From a financial perspective, you hope you never have to learn more about Chapter 7 bankruptcy. If you find yourself in this position, there’s a good chance you’re bogged down with debt and have yet to find a way out.
At some point, don’t be surprised if you realize that filing for Chapter 7 bankruptcy will help you reach your goals sooner rather than later. Here are some of the best reasons to consider this option:
- Start over at the beginning: After you file for Chapter 7 bankruptcy and your debts are discharged, you’re in position to start fresh. With a clean slate, it’s much easier to create the future you’ve been dreaming of.
- Keep your future income: You don’t have to use any of your future income to repay creditors, as is the case with Chapter 13 bankruptcy.
- It’s a fast process: Although a Chapter 7 bankruptcy filing may feel like it’s dragging on, you can typically receive a discharge within 60 to 90 days. After this happens, you’re starting fresh and making decisions to better your life in the future.
There is no easy way of knowing if Chapter 7 bankruptcy is the best financial move you can make, but it’s something to consider if everything else you’ve tried is coming up short.
With these benefits in mind, you may find yourself learning more about filing. From the process for getting started to your legal rights as a consumer, you need to collect as much information and knowledge as possible. This will come in handy as the weeks turn to months.