People who have to file bankruptcy usually file either Chapter 7 bankruptcy, which is a complete elimination of most unsecured debts, or Chapter 13, which is a reorganization of the debts. For those wishing to keep their assets, such as their homes and cars, Chapter 13 is the best method of filing. A Bankruptcy Lawyer In Puyallup Wa helps clients file bankruptcy of all types and will guide them to the options best for them. Here is a look at the filing of Chapter 13 bankruptcy for those who either desire it or have no other choice.
Chapter 13 Bankruptcy
Some people file Chapter 13 bankruptcy because they have too much income to file Chapter 7, nonetheless, Chapter 13 can have many benefits for the client. The best thing about filing Chapter 13 is that the client gets to keep all of the property, that which is exempt and that which is not. The debts will be still be paid but at a reduced amount as determined by the court system and over a period of three to five years. Wage garnishment and collection efforts from creditors will cease immediately.
More about Chapter 13 Bankruptcy
Chapter 13 bankruptcies can be filed at any time and there is no limit to how many times the bankruptcy can be filed, which can be a good thing for debtors. The debtor may also get a sense of fulfillment and accomplishment and being able to still pay the debts, if only in part. The repayment plan of the Chapter 13 bankruptcy can also be set up so that any co-signers will not be touched by the creditors.
A Bankruptcy Attorney in Washington for Chapter 13
When a person decides that a Chapter 13 bankruptcy should be pursued, finding an attorney in the State of Washington can be as easy as searching online. Rafal Gorski, Attorney at Law is an attorney in Puyallup, Washington who advises and represents clients who are filing Chapter 13 or any kind of bankruptcy.
