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When is a Chapter 7 bankruptcy filing the best option?

The holiday period can put many people in a financial strain. If you were already struggling with accumulating debts, the pressures of the festive season can bring even more financial burdens that could be enough to put you in a desperate situation. The new year is a time for fresh starts and new habits, and this can include dealing with your stressful financial situation.

If you feel overwhelmed with your debts in the state of Washington, it is important that you do not ignore the problem, because this can lead to serious consequences. Instead, you should look into the possible solutions for you. Filing for Chapter 7 bankruptcy has helped millions of people in the United States get free of their debts.

A Chapter 7 bankruptcy will use some property to pay off debts

Some of your assets will be protected from being seized in a Chapter 7 bankruptcy. However, nonexempt assets will potentially be seized by the bankruptcy trustee in order to generate funds to pay off debts.

A Chapter 7 bankruptcy will probably lead to a debtor's discharge

If you file for Chapter 7 bankruptcy in the state of Washington, it is very likely that you will not have to pay the full amount of your debts. Instead, you will benefit from a debtors' discharge if your creditors do not file a complaint.

It is important that you take action to get a fresh start from your debts in the state of Washington. An experienced attorney can provide information on the many bankruptcy options available to you.

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