Filing for bankruptcy can cause you to feel nervous. Although most people do not want to consider having to file for bankruptcy, it can be a viable option for those who have tried to get out of debt, but have been unsuccessful. If you feel like you are drowning in debt, and are constantly being harassed by creditors, you may want to consider contacting the Bankruptcy Lawyers in Port Orchard WA. Through their help, you can learn about your options for bankruptcy so you can make the right choice for your financial future.
You have a couple of different options when you are an individual or a married couple filing. The first option is Chapter 7 bankruptcy. This type is for those with unsecured debts. When you file Chapter 7 bankruptcy, you will need to make sure you meet certain requirements. You will need to go through the Mean’s Test to make sure your income is where it should be to file. If you pass the test, your case will be overseen by a court-appointed trustee. This will allow your debts to be settled in as few as six months, depending on the amount of debt you owe and the property you own.
If you have secured debt, such as a mortgage, you may want to consider Chapter 13. This bankruptcy does not require you to liquefy any of your assets, but you are required to make a monthly payment for your debts. Your payments can be dramatically lowered and you can avoid foreclosure on your home. The court will set up a payment that will allow you to slowly pay down the debts you owe. Most people are given two to five years to pay off their debts and get back on their feet financially.
If you are in need of Bankruptcy Lawyers in Port Orchard WA, visit the Website at Sitename. They will be happy to meet with you and go over your options so you can decide which type of bankruptcy will most benefit your needs. Contact them today and allow them to schedule you a consultation appointment so you can learn more.
