Many people have bought homes and find themselves in a financial situation where they have to dispose of their possessions, including filing bankruptcy. When the average person is in the process of having to file bankruptcy, chances are he will be looking for the most inexpensive way to go about doing so. A Cheap Bankruptcy Lawyer In Olympia WA provides services to clients who find themselves in need. Here is a look at some of the bankruptcy options from which clients can choose.
Bankruptcy Options for Individuals
Most people will file individual bankruptcy plans either in Chapter 7 bankruptcy or Chapter 13 bankruptcy, with the first being the option that most desire to choose. In Chapter 7 bankruptcy, all of the client’s qualified debts are erased and the client will get the opportunity to make a fresh start financially. In Chapter 13 bankruptcy, the client will not erase the debts but will have the debts reorganized in a plan that the courts set up, usually giving the client three to five years to pay off the debts. Which bankruptcy option the person will qualify for will largely depend on the financial situation.
More about the Bankruptcy Options
The things to keep in mind about Chapter 7 bankruptcy are that all the unsecured debts are discharged, any extra assets owned will be seized and sold to help pay off creditors, and the whole process takes from 30 to 90 days. After this, the client will get a fresh financial start, and the client should keep in mind this type of bankruptcy can be filed even after Chapter 13 dismissal, as long as enough time has passed. The thing to remember about Chapter 13 is that the client can keep the home and other possessions.
An Attorney in Washington for Bankruptcy Aid
Individuals can find lawyers throughout the State of Washington to help with bankruptcy issues. Rafal Gorski, Attorney at Law is a law firm in the Olympia, Washington area that provides bankruptcy aid for clients. If an individual is looking for a Cheap Bankruptcy Lawyer In Olympia WA, the law firm is available and can be reached at the website.
