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Tacoma, WA 98402

New Year, New Start – Why File Bankruptcy in the Beginning of the Year

January 29th, 2018 Bankruptcy Law Blog

A common New Year’s resolution for many people is to finally get their financial affairs in order. For some, this means filing bankruptcy to help them regain control over their debt. The decision to file for bankruptcy can be a tough one to make. But the outcome can be very beneficial in the long run.

If you’re struggling with debt, take the first step by contacting a trusted Tacoma bankruptcy attorney to advise you on the Washington bankruptcy process. Our team at Law Offices of David Smith can help alleviate many of your current financial problems. More importantly, we can help prevent new ones from cropping up.

The longer you wait to get sound legal advice regarding your debts, the more you open yourself up to the possibilities of lawsuits, wage garnishments, and even auto and home repossession. Your creditors are only going to have so much patience. At some point, they will likely take legal action.

Here are a few benefits of filing for Chapter 7, Chapter 13 or Chapter 11 early in the year:

Relieving Credit Card Debt

If you have massive credit card debt that you’ll never be able to pay down, filing bankruptcy is a smart choice. It will prevent interest from incurring as well as the annoying phone calls from debt collectors. If your debt is high enough, it could even prevent your wages from being garnished.

Taking Care of Unpaid Medical Debt

One dollar bill

Medical debt is one of the most common reasons people file for bankruptcy. Even with health insurance, many people can be left with a massive medical bill that they have no realistic way or means of repaying. While you can make monthly payments on your medical bills, most people find that what they can afford to pay does very little to help pay off the debt.

Stop the Debt Collectors

Debt collectors are ruthless in their collection attempts. They will call your house, your work, even your family members in an attempt to get you to make payments. These harassing calls can be stressful, inconvenient and potentially embarrassing. Filing for Washington bankruptcy stops the collection calls completely.

Stop Legal Collection Efforts

Bankruptcy can stop your car from being repossessed, your house being foreclosed upon, or a lawsuit being filed to garnish your wages. Creditors have a wide variety of legal means at their disposal in order to get you to make good on your debt. Depending on your unique situation, bankruptcy can possibly stop the wage garnishments and protect your house and car.

Experienced Bankruptcy Attorneys in Tacoma, WA

Filing bankruptcy is a good sign that you’re finally making the initial efforts to regain control of your financial situation. In 2018, make the resolution to stop the financial stress for good.

If you’d like to learn more about bankruptcy and how it can benefit you and your family, give our office a call at (253) 272-4777 to schedule a free, no-obligation consultation. At Tacoma’s Law Offices of David Smith, we treat our clients with care and compassion. We’ll work hard to help them get our clients’ financial lives back on track throughout 2018 and beyond.

To learn more about Washington bankruptcy law, watch our Tacoma bankruptcy attorneys video series:

Introducing the Tacoma Bankruptcy Attorney Series

Chapter 13 Bankruptcy in Under 3 Minutes

Chapter 7 Bankruptcy in Under 2 Minutes