When going to the mailbox to pick up a pile of past-due notices is an everyday ordeal, and the only people that seem to call are bill collectors and collection agencies looking for money, it might be time to consider speaking to a bankruptcy attorney in Tacoma WA. A bankruptcy attorney will assess their client’s financial situation and determine if filing for bankruptcy protection is the best option for them to get out of the mountain of debt they are drowning under.
Most bankruptcy attorneys offer free initial consultations, either in person or on the telephone. If the client and attorney decide to proceed with a bankruptcy filing, the almost immediate cease of collection phone calls and past due notices will be a welcome relief. As soon as the initial papers are filed, it is illegal for any creditor to contact the debtor for payment. If any do continue contact, it’s important to advise the bankruptcy attorney in Tacoma WA, as the creditors may be subject to legal penalties.
A Chapter 7 bankruptcy is the most common for debtors drowning in unsecured debt, without a great amount of additional personal property. For these debtors, when the bankruptcy is complete, all their debts will be discharged and they will be debt free. Of course, the bankruptcy will be on their credit report for at least 7 years, but for most, the dire financial situation that proceeded bankruptcy has damaged their credit already.
Bankruptcy offers the overwhelmed debtor a chance for a fresh start. Fortunately, though bankruptcy will bring down the credit rating, it won’t last forever. As soon as the debts are discharged, one can begin rebuilding a positive credit history by paying bills on time and possibly getting a secured credit card. For most with an impeccable post-bankruptcy credit history, their credit rating will begin to improve well before the 7 – 10 years it takes for the bankruptcy to be removed. In fact, many can be approved for a mortgage within only 2 – 3 years after a bankruptcy discharge, provided everything has been current since then.
Don’t drown in debt or tread water paying only the minimum payments and watching the bills continue to rise. Talk to a bankruptcy attorney and find out how to get out of the water for good.
