A Bankruptcy Lawyer In University Place, WA Can Advise People on Getting out of Debt

A time may come when a person has to file bankruptcy because of a bad financial situation, but there are things that need to be understood. The first thing is that the individual must receive credit counseling within six months of filing bankruptcy, and then must complete a course of financial management after filing the bankruptcy. A Bankruptcy Lawyer In University Place Wa advises and represents clients who are wanting to file bankruptcy and helps them understand which type of bankruptcy they qualify for. Here is a look at the two main types of bankruptcies that clients use.

Understanding the Bankruptcy Law in Washington

People that file bankruptcy usually file one of two types: Chapter 7 or Chapter 13, and which type is available to the individual depends on the financial situation. Chapter 7 bankruptcy is where an individual is able to completely erase all unsecured debt and start fresh. In order to file a Chapter 7 bankruptcy, the individual’s income six months prior to filing must fall below the median income for the State of Washington. If the income is not below the median, type of test will be done, but it may be that the individual will have to file Chapter 13.

More about Chapter 13 Bankruptcy

A Chapter 13 bankruptcy is another term for a reorganization of the debts which will be paid out to the creditors over a period of three to five years. After the reasonable monthly expenses of the debtor are paid, the rest of the money that is left over will be applied to pay the other creditors, such as credit card debt and other unsecured debt. An attorney can help the client get organized to pay the debts of a Chapter 13 bankruptcy.

An Attorney to Help with Bankruptcy in Washington

Once a person realizes that a bankruptcy attorney may be needed, the opportunity to find one that is reasonable and has experience is a matter of looking on the internet. Rafal Gorski, Attorney at Law is an attorney who represents clients for bankruptcy issues in University Place, Washington. If any individuals are looking for a Bankruptcy Lawyer In University Place Wa, the attorney is available and can be reached at the website, http://www.rafalgorskilaw.com/.

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