A Bankruptcy Lawyer In Tacoma WA can Assist with Reducing Debt

Before deciding on filing for bankruptcy, it’s important to understand how it works. A consultation with a Bankruptcy Lawyer In Tacoma WA can offer valuable insight into the bankruptcy process before making this important choice. Obtaining legal protection against creditors and unending debt can put an end to out-of-control debt when all other avenues have been exhausted. Seeking debt relief can put an end to harassing phone calls from creditors and allow a person to move forward with a clean slate.


When a person has been declared bankrupt, it means that the law has found them to be unable to pay back outstanding debts. Filing for bankruptcy is not an easy way out and should only be done after all other means been explored. When an individual files for bankruptcy, there are 2 options that they can choose from, chapter 7 and chapter 13.

Chapter 7 Bankruptcy

When an individual files for chapter 7 bankruptcy, there is no requirement to pay back any of the debt as part of the process. Instead, any assets and property that an individual possesses are used to pay back as much as the debt as possible. This is done by a court-appointed trustee who takes all of the valuables that can be sold and converts them into cash to pay back the creditors. Any remaining debt is then discharged by the court and the individual is no longer responsible for the previous unpaid debt.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy may be chosen if there is enough income available to meet repayment obligations after basic living expenses have been figured into the equation. Chapter 13 is a restructuring form of bankruptcy and a plan is drawn up as to how the debt will be paid back. This type of bankruptcy may take 3-5 years to complete, however, one can retain possession of all assets as long as the financial obligations are met in full.

Bankruptcy can provide relief from a financial burden when no other means can fix the problem. A Bankruptcy Lawyer In Tacoma WA can help one to select the type of bankruptcy that will work best for their specific case. After bankruptcy, creditors can no longer pursue payment on any of debt that the court discharged and an individual can start life over again.

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