The word “debt” can be frightening for many Americans. But did you know that filing for Chapter 7 bankruptcy can give you the opportunity to start a new life, free of creditors? Based on a recent report, eight out of 10 Americans are living with debt — but you don’t have to be one of them.
Benefits of Filing for Bankruptcy
- From the start of filing for Chapter 7 to the end of your case, the entire debt relief process takes anywhere from three to six months, which is worth the short amount of time for long term financial relief.
- In most states there are exemptions that will allow you to keep most — if not all — of your possessions. Filing for Chapter 7 will also let you keep your salary and property.
- There are financial lenders who often specialize in lending money to those who have filed for bankruptcy. Just be sure to consult your bankruptcy lawyer first about whether this is beneficial for you.
- Chapter 7 bankruptcy doesn’t require you to have any specific amount of debt in order to seek relief.
- Declaring bankruptcy will help you start rebuilding your credit sooner than if you never filed at all.
At the Law Office of Bardsley and Gray, we will make sure that you are filing for the correct type of bankruptcy that suits your financial needs. Chapter 7 is common, but there is also Chapter 13 to consider. It is best to consult with a bankruptcy lawyer to get you started off on the right track. Contact us today!