How can you benefit from Chapter 7 bankruptcy?

How can you benefit from Chapter 7 bankruptcy?

| Aug 5, 2020 | bankruptcy |

For many people, there’s nothing more challenging than managing their finances. If you know how this feels, you also know that there are times when you’re lost and looking for answers.

There may come a point when Chapter 7 bankruptcy is the best answer to your financial problems. Here’s what bankruptcy can do for you:

  • Provide a fresh start: With the opportunity to discharge many of your debts, you’ll finally gain the fresh start you’ve been dreaming is possible. For example, you can use Chapter 7 bankruptcy to discharge your credit card debt, unsecured loans and medical bills.
  • Keep your future income: This is one of the primary differences between Chapter 7 and Chapter 13 bankruptcy. With Chapter 7 bankruptcy, you’re able to keep all your future income, as opposed to repaying some of your debts through a repayment plan (which can last up to five years). This allows you to best manage your finances in the future.
  • Fast results: You’ve been dealing with less than ideal financial circumstances for long enough. It’s time to get back on track. Typically, the entire Chapter 7 bankruptcy process unfolds within six months. And best yet, the discharge of debts usually occurs within 60 to 90 days. This allows you to see the light at the end of the tunnel, from the start of the process.

If you’re ready to get your finances back on track, consider the benefits of Chapter 7 bankruptcy. It may be just what you need to reach your future financial goals. Should you decide to go down this path, learn more about getting started and what you’re required to provide the court. 

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