Why Bankruptcy Can Actually Be a Good Thing for Everett, WA, Residents

Going bankrupt can feel like a sign of failure, but the truth is that it’s really a sign of recovery as well as a much-needed chance to start over. Bankruptcy in Everett, WA, or elsewhere is a way out of debt or a bad financial situation. Often, it isn’t even the filer’s fault. People can be weighed down because of factors they couldn’t control, like injuries, illnesses, layoffs, and so on. The process doesn’t even necessarily have to hurt your credit report. After all, the results of this endeavor can vary greatly depending on your reasons for filing.

Arrange a free consultation with an attorney to learn more and find out whether bankruptcy legal services are right for you. There are different kinds that you can file for, and only a professional can tell you which one is the best option for your situation. An experienced attorney like Kimberly J. MacLeod, P.C. can help you take a means test to know if you qualify for bankruptcy. Anybody unsure what to do about their debts or financial situation can benefit from speaking with someone skilled in the related laws.

Knowing When to File for Bankruptcy

Watching your debt increase can be overwhelming—especially when you’re unsure how you’ll ever overcome it. For many people, declaring bankruptcy is an effective way to achieve a fresh start. However, bankruptcy is not the best option in all circumstances. Take a minute to read through this advice from Kimberly J. MacLeod, P.C., a respected bankruptcy attorney in Edmonds, WA

Talk to the Professionals

First, you need to talk to professionals that understand bankruptcy inside and out. Kimberly J. MacLeod has been focused on Chapter 7 and Chapter 13 bankruptcies since 2009, meaning she can tell you if bankruptcy will complement your financial and life goals.

Complete a Means Test

Next, it’s important to complete a means test to see if you qualify for bankruptcy. Just because you’re having difficulty paying bills doesn’t mean you automatically qualify. A quick rule of thumb is that you’ll have an easier time qualifying if your income falls below the state median income.

List Your Debts & Income

Another crucial step is to list all your debts and income in detail. If your monthly payments are less than 35% of your monthly income, you’ll likely have a difficult time persuading a judge that you’re a good candidate for bankruptcy.

Don’t hesitate to contact Kimberly J. MacLeod for more advice from an experienced bankruptcy attorney in Edmonds, WA.