Facing the prospect of personal bankruptcy can be incredibly stressful. The person feels like a failure and has likely been fielding calls from collectors for a long time. There may be ongoing anxiety over paying essential expenses like the rent or mortgage, utility bills, and car payments. Consulting with a Bankruptcy Attorney In Olympia WA is the first step toward resolving this emotionally taxing situation.
Chapter 7 and Chapter 13
This person may already have done enough research to determine whether Chapter 7 or Chapter 13 is the best option. Chapter 7 discharges most of the qualifying debts while Chapter 13 is a repayment program lasting up to five years. A Bankruptcy Attorney In Olympia WA can confirm which option is most suitable. Sometimes, the individual only qualifies for one or the other. For instance, the income level must be high enough to qualify for a repayment plan.
Although there can be substantial relief after beginning the process with an attorney such as Rafal Gorski and blocking collection efforts from creditors, the person may still feel emotionally drained and upset. The road to this decision has been a long one. Following some tips to ease those unpleasant feelings can help.
A Fresh Start
Instead of feeling embarrassed and ashamed, the person should view bankruptcy as a fresh start. That is the intention of this legal option and the reason the government has approved it. This individual can make a commitment to staying financially solvent in the future and take action to do so. Filing for bankruptcy requires completing a course in credit counseling, so that is an excellent start.
Resolving to Be Financially Responsible
Being able to change one’s negative financial habits is an important part of the healing process. The person can begin feeling better each day while achieving the goal of being financially responsible. Taking on a second job may be necessary or developing a more affordable lifestyle could be an answer. Maybe being able to have a repayment program or a discharge of outstanding debts is all that is needed to set a filer on a new path of financial responsibility.
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