There are plenty of good reasons to file for bankruptcy protection. As long as a person is able to pay at least the minimum payment on their bills, they won’t be harassed by creditors. However, once the minimum payment becomes too much to handle, the calls, letters and, eventually, threats of legal action are sure to follow. Not having enough money to pay the bills is bad enough. A person who is doing their best to keep their head above water shouldn’t have to deal with constant contact from bill collectors. A Bankruptcy Attorney In Tacoma Wa might be able to help a client put a stop to this harassment as well as prevent any further collection activities.
Filing Chapter 7 bankruptcy offers several advantages for someone with few assets and not a lot of money. The credit card bills, medical bills, and outstanding payday loans could be discharged without the client having to pay any additional money on the balances. Of course, there are drawbacks to filing bankruptcy as well. These down sides prevent people from charging a lot of money on credit cards and then asking the bankruptcy court to discharge their debts. Clients who are concerned about the effects a bankruptcy will have on their credit score should look at other options.
A Bankruptcy Attorney In Tacoma Wa may go over all of the debt relief options available before helping a client file their bankruptcy documents with the court. Filing for bankruptcy protection is a big step and it shouldn’t be taken lightly. Bankruptcy can end a lot of harassment, stop wage garnishments, and even prevent foreclosure. However, it could negatively affect a person’s life as well.
After filing bankruptcy, it might be difficult to obtain credit. Getting a new car with a reasonable interest rate might be out of the question for a couple of years. People who use the bankruptcy court to solve their financial problems often have to work hard to rebuild their credit. For those in a financial bind they can’t get out of on their own, bankruptcy might be just what they need to start making sound financial decisions in their lives.
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