In Washington, bankruptcy provides consumers with a solution for overwhelming debts. The process can help the consumer repair their credit and settle debts more proactively. The consumers can become debt-free with the right plan. A Cheap Bankruptcy Attorney In Tacoma Wa provides information about these opportunities for consumers.
How are Chapter 13 Payments Calculated?
The payments are calculated according to the total value of the debts. The payments include all debts that are listed in the claim, but the payment value is divided among the creditors. Any balances remaining after the bankruptcy is completed are paid at the original payment value.
Who Appraises Assets for Chapter 7?
The court assigns a trustee to manage the assets, and the trustee acquires appraisals for the assets. The appraisals determine the value in which most assets are sold. However, assets that are placed in an auction may not acquire the exact appraised value. Quick sales could also lead to a reduced value, and this may not provide enough proceeds to pay off the mortgage.
Are Settlement Offers Included in the Bankruptcy Claim?
Typically settlement values are presented to pay off the debts quickly. However, the creditor will honor any settlement value established even if the debt is included in a bankruptcy case. The attorney can acquire these settlement values by negotiating with the creditors.
Can the Consumer Acquire Loan Modifications When Filing for Bankruptcy?
Yes, the attorney can request a loan modification for loans and mortgage before the bankruptcy claim starts. The terms of the loan modification will apply during and after the bankruptcy case. This could make the loan more affordable for the consumer and/or eliminate late charges and additional finance fees. It can also reduce the chances of a default if the loan isn’t paid off during the bankruptcy.
In Washington, bankruptcy assists consumers who want to manage their debts more effectively. The claims allow the consumer to choose between chapter 7 or 13 to pay off their debts. Each chapter presents a multitude of requirements that an attorney will explain thoroughly. A claimant who needs help can contact a Cheap Bankruptcy Attorney In Tacoma Wa today.