For many people in this country, it is a struggle to make it from paycheck to paycheck. Often, they are unable to save money to protect them in an emergency situation. One emergency, illness, or loss of work can send many of these people into a financial disaster. This can diminish their credit and cause difficulties correcting these issues. Fortunately, a Chapter 7 Bankruptcy Attorney in Tacoma WA can provide assistance in finding a solution for this problem.
Debt and Bad Credit
One emergency or incident that throws off a person’s ability to keep up with their bills can have a snowball effect on their finances. Late or missed payments can incur charges and other fees that compound a person’s debt. This can also diminish a person’s credit rating. A poor credit rating can prevent a person from getting further credit. It can also cause difficulties in getting a place to live or even a job. Fortunately, bankruptcy provides a method for people to start over.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is a court filing that allows people to settle their debt and begin anew. This process allows a person with little or no income to have their debt discharged. All assets not excluded from the filing are liquidated and utilized to pay off creditors. When this is complete, any remaining debt is discharged. This allows a person to start over without the threat of bill collectors harassing them. It also provides an opportunity to take control of their finances and improve their credit rating.
Getting Help
Although a bankruptcy can be filed by the individual, it is a complicated process. For many people, the process can be confusing and cause errors in their case. This can delay or prevent the bankruptcy from going through. A Chapter 7 Bankruptcy Attorney in Tacoma WA offers assistance with this process. They can ensure all the proper information is gathered, as well as any forms or steps are completed properly. They will also attend the court hearing to ensure a good outcome.
For many, filing for bankruptcy may seem like a failure. However, this process can provide relief for those faced with extreme debt and financial problems. Contacting an attorney can help determine if bankruptcy is the best option for the situation. This can help a person get a fresh start on their finances.
