Bankruptcy offers a way to move forward when all avenues have been exhausted for repaying creditors. Chapter 7 in Olympia WA is one form of bankruptcy that can help. When a person seeks protection from harassing calls and bills they are unable to pay, taking a legal route can be a positive solution for getting back on track.
Chapter 7
Chapter 7 in Olympia WA is a type of bankruptcy a person can choose when trying to get out from under debt that is impossible to repay. Under Chapter 7, any assets that an individual possesses can be seized by the court and sold to pay the creditors. In most instances, a person may be allowed to keep a home and some personal items. Any remaining debt is then discharged by the court, and the individual is no longer responsible for it.
Choosing Bankruptcy
When debt becomes overwhelming and there is absolutely no way to pay it all back, an individual can elect to file for bankruptcy protection with the court. The process begins by finding a lawyer who agrees to handle the case. The lawyer must be paid in full before the paperwork is filed. However, those who are unable to secure enough funds for legal assistance can ask the court to waive or reduce the Chapter 7 filing fee. In all instances, it’s highly recommended anyone considering bankruptcy take advantage of a free consultation with a bankruptcy attorney to see what options may be available.
Time Frame
A person who files for Chapter 7 bankruptcy protection can expect the process to take between 30 and 90 days once a lawyer has been paid in full for their services. Chapter 7 is the most commonly chosen form of protection but, if a person wishes to keep all of their assets, they can opt to file for a restructuring plan under Chapter 13.
Putting an end to overwhelming debt is possible if one chooses to take a legal route to do so. Bankruptcy stops creditors from making harassing calls and threats for court action. Speaking with a bankruptcy attorney can determine if an individual meets the qualifications to file and which type of protection would be the best option in their particular case.
