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Posts tagged "Chapter 7 bankruptcy"

Chapter 7 bankruptcy can provide a fresh financial start

When you are so deep in debt that there doesn't seem like a way out, you might feel hopeless. The good news here is that you do have options to consider. One of these is filing for bankruptcy. People who meet certain income and asset limits might be able to file for a Chapter 7 bankruptcy. This could provide the fresh financial start that helps them to regain control of their situation.

Chapter 7 bankruptcy is an acknowledgement of the problem

A Chapter 7 bankruptcy isn't throwing in the towel and giving up on the debts that you owe. Instead, this is a time when you are acknowledging that you are in over your head. The bankruptcy lets your creditors know that you can't make the payments and takes the false sense of hope away and presents them with a factual situation.

Prepare to work to rebuild your credit after bankruptcy

One of the points that people who file for bankruptcy are concerned with is how they are going to rebuild their credit when the case is over. The answer to this isn't very easy, but it is possible to rebuild your credit score over time if you are willing to work at it.

Suffering under a burden of debt when you can have a fresh start

Financial problems can put a huge burden on a marriage or a family. Believe it or not, there are few people that have not experienced them at some point in their lives. It is easy to believe that only people with little or no income experience financial problems, but the truth is people with a lot of money experience them just as much. The more money a person has, the more money that can be mismanaged.

Chapter 7 bankruptcy | Exploring the pros and cons

If you are reading this, you probably already know that debt can consume your life even as you struggle to pay down all of your bills. It is like taking a step forward only to be knocked back a few steps. If an emergency arises such as a serious illness or the sudden loss of income, any balance you may have reached will soon disappear, leaving you in even worse financial trouble.

How an attorney can assist with a chapter 7 bankruptcy

Here is a scenario we have seen with our clients. You have been struggling with your debt for a long time. After trying desperately to sort out the situation and get back on track, you finally realize chapter 7 bankruptcy is your solution. You assume that because you are so far in debt, working with a lawyer is out of your reach. However, you have trouble with your bankruptcy and don't know where to turn for help, leaving you even more in debt and at loose ends altogether.

Is it bad to spend money and then file for bankruptcy?

Everyone who is considering Chapter 7 bankruptcy is in a tough spot financially, and they don't have a lot of cash on hand. They still need to spend, but they don't want the courts to then accuse them of bankruptcy fraud, saying they were using credit cards just so they could then eliminate the debt without paying it back. What should you do?