In Washington, bankruptcy is a viable way to settle debts and improve the consumer’s credit. As the debts are settled, the consumer’s income to debt ratio decreases and could present them with a better opportunity to make large purchases in the future. A Cheap Bankruptcy Attorney In Puyallup Wa can discuss important topics with claimants about filing for bankruptcy.
Explaining All Prerequisites for Bankruptcy
When filing for bankruptcy, the claimant must begin by attending a credit-counseling program. The program must be state-approved, and the claimant must present a certificate of completion. The claimant must also provide a full list of all debts and accounts to include in the claim.
Establishing Eligibility for Bankruptcy
The claimant establishes eligibility for chapter 13 bankruptcy requires the claimant to bring in six months of income statements. The eligibility requirements include an income that is greater than the state or county median for their household size. With chapter 7, the claimant must own enough assets to sell and pay off their debts.
Managing the Case
Claimants must follow all stipulations outlined in their case. For example, chapter 13 claimants must use their disposable income to pay off debts that weren’t included in their claim. All payments must be submitted according to the schedule. With chapter 7, a trustee is assigned to manage all sales and distribute all the proceeds to the creditors. The claimant has zero control over which assets are sold and must provide deeds or titles upon the request of the court.
What to Expect After Bankruptcy
The bankruptcy remains on the claimant’s credit report for up to ten years. He or she will need to complete the necessary steps to rebuild their credit. The listing for the bankruptcy could present some difficulties when starting new lines of credit.
In Washington, bankruptcy has certain requirements for claimants that must be met when filing and during the process. The chapter of bankruptcy defines all requirements for the claimant and any expectations of the court. The chapters may also have prerequisites that claimants must fulfill before starting a claim. Consumers who want to learn more about filing are encouraged to contact a Cheap Bankruptcy Attorney In Puyallup Wa right now.
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