In Washington, consumers seek bankruptcy claims to settle debts without major hindrances. As they try to pay them through traditional methods, they could face additional finance fees and late charges. By including a debt in a bankruptcy claim, these added fees can be eliminated. The following is information about starting a bankruptcy claim through a Cheap Bankruptcy Lawyer In Tacoma Wa.
Establishing Eligibility for the Claim
The consumer must present one of two things to their lawyer based on their preferred bankruptcy chapter. First, they provide income statements for the six months prior to filing. This helps them to qualify for chapter 13. Next, they provide titles and deeds to all assets they own currently. In chapter 7, they must own enough assets to generate proceeds to pay off their debts.
Meeting of Creditors
The meeting of the creditors allows all creditors to put their two cents worth in. They can approve or deny the inclusion of their debt into the bankruptcy claim. If they deny the inclusion, the consumer remains completely responsible for the debt. They won’t gain the advantage of paying it off through their new repayment plan.
Credit Counseling Programs
Credit counseling programs are required for all consumers who file for bankruptcy. The courses enable them to discover new ways to manage their debts. This includes setting up a budget and control expenses during the year. At the end of the program, the consumers learn how to rebuild their credit can gain access to new lines of credit. The program must be state-approved and a certificate of completion is required.
Completing the Bankruptcy
The consumer must complete their bankruptcy exactly as they were directed. They cannot miss payments or submit lower values. They must also use disposable income for additional debts.
In Washington, consumers file bankruptcy to settle debts more efficiently. These opportunities provide protection such as an automatic stay. They can also pay all debts through one monthly payment. Chapter 7 is a form of liquidation that settles debts quicker. Consumers who need assistance with these claims contact a Cheap Bankruptcy Lawyer In Tacoma Wa for more information today.
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