While deciding to go through with Chapter 7 bankruptcy can be disheartening for some, there is often a clear need to make it happen. When your debts become overbearing and there is no way for you to get out from under them, this form of bankruptcy tends to be the best choice. Take a moment to look over the top 3 reasons why you should go this route and then schedule a meeting with a Chapter 7 bankruptcy lawyer.
Your Debt Starts Fresh
Once your order has been discharged, your debts will be removed and you will have a chance to rebuild your credit again. This means that no repayment plan is going to be necessary and once discharged you will owe nothing on your debts. This does come with a few exceptions though. The following debts cannot be discharged with a Chapter 7 bankruptcy:
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You Keep Your Income
As your Chapter 7 bankruptcy lawyer will tell you, once your order has been discharged, you will be able to keep the income that you make. The only time any funds will be pulled from you is if you end up getting property from a divorce, you enter a settlement agreement, death benefits are paid out to you or you inherit anything of value. If you are planning on any of these happening, you will want to be sure that you speak with your lawyer in order to determine the items you need to disclose to the court beforehand.
No Limits on Dollar Amounts
Unlike Chapter 13, there is no specific value that the individual claiming bankruptcy can file. This means that no matter how much debt that you have, you can file to have it removed. Once the judge has discharged the debt, these items will be removed within 60 to 90 days. That means you can begin the next chapter of your own life, without having to worry about negative items spending the next 7 years on your record. Keeping in mind that all debt that occurs post-bankruptcy is going to be ineligible for removal for an additional seven years due to the frequency you are allowed to legally file for this.
If you aren't sure if this is the best route for you to go, take a moment to speak with a Chapter 7 bankruptcy lawyer. They will go over the entire process with you and can help you to determine if this decision is the best one for you.
Remember, Chapter 7 bankruptcy is designed to help those who have no other options when it comes to dealing with their finances. The need for filing can vary from person to person and when you work with a knowledgeable attorney, you can be certain that all your debts are going to be discharged accordingly.
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