In Washington, bankruptcy is a choice that helps consumers manage debts. It isn’t a solution for all consumers, and potential filers need to consider the pros and cons first. Filing a claim helps consumers who will benefit from the claims. A Cheap Bankruptcy Lawyer In Olympia WA shows consumers how to file and if bankruptcy is appropriate for them.
Are You Eligible for Bankruptcy?
Consumers collect either income statements or appraisals for their assets. Chapter 13 bankruptcy requires the consumer’s annual income to exceed the median income their household size. Chapter 7 has no such requirement and provides a fast way to resolve debt issues. The consumer needs an income that accommodates monthly payments when filing for Chapter 13 protection.
Attending Credit Counseling Courses
Credit counseling courses are a requirement for all chapters of bankruptcy. It prepares consumers for the road ahead. The courses show them how to manage their finances and comply with bankruptcy obligations. It shows them how to re-establish credit after bankruptcy.
Fulfilling Obligations of the Claim
In chapter 13, consumers pay a monthly payment according to a schedule, and they pay other debts with disposable income. In chapter 7, the consumer provides deeds and titles for the assets chosen by the court. Bankruptcy obligations for chapter 13 are more restricted than with chapter 7. For example, consumers don’t open new lines of credit in chapter 13, but they can in chapter 7.
What to Expect After Bankruptcy
After bankruptcy, the consumer has a clean slate in most cases. It gives them a real chance to start over. Consumers don’t have to establish credit immediately, and they understand how to manage their finances. However, after bankruptcy, consumers face issues making larger purchases if credit is needed. Attorneys help consumers learn what to do to start over after bankruptcy.
In Washington, bankruptcy claims help consumers and prevent serious financial risks. The cases stop creditors from taking legal action and help consumers pay off the debts more efficiently. Credit counseling is a requirement, and it helps consumers manage their finances in the future. Consumers who want to review bankruptcy options contact a Cheap Bankruptcy Lawyer In Olympia WA now.