Do I Qualify For Bankruptcy?

Do I Qualify For Bankruptcy?

Do I Qualify For Bankruptcy?

People around the world face situations at some point in time in their lives when they are faced with mounting debts. Whether these debts are due to unexpected medical bills, loss of employment or out of control spending, there may be no other choice than to file for personal bankruptcy. If you are faced with this difficult financial decision, you will first of all need to know whether you qualify to file for personal bankruptcy. Certain income and debt levels have to be met in order to file. Your best solution is to consult with Tacoma bankruptcy lawyers who exclusively handle personal bankruptcy. Tacoma bankruptcy lawyers have the expertise and knowledge to guide you through the personal bankruptcy process. Personal bankruptcy lawyers should put your needs first by providing a free evaluation of your current financial status. The Tacoma bankruptcy lawyers you choose should understand that you have a huge financial problem and you may not be able to shell out their fee in full. When you find a personal bankruptcy lawyer who is willing to give you payment options, it shows that they understand your situation and are sympathetic to the fact that you are in a financial crisis. Chapter 7 is the most common type of personal bankruptcy. This involves liquidating your assets and turning them over to the courts. A trustee of the courts follows a court-supervised procedure, reduces your assets to cash, and then pays the creditors. Once a Chapter 7 personal bankruptcy has been filed by your Tacoma bankruptcy lawyers and the court has approved the petition, all transactions are frozen. Notices are sent to creditors who must stop all actions to recover or collect money from the debtor. Once the debt has been satisfactorily resolved under the agreement set forth in the personal bankruptcy proceedings, a discharge is issued, releasing the debt. All creditors receive a permanent order to stop all forms of collection action on discharged debts, including legal action and all communications with the debtor.

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