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Pros Of Filing For Chapter 7 Bankruptcy

Pros Of Filing For Chapter 7 BankruptcyFiling for bankruptcy is a great tool to reduce debt and start over. Attempting to overcome financial difficulties can be a challenging moment in one’s life. Fortunately, you have options that can assist you in beginning the process of repairing your finances, one of which is Chapter 7 bankruptcy. Among the benefits of filing for Chapter 7 bankruptcy are:

  • Debt Forgiveness – In Chapter 7, you can pay off creditors quickly or dismiss a big percentage of your debt. Most Chapter 7 bankruptcy cases are completed in less than six months. You don’t need to repay eligible debts when applying for Chapter 7 bankruptcy. The debts have been completely discharged. You can pay off credit card bills, personal loans, and other types of unsecured debt.
  • Home And Personal Property Exemptions – Filing for Chapter 7 bankruptcy does not require you to sell all of your belongings. There are exemptions in the law that allow you to keep the things most important to you. Because of your impairment, you may keep your home, vehicle, household goods, and personal care items.
  • Repair Credit Score — while Chapter 7 bankruptcy will hurt your credit score, you can gradually try to rebuild it over time.
  • Assistance With Your Home – If you’re behind on your mortgage payments, you can buy some time by filing for Chapter 7 bankruptcy. Finally, a Chapter 7 bankruptcy will not discharge your mortgage obligation but will offer you more time to rebuild your finances if you are facing foreclosure.
  • Creditor Harassment Relief – When you file for bankruptcy, the judge will impose an automatic stay on creditors, requiring them to stop harassing or repossessing your property. If your creditors are harassing you all day and night, Chapter 7 bankruptcy can end it right now.
  • Car Loan Options – Chapter 7 bankruptcy might be a practical approach to dealing with a car loan. You can surrender your vehicle, pay off the debt, or redeem it.
  • If the car is worth less than what you owe, you may be able to pay the cash value. When you fall behind on your car payments, you can address them as part of your Chapter 7 case.

Although a Chapter 7 bankruptcy will remain on your credit report for ten years, the entire procedure should take four to six months from filing to relief. This is a good thing since the sooner you pay off your debts, the sooner you may start restoring your credit and finances.

When you file, you will be required to pay the following fees:

  • The filing fee for a case is $245.
  • Miscellaneous administrative cost of $75
  • There is a $15 trustee surcharge.

You can better understand these and other benefits of Chapter 7 bankruptcy by speaking with a professional legal representative about your alternatives. If you qualify, filing for Chapter 7 bankruptcy might be a beneficial approach to eliminate qualifying debts. A Chapter 7 bankruptcy attorney can assist you in understanding how bankruptcy laws relate to your situation.

Contact Us

Financial difficulties can be an extremely unpleasant and frightening moment in your life. But, by filing for Chapter 7 bankruptcy, you can finally get out of debt and continue with your life. Call our professional Chapter 7 Bankruptcy Attorneys at Miami Gardens, FL to get started on your debt relief plan.

Michael Lee, Esq.

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