It may be hard to imagine a situation in which Chapter 7 bankruptcy is a good thing, but you could get to a point when you realize that there is no better way to improve your financial situation
Before you file for Chapter 7 bankruptcy, you need to become familiar with the many benefits. This will help you decide how to move forward. Here are some of the top benefits:
- Put an end to creditor phone calls. With the automatic stay in place, you don't have to worry about these calls for the time being.
- Delay foreclosure. If you're facing foreclosure, it's good to know that Chapter 7 bankruptcy can delay this for the time being. This may give you enough time to figure things out.
- Access to state and federal exemptions. With both of these, it's much easier to protect the majority of your possessions.
- Clear unsecured debt from your life. You may not be able to wipe clean all of your unsecured debt, but Chapter 7 bankruptcy can help clear away most of it.
- Fast to the finish line. While not always true, a Chapter 7 bankruptcy case typically comes to an end within four to six months.
These are just a few of the many benefits of a Chapter 7 bankruptcy filing. If these get you excited, it may be time to learn more about the process.
When you combine these benefits with knowledge of your legal rights as a consumer, you'll find it much easier to decide in favor or against a Chapter 7 bankruptcy filing.
Source: Super Pages, "Top 10 Benefits of Chapter 7 Bankruptcy," accessed Oct. 31, 2017