Bankruptcy has taken on something of a negative connotation, perhaps due to the fact that you need to be struggling financially to consider it. The reality, though, is that it can be a hugely positive event for those who have run into financial troubles.
For example, your wages may be garnished to pay your creditors. This can be devastating, taking away a huge chunk of your paycheck and making it hard to keep food on the table. Chapter 7 can put an end to those garnishments so that what you earn stays in your bank account.
Bankruptcy can also take on multiple types of debt. Maybe you have too much credit card debt and the high interest rates are killing you. Maybe you have medical debt from an unexpected accident, and you don’t feel like you’ll ever get out from under it. Chapter 7 can be used to eliminate both of these and more.
One of the best things about Chapter 7, especially when compared to Chapter 13, is that it’s fast. It may take just four months for you to get through the process, erase your debt and start over. If you’ve been suffering under the weight of debt for months or even years now, this relief can change your entire outlook.
Do you have any questions about bankruptcy, or are you interested in finding out more about what type of bankruptcy may work for you? If so, you should know that our informative website has a lot of the information you’re looking for, and it can help you as you consider all of your options.