Financial difficulties happen to everyone. In many cases, making some changes to the household budget and curbing spending will make it possible to reverse the situation and recover a measure of financial stability. When various types of life events make it impossible to regain control of the debt, the time has come to seek advice from a Chapter 7 Attorney in Tacoma WA. Here is what will come out of that consultation.
Taking a Good Look at the Financial Picture
People who have struggled with debt for some time can lose any sense of perspective. The constant stress of trying to keep up with due dates and avoid making later payments can make it harder to see if there is a better way to manage things. Since part of the job of the Chapter 7 Attorney in Tacoma WA is to assess the financial situation of the client, this brings someone into the picture which can be objective. Depending on what is happening, the attorney may counsel the client to seek the help of a financial professional in order to get on the road to retiring the debt.
Determining if the Client Meets the Qualifications for Bankruptcy
Many people do not realize the courts have specific qualification for receiving bankruptcy protection. After assessing the situation of the client, the attorney can help the client understand if filing for Chapter 7 protection is a viable solution. Factors such as the amount of income the client generates, the types of debts involved, and even what assets the client has to help settle part of the debt will be taken into consideration.
Explaining How a Chapter 7 Works
The actual process for receiving this type of bankruptcy protection is more involved than many people think. Typically, the court will require that the debtor attend financial management classes and successfully complete the coursework. There is also the need to work with a trustee who determines if the debtor has assets that could be sold in order to pay off part of the debt load. The attorney can explain what to expect, which allows the client to make an informed decision.
For people who believe that bankruptcy is the most practical solution, contact today and schedule an appointment. In a short amount of time, it will be much easier to understand the options and know what course of action to take.