When it comes to your finances, leave it to the professionals. If you’re reading this, chances are you are drowning in debt and looking for a fresh start. Contacting a bankruptcy lawyer to file a chapter 7 bankruptcy is the first step. A lawyer will know the ins and outs, keeping your best interests in mind. Knowing how bankruptcy will help you.
What are some benefits of Chapter 7 bankruptcy?
There are several key benefits to a chapter 7 bankruptcy as opposed to a chapter 13 bankruptcy, but it’s important to let a professional get you out with a completely clean slate. Continue reading to learn what the key benefits of a chapter 7 bankruptcy are, and why you should file.
Perhaps the most important reason to file a chapter 7 bankruptcy is it offers a fresh start that no other case can offer. Almost all debts are discharged, less student loans, alimony, and child support to name a few. Discharged means the debtor does not have to follow a repayment plan, their credit score will receive a fresh start as well and begin to rise, and they will qualify for loans again. A complete fresh start also means there is no debt limit. If you are like any of the other thousands of Americans struggling with financial debt, doesn’t that sound like new hope? We thought so.
In addition to getting all your debt discharged, with a chapter 7 bankruptcy, it also happens quickly. Typically, after a debtor files bankruptcy, the court orders a discharge within 60 to 90 days. After this happens, the case is considered closed. Suffering from financial debt can make days seem like years, so a fast process is exactly what you’ll want.
Lastly, a chapter 7 bankruptcy secures your future; future income. Typically, any property gained after filing for a chapter 7 bankruptcy is not acquired by the case. However, there are a few exceptions including inherited property, death benefits, or the proceeds from a life insurance policy.
The benefit of filing a chapter 7 bankruptcy is almost like it happens once and it’s gone forever. Your credit score does take a hit, but one that has the opportunity of improving again. Since there is no repayment plan, once the case is closed, you actually feel debt free as opposed to paying on a repayment plan. If you trust in the right lawyers, the process can also happen quickly. Your new financial freedom is closer than you think.
Seeking counsel from and experienced and knowledgeable bankruptcy attorney is the first step to debt relief. The bankruptcy attorneys at Border Law are your one-stop source for personal or business bankruptcy services. With over 15 years’ experience in all types of bankruptcy cases, Border Law provides comprehensive legal services offering the best financial solutions for your case. The experts at our bankruptcy Law Firm based in Southfield, MI work efficiently and effectively to resolve your debt concerns with professionalism, privacy and confidentiality. Call Border Law today for a Free Case Evaluation!