Personal bankruptcy used to be something that people only did when they were in dire straights. Those who filed for bankruptcy protection were shunned by their financially responsible peers and had to make a whole new set of friends. The most recent financial crisis led a lot of people to turn to debt relief to make ends meet. Fortunately, it doesn’t carry the stigma it once did. In fact, by the time most people are ready to talk to a bankruptcy Attorney in Tacoma WA, they’ve already learned of a few friends and family members that have used either Chapter 7 or Chapter 13 to save their financial lives.
Bankruptcy is not as bad as a lot of people think. Although the filing will remain on a person’s credit report for up to ten years, the negative effects compared to the alternatives are minimal. Simply having bad credit, with a lot of late payments, charge offs, collections and maybe even a tax lien, can make it challenging to get new credit. Credit card companies and banks generally don’t want to take a chance on someone with a history of not paying their bills on time. After a person has their bankruptcy discharged, creditor understand they will have a lot of extra money in their monthly budget. Lenders commonly send out car loan offers and even offers for high-interest credit cards to people who have recently completed bankruptcy.
The first step to getting out of a bad financial situation is to consult with an Attorney in Tacoma WA. A lawyer with bankruptcy experience could explain the options available and the process for getting debt relief. Depending on the bankruptcy chosen, the process could be completed within a couple of months. However, by submitting the completed paperwork to the court, a person in serious debt can get relief from creditor harassment and even get garnishments stopped so they have access to all of their income. Filing for bankruptcy protection may not be an easy decision but those who do it rarely regret their choice. In fact, many wish they had made the decision earlier and avoided all the harassment from creditors while they tried unsuccessfully to catch up on their bills.
