By the time a person gets into a situation where he is failing financially and may need to file bankruptcy, all is despair. The person will want to find the most economical way to handle the bankruptcy proceedings, thus looking for the cheapest lawyer who can help with the process. A Cheap Bankruptcy Attorney In Olympia WA provides inexpensive assistance to clients in search of legal bankruptcy aid. Here is a brief look at the types of bankruptcies that most people will use when filing.
A Look at One Bankruptcy Method
The first type of bankruptcy that a lot of debtors will try to qualify for is Chapter 7 bankruptcy, which is an essential erasing of all unsecured debts. In this type of bankruptcy, just about everything is liquidated, including any extra assets the debtor may have and the debtor will most likely have to give up the home, if purchasing. However, the debtor gets a chance to get a fresh start over financially and the entire process may take anywhere from 30 to 90 days to be completely over.
A Look at a Second Bankruptcy Method
If a debtor is unable to qualify for Chapter 7 bankruptcy, the next type usually qualified for is Chapter 13 bankruptcy, which is a reorganization of all the debts. The court will decide which debts have to be paid and will set the debtor on a plan (usually three to five years) to pay the debts a certain amount prescribed. After this, all other debts are discharged and the wonderful thing about this method of bankruptcy is that the debtor gets to keep the home and other possessions, as long as the payments are brought current.
A Bankruptcy Lawyer in Washington
Many attorneys and law firms practice bankruptcy law for the benefit of clients throughout the State of Washington. Rafal Gorski, Attorney at Law is a law firm in the Olympia, Washington area that practices bankruptcy for clients in need of legal assistance. If a person is in need of a Cheap Bankruptcy Attorney In Olympia WA, the law firm is available and offers more information at the website.