Is Filing For Chapter 7 Bankruptcy A Good Choice?
People generally view bankruptcy negatively. And that explains why Americans are often ashamed of filing for bankruptcy. However, bankruptcy can help people with huge debts. So, if you have got no way to pay off your debts, you should consider talking to a Chapter 7 bankruptcy lawyer.
Debt Forgiveness
According to Chapter 7 bankruptcy law, you can have most of your debts quickly discharged. So, if you have no money to clear your debts, you can file for Chapter 7 bankruptcy. The case will generally take four to six months to complete but can take longer if the case is more complicated. If your application is approved, all the qualifying debts will be forgiven. These debts include:
- Phone bills
- Unpaid utilities
- Credit card debt
- Balances after a foreclosure or repossession
- Medical bills
- Personal loans
No More Harassment
Creditors are notorious for harassing loan defaulters. These guys can make your life miserable and will use every tactic to get you to pay their money. Unfortunately, creditors will continue to harass you until you clear their debts. Luckily, you can get them to stop their bad behaviors by filing for Chapter 7 bankruptcy. Once the court discharges your debts, creditors have no right to harass you. But if they do, you can ask your Chapter 7 bankruptcy lawyer to sue them.
Clean Financial Slate
Starting a clean financial slate is impossible when you still have bad debt limiting you. In fact, you'll have to direct all your money to pay these debts. But do you know you can take advantage of Chapter 7 bankruptcy to clear your bad debts off? By doing so, you can build your finances and start saving some money. While it might take time to get the bankruptcy discharged, you'll have a second chance to organize your finances.
Rebuild Credit Score
The chances of getting a loan with a bad credit score are pretty negligible. Unfortunately, your inability to pay your debts will have messed with your credit score pretty badly. Unless you get the debts cleared by Chapter 7 bankruptcy, your credit score will continue to decline. Chapter 7 Bankruptcy is your only chance to rebuild your credit score.
No Repossessions
Chapter 7 bankruptcy lawyer can help you protect your personal property from being repossessed. Once the bankruptcy clerk alerts the creditors, your assets will be safe. You won't have to fret about the bankruptcy trustee selling your assets to pay off your creditors. At least you'll get to keep your car, household items, personal items, and a part of your home's equity.