Decide If Chapter 7 or Chapter 13 Bankruptcy is Right for You
Declaring bankruptcy, which will allow you to discharge debts or repay them over a 3 to 5 year period, has many benefits for people in debt, including protection from creditors and the ability to get a fresh financial start. Bankruptcy is not right for every person and every situation, however, and understanding whether it is right for you is important. Talking with a bankruptcy lawyer about your financial issues is the best way to determine the most appropriate option for you.
At the Law Office of Daniel R. Whitmore, in Seattle, Washington, we can answer any questions you have about bankruptcy and guide you through the process in an effective and efficient manner. Most people who have arrived at the point of considering bankruptcy have been dealing with a lot of financial stress and bankruptcy can be a comforting solution. Our firm offers a client-centered approach to Chapter 7 and Chapter 13 bankruptcies that will consider your individual needs and concerns.
Reasons for Bankruptcy
Deciding to file for bankruptcy can be a tough decision but there are many reasons why bankruptcy can be a positive solution for your situation. Benefits to bankruptcy may include:
- Ability to discharge most, if not all, of your debts and rid yourself of the obligation to legally pay them. In Chapter 13 bankruptcy, you repay a portion of your debts over a defined period of time.
- Automatic stop of the collections process. Creditors who continue to attempt to collect on the debt may be subject to litigation.
- Protection of property from repossession or a requirement for creditors to return formerly repossessed property.
- Stop to the foreclosure process and the ability to save your home.
- Wipe late payments and loan defaults off of your credit report
If you are considering bankruptcy protection, you must enroll in mandatory credit counseling that will help you consider alternatives to bankruptcy and make sure you feel confident about your decision. Divorce, job loss, medical bills and credit card spending can all cause debt and bankruptcy may be a helpful way of dealing with these financial issues.
Speak With an Attorney About Your Debt Issues
Before you file for bankruptcy, make sure that the decision is right for you. Contact lawyer Daniel R. Whitmore in Seattle, Washington, and learn more information about the benefits and disadvantages of bankruptcy protection. Call us to schedule a free initial consultation at 866-467-5841 and get the personal service that you deserve.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
