Is Chapter 7 Bankruptcy Ideal When In Debt? How To Find Out If It Is The Right Option For You
Are you in debt? Has the amount of money you owe to creditors continued to increase as you are unable to make payments and constantly have late fees added to the total? If this is the situation you are in, it might feel like there is absolutely no way to get out of it, but there is a solution. You may benefit from filing chapter 7 bankruptcy. Although filing for bankruptcy does appear on your credit history for nearly a decade, it is still a great way to overcome this situation, get rid of the stress, and get that fresh start you need to get your finances in order.
What Is Chapter 7 Bankruptcy Like?
There is more than one way to file bankruptcy, but chapter 7 is often favored among those with debt because it is an option that does not require you to get on a payment plan to pay your debt back little by little. Instead of coming up with a plan and trying to pay the thousands of dollars you owe, you could simply sell off some of your assets, such as additional properties or extra vehicles you own. You would not be expected to sell your personal vehicle or the home you own and live in. In fact, your home and the car you use to get around would be considered exempt. If you do not have additional assets to sell, you could end up filing chapter 7 and get a fresh start without losing any of your property or putting out any additional money toward your debt.
What Makes It a Good Option?
Does the thought of all your debt keep you up at night? Although it may sound dramatic, you might have a hard time sleeping while you think of all the money you owe to different creditors. If those creditors are constantly calling your cell phone, home phone, and have even tried to reach you at your workplace, it may feel like it is nearly impossible for you to escape the stress of your debt because there is always a constant reminder of it everywhere you go. When the situation spirals out of control like this, filing chapter 7 bankruptcy could end up being the best decision for you. Those harassing calls would quickly come to an end, and you could stop stressing so much.
Many people find themselves dealing with debt at some point. If you have a lot of debt and the situation is not getting any better, think about filing chapter 7 bankruptcy. It is an option that could help you get out of the difficult rut you are in. To get started, contact a law firm like Price James S & Associates.