The Top Benefits Of Filing For Chapter 7 Bankruptcy To Help You Gain Financial Health

You may be in serious debt through no fault of your own. You could have been injured in an accident or have become ill and can no longer work.

You might be needing pay for your child's medical bills, or perhaps you lost your job due to downsizing. There are many reasons why you are in debt, and you now may feel overwhelmed with creditor calls, past-due payments, and more.

While it doesn't sound appealing, filing for Chapter 7 bankruptcy can help you regain your financial health over time, while giving you some breathing room to help get your bills paid.

Contact a Chapter 7 bankruptcy attorney to learn what your options are. Here are some of the top benefits of filing for Chapter 7 bankruptcy.

Chapter 7 Bankruptcy Is Faster Than Chapter 13

If you need relief from creditors quickly, then one advantage of filing Chapter 7 bankruptcy is that the process is faster than if you filed using Chapter 13.

The entire process from filing to debt discharge can take several months instead of several years in most cases. You simply contact a Chapter 7 bankruptcy attorney. They will help you gather what documentation you will need to present. They will file your claim with the courts. You will be required to attend an online course on financial education, and in a few months' time, your debt should be discharged.

Chapter 7 Discharges Most Debt

While you might be the type of person who would prefer to try to pay back what you owe, that's not always possible. There may come a time when you need to consider the fact that you simply don't have the funds available to pay back your debt. While you can opt for the re-payment route of Chapter 13, it will still put a drain on your finances.

Chapter 7 discharges most, if not all, of your debt. It does cover debt including credit card, medical bills, utility bills, and more. Your Chapter 7 bankruptcy attorney will work with you to see if all of your debt might be discharged or if you may need to negotiate a re-payment plan for certain types of debt.

You Get Relief From Creditors Immediately

It can be stressful to have creditors calling and writing you constantly. You may not know what to tell them anymore. After all, you may have already tried to work out a deal to pay back your debt, but they aren't listening.

Chapter 7 bankruptcy will give you relief from creditors' constant calls immediately. Your Chapter 7 bankruptcy attorney can help you inform your creditors that you have filed for Chapter 7, and the courts will automatically stop all harassment from anyone you owe.

This can help give you peace of mind so that you can deal with your financial situation in a calm manner.