawyer is the peace of mind they provide during the complex legal process. While it is possible to do a DIY bankruptcy, in most cases, hiring an attorney can help a client save headaches, money and time.
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