In Washington, consumers who accumulate a higher than average volume of debt need immediate assistance. Among their options is to file a bankruptcy claim. This claim helps them to acquire relief from their creditors and prevent serious legal action. The following are details about the procedures for these claims managed by a Cheap Bankruptcy Attorney In Tacoma Wa.
Eligibility Requirements for Bankruptcy
For chapter 13, all consumers must have evidence of an income level that is higher than the median for their area. Their attorney needs wage records for the last six months to prove their financial eligibility. If they cannot achieve eligibility for chapter 13, they have the option to file for chapter 7. To be deemed eligible for chapter 7, the consumer must possess enough assets to generate adequate funding to pay off their debts.
Meeting of Creditors
The meeting of creditors allows all creditors associated with the consumer to give their permission for inclusion. If the creditors refuse to provide approval, the debt isn’t included in the claim. However, if the judge determines that the creditor acquired any type of payment to settle the debt, the judge can discharge it for the consumer.
Fulfilling Prerequisite Obligations
The consumers who become eligible for bankruptcy must complete a credit counseling course. This course prepares them for managing their finances after the claim is finished. It must be state-approved, and the consumer must provide a certificate to prove their completion of the course.
Completing the Bankruptcy Case
The consumer must fulfill all obligations of their bankruptcy case. This includes monthly payments for a chapter 13 claim and surrender of all property title or deeds to their trustee for chapter 7 claimants. The consumer cannot open any new lines of credit during the case. They must also use disposable income to pay off debts that weren’t included in their claim.
In Washington, consumers can eliminate high volumes of debt quickly by filing for bankruptcy. They can walk away debt-free in some cases. However, they must qualify for their chosen chapter and fulfill all obligations outlined in their claim. Consumers who wish to start a claim contact a Cheap Bankruptcy Attorney In Tacoma Wa today.
