When the phone rings constantly with calls from debt collectors and the mailbox is piled high with past due notices, it can be difficult to handle, especially when there doesn’t seem to be a way out. It doesn’t matter if it was a job loss, a cut in pay or hours, health concerns, or just a compilation of bad choices, when there isn’t enough money to pay the bills, life can become difficult and filled with worry. Harassing calls from debt collectors only add to the anxiety with threats of garnishment and legal action. Fortunately, there is a solution. A Cheap Bankruptcy Lawyer In Tacoma Wa can help.
Depending on the debtor’s circumstances, debts can be either eliminated totally or reorganized, allowing the debtor a smaller, manageable payment each month for a set period of time. A total liquidation of the debts is called a Chapter 7 bankruptcy, and debt relief is immediate. A reorganization payment plan is called a Chapter 13 bankruptcy. Once the agreed upon payment plan is completed, usually in three to five years, the remainder of the debt is discharged and the debtor is then debt-free.
For those with no assets to protect and no financial means to carry out a repayment plan, a Cheap Bankruptcy Lawyer In Tacoma Wa will most likely suggest a Chapter 7 bankruptcy. For those with a steady and reliable income, a Chapter 13 bankruptcy will probably be required. Successfully completing the agreed upon Chapter 13 plan will result in the elimination of all included debt even if only a small portion of the actual amount owed is paid.
For many, the filing of bankruptcy is a welcome relief as all debt collection activity must stop immediately. This ends the constant threatening phone calls and past due notices in the mail. Don’t continue to struggle, throwing away money trying to pay unsecured debt, especially when it’s not making any headway due to mounting interest costs and late charges. Talk to an attorney to learn what options are available to get a fresh start. Most offer free consultations and payment plans to help provide financial relief for those who need it the most.
