If you’re going through a rough patch and are crushed by financial problems, you must have thought about declaring bankruptcy.
You’ve probably even talked to your friends about it and googled your best options when filing for bankruptcy. But you can spend countless hours reading tons of information about bankruptcy, and still have no clue what to do and how to get yourself out of this heavy burden of financial problems.
Luckily for you, we have a Wesley Chapel bankruptcy attorney who is ready to talk to you about the reasons why Chapter 7 bankruptcy might be a good option in your particular case.
Benefits of Chapter 7 bankruptcy
1. You must have heard that a bankruptcy stays on your record for seven years and can severely damage your credit score.
And while this is true – you will have to rebuild your credit after going bankrupt – the alternative, not filing for Chapter 7 bankruptcy, can cause even more harm. All the missed debt payments, defaults, repossessions, and legal action associated with financial struggles are not going anywhere from your credit if you DON’T file for Chapter 7 bankruptcy either. In fact, they accumulate, and having all that on your credit is much less appealing to a future lender than having bankruptcy.
2. While even thinking about bankruptcy is always scary, do consider some of the most obvious benefits of filing for Chapter 7 bankruptcy.
Our best bankruptcy attorneys in Wesley Chapel at DHW Law explain that most things that are in your possession will be exempt from bankruptcy. Not to mention that you will be able to keep the salary and wages.
3. Typically, a Florida resident who files for bankruptcy is able to get new lines of credit within one to three years after filing for Chapter 7 bankruptcy.
Yes, interest rates will be rather high, but that’s still something you may want to keep in mind.
4. If you’re torn apart between Chapter 7 and Chapter 13 bankruptcy plans, our Wesley Chapel bankruptcy attorneys remind you that you can always file for Chapter 13 bankruptcy if things get tough.
As a Florida resident, you’re entitled to file for Chapter 7 once every six years. While this may seem like a long period of time, you can always get a Chapter 13 plan before these six years expire.
5. Bankruptcy makes those annoying calls and letters stop; and it prohibits your lenders from taking any aggressive and unnecessary collection actions against you.
6. Although bankruptcy frees you from the vast majority of your financial obligations, not all of these obligations will be alleviated once you file for Chapter 7.
7. In particular, if you’re looking to suspend alimony and child support payments, you need to file a separate legal action with a local family court.
Our skilled bankruptcy attorneys in Wesley Chapel remind that the amount of debts that a court can relive you from paying can be unlimited as long as you don’t owe any money on the type of debts that are NOT wiped out in a bankruptcy.
This is only a short list of benefits of filing for Chapter 7 bankruptcy that apply in most cases. If you need to talk about your particular case, get a free consultation from our Wesley Chapel bankruptcy attorney.