If you can't pay your debts, you might need to file for bankruptcy. This legal process is meant to allow you to discharge your debts through a reorganization of your finances, stop creditors from taking away everything you own, and enable you to start over without financial worries. However, it may be an emotionally difficult decision to make. Luckily, an attorney can tell you about your options and make this process easier. Read on to find out why you need to file for a Chapter 7 Bankruptcy.
1. Protect Yourself from Creditors
Some creditors are known to call and harass individuals with their debts. This can be extremely frightening, especially if you have children to support. However, filing for bankruptcy will protect you from this harassment. It will stop your creditors from taking your money and enable you to continue living your life normally without lots of worries.
An attorney can help you file for this type of bankruptcy. If it's successful, all your debts, including credit card debts and other unsecured debts such as medical and utility bills, will be wiped out. This is an ideal choice if you're trying to improve your credit score.
2. Get Out Of Debt Quickly
You don't have to wait several months to start getting out of debt. Filing for bankruptcy will allow you to start the process immediately. The court will send your creditors a letter stating that you're filing for bankruptcy, stopping them from taking any collection actions against you.
A lawyer can help you set an agreement with your creditors and the court when filing. This will give you the time to fix your finances and pay your debts. It will also enable you to get out of debt with less stress.
3. Keep Your Property
Some creditors may seize your property if you don't pay them. However, if you file for bankruptcy, you can keep your property. The court will even order the creditors to return any property they've seized, even before you finish paying off all your debts and obligations.
Working with a lawyer will ensure your rights to your property are fully protected. They may also ask the court to protect any equity in your home from being taken by your creditors, especially if you're behind on your mortgage payments.
Filing for chapter 7 bankruptcy is a great way to deal with your debts. It will save you all the stress and worry of dealing with creditors and give you peace of mind. Click here for more info about chapter 7 bankruptcy.