If you have reached a point in your financial life where you feel as if you are drowning in debt and there is no way out, it might be time to look into Chapter 7 bankruptcy. This type of bankruptcy is meant to give consumers a fresh start with their financial life by wiping their debt away. There is no repayment plan required, and most debts are simply wiped away without having to relinquish all your assets.
Keep Your Property
One of the largest benefits of filing Chapter 7 bankruptcy is the ability to keep your property in most cases. Your property consists of your home, car and bank accounts, all of which are protected from the reach of the creditors at the time of filing.
Stop the Phone Calls
Chances are if you are considering filing for bankruptcy, your phone is constantly ringing with creditor phone calls. Typically, creditors who are demanding money are not nice and can be downright harassing, making it a difficult time for you every time the phone rings. The minute you file for bankruptcy it becomes illegal for creditors to call you. If they have any reason to contact you, they have to go through your attorney by law.
Wipe Out Most Debt
Any unsecured debt can typically be written off in the bankruptcy. This includes credit cards, personal loans, medical debt and any other unsecured loans. The only debt that cannot be included is any taxes you currently owe, back taxes, child support and student loans. If you have a mortgage or car payment, you can typically reinstate the debt, allowing you to keep your property, as well as the debt, if you choose to take that route.
Save Money
Chances are your ultimate goal for filing Chapter 7 bankruptcy is to begin saving money again rather than living paycheck to paycheck and drowning in your debt. When you wipe your debts clean, you can focus on building up a savings account rather than having to worry about repaying debtors as you would have to do with other forms of bankruptcy.
Today, filing for bankruptcy is common and not something to be embarrassed about. Hard financial times have fallen on many people, making Chapter 7 bankruptcy necessary for many. If you are in over your head with debt, it is worth the time to speak to a bankruptcy attorney to discuss the benefits of filing bankruptcy and how it can help you turn your financial life around.
For more information regarding Chapter 7 bankruptcy attorney, visit the website of Vance P. Truman, Attorney at Law or call Phone No.
