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A Chapter 13 bankruptcy may be just the answer you need

For many families in Washington, bills pile up and the paycheck goes just so far. Sometimes, life throws a curveball and the pay stops coming, but the bills only seem to increase. However, you don't want to lose all of your assets, or not all of your debt is eligible to be discharged. In this situation, a Chapter 13 bankruptcy may be a good resolution.

There are two primary categories for a personal bankruptcy, and each serves a certain purpose. While many people believe a straight bankruptcy liquidation is the best way to handle overwhelming debt, the reality is that many consumers may not benefit as much as they thought. For some filers, the second option may be a better fit for several reasons.

A Chapter 13 allows a filer to propose a repayment plan with the help of an experienced advisor. Under this proposal, which must be approved by the Bankruptcy Court, the debt is spread out over a time period of three to five years. After that time is up, the remaining debts may be discharged, if they qualify. In the meantime, as long as you adhere to the court-approved plan, you will be protected from harassment from any creditors. It is important to remember, however, that every family's needs are different, and no two bankruptcies are precisely the same.

Regardless of whether a Chapter 13 or Chapter 7 is decided upon, it pays to have the assistance of an experienced attorney on your side. The laws regarding personal bankruptcy were overhauled several years ago, and you would be best served by professionals who are well-versed regarding all of the changes in order to get the most benefit from your filing. If you reside in Washington, then please search our website here Chapter 13 to see how our experience may help you resolve your financial problems.

Source: edmondsfamilylaw.com, "Mountlake Terrace, WA Consumer Bankruptcy Lawyer", , Aug. 29, 2014

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