When you are facing financial difficulties, it’s common to feel concerned about your future and what you can do to improve your situation.
While you may feel limited to a certain degree, filing for Chapter 7 bankruptcy may be just what you need to right the ship and feel better about your future.
How can it help?
Here are some of the many reasons to consider Chapter 7 bankruptcy:
- To discharge some or all of your debts: For example, if you’re swimming in credit card debt, the thought of slowly paying down your balances may be enough to make you nauseous. But with a Chapter 7 bankruptcy filing, you can discharge this type of debt, among many other kinds.
- To save your home from foreclosure: When your financial situation takes a turn for the worse, it’s important that you protect your home. For many people, there’s nothing more important than this. If foreclosure is coming down the pipeline or you’ve already received a foreclosure notice, filing for Chapter 7 bankruptcy can help. The automatic stay is designed to stop creditors from collecting from you. This buys you more time, allowing you to learn more about your options and make changes accordingly.
- It’s fast: When you’re buried in debt, it’s easy to believe that things will always be this way. Even if you do everything you should, you realize that you’re many years out from making any real progress. But with Chapter 7 bankruptcy, you don’t have to wait for things to change for the better. Once you file, it typically takes five to six months for the process to reach the end. However, the discharge of debts is likely to happen within 90 days, thus giving you new hope for a better future.
These are just a few of the many reasons to consider Chapter 7 bankruptcy. If you believe these benefits have the chance to improve your finances, compare them to any potential drawbacks and then make a final decision.
Deciding to file for Chapter 7 bankruptcy is one of the biggest financial decisions you’ll ever make, but it could be the best way to escape your past and create a better future.