Chapter 7 Bankruptcy

When To File Chapter 7 Bankruptcy

If you simply cannot make ends meet, you should consider a Chapter 7 bankruptcy. Filing for a Chapter 7 bankruptcy can be ideal if you have overwhelming credit card debt, medical bills, or are facing lawsuits over your debts. Many people try to survive as long as possible by shifting debt from one credit card to another. For 6-12 months, you can keep sending credit card checks from one company to another to stay afloat. But you will only be delaying the day when you must file for bankruptcy. Stop robbing Peter to pay Paul and contact us for the help you need.

The Benefits of Chapter 7 Bankruptcy

Chapter 7 bankruptcy is sometimes known as "liquidation," because it involves selling off assets that are nonexempt by federal law. Once you have liquidated the assets (if there are assets to sell, which is rare), your debts are "discharged," or wiped clean. Few people, if anyone, actually pay off all their debts before they are discharged. When you file for Chapter 7 bankruptcy, you are making a good-faith effort to resolve your financial troubles instead of just delaying them. So as soon as you file, your creditors must, by law, stop all harassment (phone calls and letters). And most wage garnishments must also cease. Perhaps best of all, a Chapter 7 bankruptcy will quickly resolve your debt and let you start over from scratch. Your credit will not be ruined -- in fact, you can rebuild your credit relatively quickly after a Chapter 7 filing.

The Disadvantages of Chapter 7 Bankruptcy

At StraightBankruptcy.com, we do not want you to file for a Chapter 7 bankruptcy without first understanding the potential disadvantages. Our lawyers are here to do what is best for you, and we explain all the upsides and downsides of each option. For instance, if you want to keep your house and car, you will still have to make payments on them during and after the bankruptcy process. In most cases, if you are behind on a house or a car you will lose it after the Chapter 7 filing. However, if you are current, you can keep a home and a vehicle for each adult of driving age while going through a Chapter 7.

Talk With a Chapter 7 Bankruptcy Lawyer

At Straight Bankruptcy, our lawyers are ready to answer any of your questions about Chapter 7 bankruptcy and whether it is right for you. Contact us any time. We welcome your questions and concerns. Let us put your mind at ease.