Is filing for bankruptcy the best option? This is a question many debtors have when they find they can no longer meet their monthly obligations. Unfortunately, there isn’t one answer to this question as every person’s situation is different. While bankruptcy may be appropriate for one person, another debt relief solution may be right for their best friend, brother, or cousin. Anyone who is concerned as to which path they should take will want to talk with a Cheap Bankruptcy Attorney In Olympia WA. However, there are some benefits of each option every debtor should be aware of.
Benefits of Chapter 7 Bankruptcy
Chapter 7 bankruptcy allows a person to clear his or her debt in as little as three to six months. Furthermore, many assets owned by the debtor may be retained when this option is selected, and a man or women find obtaining a new line of credit can be done in as little as one year after the bankruptcy is discharged. Additionally, there is no limit on the amount of debt that can be erased when this type of filing is chosen, although certain debts cannot be erased.
Benefits of Chapter 13 Bankruptcy
Debtors who are at risk of losing their home to foreclosure find Chapter 13 to be a good option for their needs. Foreclosure proceedings are halted when the bankruptcy filing is submitted and any past-due payments are cured in the repayment plan. However, all mortgage payments due during the plan must be made on time also. Secured debts might also be included in the plan, which can help to lower the payments. Furthermore, co-signers may find they obtain protection from creditors when this option is selected and creditors can no longer contact them while the plan is in place.
Meet with a Cheap Bankruptcy Attorney In Olympia WA to learn more about your debt relief options. Overwhelming debt often has a negative impact on every area of a person’s life, from their job to their relationships with friends and family. This is above and beyond the negative effects debt has on the person’s finance. Obtain relief today with the help of a bankruptcy attorney. Doing so may change your life for the better.
