About Chapter 7 Bankruptcy

Choosing to file for bankruptcy can often be a difficult decision to make. Debt is a difficult thing to handle, especially in this trying economy. Individuals who have too much debt may find it difficult to stay current on their payments, which in turn could lead to serious financial difficulties.

One way to help people get through such hardships is by filing a Chapter 7 bankruptcy claim. A Chapter 7 bankruptcy claim can help you in a lot of ways, especially when you are already worrying about how to pay for the debts. Through a Chapter 7 bankruptcy claim, you are:

  • Protecting your properties from the creditors. Because you need transportation, housing, clothing, and other necessities to keep living, they can be protected from creditor collection, as dictated by the court.
  • Putting a stop to the harassment from creditors. The non-stop calling, emails, letters and threats of lawsuits can be stopped once the case has been filed in the court. Any creditor that tries to collect money from you or to repossess your property during the bankruptcy process can be held accountable for their actions.
  • Wiping out most debts, whether they are credit cards debts, medical debts, payday loans, or personal loans. You can start anew by filing a Chapter 7 bankruptcy; these debts can be removed, as long as they are not secured by any collateral (car, electronics, and house).

There are many other benefits a person can get from filing a Chapter 7, so filing for bankruptcy should not be seen as a disaster. However, many people have had success avoiding bankruptcy and debt altogether by working with experienced financial planners who can help them effectively plan for their future and address their wealth management needs. By working with successful financial planning professionals, many individuals are able to avoid the frustrations that come along with a bankruptcy filing altogether. If you are considering filing for bankruptcy, contact a Cincinnati chapter 7 bankruptcy lawyer today to learn more about your options.

5 Comments

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