The Attorneys Of Stewart Sorice Farrell Finoli And Cavanaugh LLC

The benefits of filing for Chapter 7 bankruptcy

On Behalf of | Nov 30, 2017 | Bankruptcy |

Pennsylvania readers know the decision to file for personal bankruptcy is not an easy one to make. It may feel like a defeat for you, but in reality, it could be the right choice for you to forge a path to a stronger financial future. If you are overrun by debt, dealing with financial challenges and have no hope of ever catching up on your own, you may benefit from Chapter 7 bankruptcy.

Chapter 7 bankruptcy is a popular choice for many people who decide to take this step. However, not everyone who wants to file will be eligible to do so. Eligibility depends on matters such as the types of debts you have, your financial situation and more. You may find it useful to explore this option and learn more about how Chapter 7 could be the right choice for you.

Why consider Chapter 7?

Many people view Chapter 7 as a negative step, but it could offer many benefits to the people who seek this protection. Some of these benefits include the following:

  • The bankruptcy process under Chapter 7 only lasts for a period of three to six months.
  • Although called liquidation bankruptcy, there are exemptions that will allow you to keep most of your personal possessions.
  • It is possible to rebuild your credit after the Chapter 7 bankruptcy process is complete.
  • Bankruptcy protection will provide protection from lenders by enacting something called the automatic stay.
  • Garnishment of your wages will not continue after you file for Chapter 7.

Every person’s financial situation is different, and while Chapter 7 bankruptcy is a popular and beneficial option, it is not necessarily the right choice for every person dealing with overwhelming debt. If you want to file for Chapter 7, you would be wise to be fully aware of both the positives and negatives of this choice.

A stronger financial future

No matter what led to your financial duress to begin with, Chapter 7 could offer you a way out. Many people fail to consider how bankruptcy could benefit them, but it is a legitimate and organized way by which you can confront your debt, make harassment from creditors stop and reach a more stable financial future.

If creditors are calling you all hours of the day, you cannot make your credit card payments or you are unable to manage your medical bills, you have options. You may feel like you are drowning, but you would be prudent to consider whether or not Chapter 7 is the right life preserver for you.