If you have reason to believe that Chapter 7 bankruptcy is the best way to escape financial trouble, you owe it to yourself to learn more about the process.
As you compare the pros and cons of filing, you'll soon realize if this is something that could put you in a better position in the days, weeks, and months to come.
Although this is one of the biggest financial decisions you will ever make, it's important to understand that it may be just what you need to regain control of your financial life.
Here are some of the top benefits of Chapter 7 bankruptcy:
-- It does not take long to move through the Chapter 7 bankruptcy process. In fact, most people find that they can put this behind them within three to six months. From there, you can start fresh.
-- You will not necessarily lose any property. Many people believe that Chapter 7 bankruptcy results in surrendering their property to the court. While this may happen, most people find that there are enough exemptions available that they can avoid this.
-- Filing for Chapter 7 bankruptcy will give you some breathing room. For example, are you always receiving phone calls from creditors? Is your mortgage lender attempting to foreclose on your property? With Chapter 7 bankruptcy and the automatic stay, you can buy yourself enough time to figure things out.
Along with all the above, Chapter 7 bankruptcy gives you the opportunity to better understand your past mistakes. With these in mind, you can then make better decisions in the future with the hope of avoiding a similar situation.
There is no denying the fact that there are many ways to improve your financial situation. While Chapter 7 bankruptcy is not always the right answer, it's something to consider. Once you compare the pros and cons with an eye toward your personal situation, you'll know what to do next.
If you find that filing for Chapter 7 bankruptcy is the best way to improve your finances, it's time consult with an attorney to better understand how to move forward and what to expect. With professional help, you're closer than ever to putting your bankruptcy in the past and feeling better about the future.
Source: Nov. 30, -0001