Hiring a bankruptcy lawyer in Puyallup, WA will help you to find out if filing bankruptcy is the best decision for your future. Many men and women find themselves unable to make payments on their credit cards and personal loans. They may have mounting debt without employment or the means to pay it off. This is when it makes sense to turn to an attorney to learn more about your options for filing bankruptcy. But, what about your assets? Will you lose them?
Several Protections Are Available
When you meet with your bankruptcy lawyer in Puyallup WA, one of the first things you will talk about are your assets. What do you own? What is the value of what you own? Many times, there are exemptions, or rules, that help to protect some of the assets you own. This may include things like your paycheck and a vehicle. You may be able to stay in your home if you can get caught up on payments and you do not own a large portion of it outright.
If you do have a lot of assets, you may still be able to file bankruptcy and protect them. This would mean filing Chapter 13 bankruptcy instead of the more common Chapter 7. In Chapter 13, all of your assets are protected. You will spend three to four years repaying the debt you owe and, eventually, the rest of it is discharged.
To learn more about which method may be right for you, schedule a consultation with a bankruptcy lawyer in Puyallup WA. The attorney will discuss each one of your needs with you carefully to determine if there is any risk or concern about losing your assets. A free initial consultation is all you need.
