If you are thinking about filing Chapter 7 in Tacoma WA, one of the first steps you need to take is working with a skilled attorney. This individual can help you learn if this is the right form of bankruptcy for your needs. Chapter 7 involves the discharge of debt after all of your excessive assets are sold. The goal is to have your debt forgiven, and that often means taking steps to minimize creditor harassment and stop garnishments. Yet, it is essential that you learn how this form of bankruptcy can help you.

Who Can File Chapter 7?

Many people can file Chapter 7 if they do not have excessive assets. For example, it is possible to protect one vehicle. You also can protect your home as long as the amount of equity you have in it is low. Other assets, such as your personal possessions, are also protected. Other items that are valuable may have to be sold to repay your creditors. If you own a lot of assets, then, it may be best to file Chapter 13 bankruptcy. In this form, your assets are not liquidated, but you spend the next three to four years repaying your creditors through a more affordable means. When you visit your attorney to discuss Chapter 7 in Tacoma WA, he or she will give you information about whether or not you should file this form.

Keep in mind that financial help can start right away. If you are struggling due to garnishments, judgments, or even just from creditor calls, you can get started with Chapter 7 in Tacoma, WA right away and stop the process. That means that creditors cannot push you any further. However, before you can do this, you need to meet with an attorney to discuss your case at length.