The most beneficial aspects of Chapter 7 bankruptcy

On Behalf of | Jan 25, 2021 | Bankruptcy

If you are ready to finally be free from overwhelming debt, you should consider the options available to you. Massive action is usually needed to successfully get rid of your debt, especially if it has been growing for several years. You’ll essentially need to make a U-turn in your habits and start to live a life within your financial means.

Dealing with overwhelming debt can take a toll on you emotionally, and the stress that comes with this can lead you to make poor financial decisions, whether that’s gambling, over consumption or misguided investments. If you’re ready to take positive action for your financial future, the following is an overview of the benefits of Chapter 7 bankruptcy.

You’ll be able to get a fresh start from your debts

Do you dream of becoming debt free? When people are able to clear all of their debts, they often feel like a weight has been lifted from their shoulders. Chapter 7 bankruptcy makes it possible to become debt-free in a matter of months and to finally gain a fresh start.

You don’t need an income to qualify

Chapter 7 bankruptcy is best suited for those who are struggling with debt and have a low income or no income at all. This is because it uses the debtor’s assets to help pay off the debt. This does not mean that you will lose all of your assets, however. Exceptions mean that you will be able to keep certain property such as furniture, clothing and an allowance for a car.

All debt will be discharged at the completion

Even if your assets are not sufficient to pay off all debts, it’s likely that you will benefit from a debt discharge just 60 to 90 days after you file for Chapter 7 bankruptcy.

If you dream of becoming debt-free but don’t see a realistic way to pay off your debts, filing for Chapter 7 bankruptcy could be a huge step for securing a more positive future.