For many of us, just paying off the bills seems like a Herculean task. Each month, those bills just seem to spirit away all of our hard earned cash leaving us with very little to survive on. Does this put you in doubt on whether you’ll be able to survive past the next couple of months? If so, all is not lost. Determine if bankruptcy is the best option for you at this time and if you need to learn how to file chapter 7 bankruptcy.
First of all, know that deciding to file for bankruptcy should not be taken lightly. This should be your last resort as it directly affects your future creditworthiness. Before filing, you should find out if all or enough of your debts would be discharged, to make the whole process worthwhile. Here are some debts that Chapter 7 Bankruptcy may free you from:
- Medical bills
- Credit cards
- Department store cards
- Payday loans
- Personal loans
- Utility Bills
If these bills are what contribute to a huge part of your current debt, then you might want to find out how to file chapter 7 bankruptcy. Now, most of the time, Chapter 7 bankruptcy helps out people in these situations:
- Have a lot of medical and credit card bills – Chapter 7 is designed to eliminate these unsecured debts. It works quickly. No need to wait years for a fresh start.
- Being bothered by those pesky collection calls and notices – If you file for a Chapter 7 Bankruptcy, those persistent, dogged collections agents, magically go away. They are now legally prohibited from bugging you about what you owe them!
- You do not own much property – this is perfect as your property, most of the time is not safe from this type of bankruptcy. This means that to pay your debts, they will have to sell off your remaining unprotected assets.
- Your income is not enough as it is to pay your total bills – you must pass the means test as this determines if you actually can pay for your bills in total.
- You have a low credit score: while it is true that your credit score is directly affected by filing chapter 7 bankruptcy, your inability to pay for your bills will do that to you too. Getting your debts discharged can and will get you that fresh start you need so you can start building your credit back up again.
Did more than one of these situations resonate with you and made you identify with what was described? Is going for chapter 7 bankruptcy becoming more and more attractive to you? If so, go for it! Gun for that fresh start that this process can provide you.
Find out if you now qualify and will need to know how to file chapter 7 bankruptcy. The best way to know for sure is to consult with a bankruptcy attorney from your area. This ensures that they know exactly what the lay of the land is and how to best advise you regarding the bankruptcy laws that govern your state. Most of all, regain control of your life and your peace of mind!