Chapter 7 Benefits
Filing for bankruptcy is a difficult and stressful decision. However, bankruptcy can offer you many benefits like discharging your debt, and giving you a fresh financial start. Chapter 7 Bankruptcy is one option that could offer the best solution to your specific situation. In fact, Chapter 7 is the most common form of bankruptcy in the United States.
Below are Top 7 Benefits of filing Chapter 7 Bankruptcy
1. As soon as you file for Chapter 7 Bankruptcy, the power of the "automatic stay" goes into effect. This means that your creditors must immediately stop all collection efforts. Creditors are no longer allowed to attempt to collect from you via telephone, mail or by any other means.
2. Your case is often over (discharged) in about 3 months. This also means you could begin rebuilding your credit sooner.
3. There is no minimum amount of debt that you must have, to file Chapter 7 Bankruptcy.
4. The attorney’s legal fees for filing Chapter 7 Bankruptcy are much lower.
5. You can usually keep all of your property. You may choose to continue with your vehicle or home payments.
6. You receive a fresh start. After the bankruptcy is discharged, the only debts you owe will be for secured assets on which you choose to sign a “Reaffirmation Agreement”, and any debts excluded from a Chapter 7 discharge.
7. With debts being forgiven, you are financially free and emotionally free. This relief is something that can change your life from worry and stress to a new beginning of hope.
Chapter 7 Bankruptcy can also eliminate:
- collection agency accounts
- some student loans
- utility bills (past due amounts only)
- business debts
- medical bills
- credit card charges
- some taxes
- payday loans
- some types of liens
- repossession and foreclosure debts
- personal loans
- overdrawn bank accounts
Chapter 7 Bankruptcy can also stop:
- call harassment from a collection agency
- wage garnishment
- vehicle repossession
- license suspensions
- eviction (if certain requirements are met)
Everyone’s economic situation is different. Therefore, you should consult an experienced bankruptcy Attorney Daniel Podkowa, so that he can find the best debt relief solution for you. His Bankruptcy Law Office has a proven track record in getting people like you a fresh start.
Call his office today, so you can have the opportunity to take full advantage of chapter 7 benefits.