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Five Good Reasons to File Chapter 7 Bankruptcy

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When you are drowning in debt, Chapter 7 bankruptcy seems like a lifeline. Deciding to file bankruptcy, however, is often painful and exhausting. You worry about how bankruptcy now will affect your future. One part of you frets about how you are going to survive this financial nightmare, the other scolds about the pitfalls of bankruptcy. If you are in a position where Chapter 7 bankruptcy is a feasible solution to your current credit crisis, why not look at some of the positive reasons to file?

1. Remove the Fear Factor

When your debts are discharged, your money is freed up for the necessities of life. Now you can use your funds to provide your family with food, shelter and clothing. Getting rid of the fear takes a huge burden from you. Your body will react positively to the change, both mentally and physically.

How long does the Chapter 7 Process take?

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2. End the Harassment

Once you file bankruptcy, an automatic stay will go in place. That means your creditors can no longer attempt to contact you or collect any money. If your wages have been garnished, the money will stop being deducted from your paycheck. You will no longer have to tense up every time the phone rings or you see the mail carrier coming. You won't have to be worried about bill collectors calling you at work or dragging you in to court. Your life can become peaceful again.

3. A Fresh Start

Once your bankruptcy is discharged, you have a clean slate in front of you. What you write on it is up to you. Hopefully, you will use this opportunity to learn better money management techniques and make rebuilding your credit rating a priority. Start slowly by simply keeping up with the necessary bills. Pay them on time each month. Simply making on time payments for your mortgage, car payment and utilities will begin to strengthen your credit standing. Practice a cash only policy for a while and, in time, you can add a secured credit card to help raise your credit score more quickly.

4. Prevent Foreclosure and Repossessions

When you file Chapter 7 bankruptcy, you can choose to reaffirm certain debts such as your mortgage or car loan. With your other debts discharged, you should be able to keep up with these payments or at least gain enough time to sell the items rather than loose them.

5. You Won%u2019t Regret It

You may not believe that right now, but try asking people who have filed bankruptcy how they feel about their choice. Most of them say it is the best decision they have ever made. The release of pressure, the chance to start over and the opportunity to learn better financial strategies made it the right alternative for them.

Filing for bankruptcy is a crucial decision. If, after you have looked at alternative methods to solve your financial dilemma, Chapter 7 bankruptcy appears to be the right tool to fix your problems, don't waste time procrastinating. The sooner you file, the sooner relief will be yours.

More About Chapter 7 Bankruptcy

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A chapter 7 bankruptcy is the most common type of bankruptcy and once a discharge is granted it allows and individual or family a fresh start.
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The Minnesota Lawyers at Bolinske & Bolinske invite new and existing clients to tour our site for information on Minnesota Law.
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A Chapter 7 bankruptcy allows an individual to receive a discharge of their pre-petition bankruptcy debt.
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Customer service is the highest priority at Rob Graham & Associates. We make every effort to meet or exceed our client's expectations. Should you join our list of esteemed clients, you can look forward to a positive, long-term relationship with attorneys you can trust.

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michaelk08

I am a father of two girls, husband to my gorgeous and talented wife, and an attorney practicing in criminal and family law.

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