Have you thought about starting over financially? Many people have significant amounts of credit card debt. They have a mortgage. Perhaps there are piles of medical bills that you are trying to get through. Add to this back taxes and student loans, and it is downright impossible for individuals to get through it all. But, there is help available. If you are thinking about filing for Chapter 7, your first step is to schedule an appointment with a bankruptcy lawyer in Tacoma WA to discuss your options.
What Is It?
Individuals who do not have a lot of assets but have a significant amount of debt may benefit from filing Chapter 7 bankruptcy. In this form, any assets over and above what is allowed through exemptions are sold. The proceeds will then go to pay off creditors. If at the end of that process there is debt still present, the bankruptcy court will discharge it. This means that you do not have to repay the debt to your creditors.
If you are considering filing for it, it is important to meet with a bankruptcy lawyer in Tacoma WA first. He or she will conduct a means test. This test determines if you may qualify for Chapter 7. To do so, your monthly income must be lower than the median income in your county. The process only takes a few minutes but provides insight into whether or not you may move forward with this type of bankruptcy.
Chapter 7 has long-lasting implications to your credit score. Yet, it is meant to give you a fresh financial start. When you meet with a bankruptcy lawyer in Tacoma WA you will learn more about your qualifications as well as what the process is.
