A surprising number of American consumers face financial troubles at some point in their lives. Thankfully, there are plenty of options available. These include credit counseling, debt consolidation, and filing for bankruptcy. Although few debtors really like the idea of filing for bankruptcy, in severe cases, it may be the best of these options. Read on to find out about filing for Chapter 7 in Olympia WA and when it’s appropriate to see if it might be a good option.
A Fresh Start
Filing for Chapter 7 bankruptcy gives debtors a fresh start. It allows them to discharge some or all of their debts so that they can begin to get their finances in order, in earnest. It’s important to note that filing for Chapter 7 bankruptcy does have some negative repercussions, such as a lasting impact on consumers’ credit reports, though, so it is only appropriate in times of dire need.
When to Consider Chapter 7
Before filing for Chapter 7 in Olympia WA, it’s best to exhaust other options. For consumers who have already tried consolidating their debt and negotiating with their creditors but have still found that they are struggling to keep their heads above water, it can act as a life raft. Once the petition has been filed, creditors can be stopped from collection actions and debtors can get back on track.
What it Involves
Filing for Chapter 7 bankruptcy generally takes some time, typically between 80 and 100 days. Be prepared to pass a means test, which is designed to ensure that the debtor is eligible to file, to pay court fees, to attend a meeting of creditors, and to complete a financial management course. Once all of these steps have been completed, the debts will be discharged and consumers can begin to move forward with their lives.
Bankruptcy Attorneys
While those filing for Chapter 7 aren’t strictly required to hire an attorney to help them with the filing process, it is highly recommended that they do so. An attorney can help them understand what assets will be exempt and which of them they stand to lose, ensure that all paperwork is filled out correctly, and negotiate with creditors on their behalf.
