Ideally, every family dreams of buying a home and building a life together. In reality, families experience turmoil and difficulties that may cause them to make drastic decisions about their financial future. One of these decisions may require for the family or the individual to declare bankruptcy. By the time a person or family is in the position of having to declare bankruptcy, the financial status is pretty bad.
The Two Major Types of Bankruptcies
Because anyone who in the position of having to file bankruptcy is already short of funds, finding the cheapest way to file bankruptcy is going to be critical. A Cheap Bankruptcy Lawyer In Puyallup wa declares that individuals must find out which of the two major bankruptcies they qualify for. The two major types of bankruptcies are Chapter 7 and Chapter 13, with the first being the one for which many people will try to qualify. The latter bankruptcy is for those who cannot qualify for the first and is essentially a reorganization of the debt.
More on the Bankruptcies
To get more specific, a Chapter 7 bankruptcy is basically a liquidation of all qualifying debts so that the debtor does not have to pay anything back. It is a chance for the debtor to start over fresh in his or her finances, and is often the boost many need to get back into the financial game. However, the individual or family has to qualify financially for this type of bankruptcy, meaning there is a cap on the amount of money that can be made.
Hiring a Bankruptcy Attorney in Puyallup, Washington
The Chapter 13 bankruptcy is the other bankruptcy option, and is merely a way of reorganizing the individual’s or family’s debt so that a certain amount that the court deems can be paid off to the creditors. It was usually over a period of about three years. Rafal Gorski is an attorney in the Puyallup, Washington area who has been meeting the debt relief solutions for clients for many years.
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