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Bankruptcy could help you start over after divorce

| Jun 2, 2020 | Chapter 7 Bankruptcy

You were frustrated that you had to go through a divorce, but what made it worse was the debt that you ended up being left with. Your ex-spouse more or less walked away with no debt at all, while you found yourself in over your head with bills. 

If your divorce has significantly impacted your finances, something that you may want to consider is seeking bankruptcy. If you have a low income or no income, Chapter 7 bankruptcy may be a good option for you to try. 

With a Chapter 7 bankruptcy, you may be able to eliminate all unsecured debts, which includes credit card debts and unsecured loans. You may be able to stop creditors from calling you and stop your home from going into foreclosure. If you are facing wage garnishment, filing a claim for bankruptcy could also help you avoid the issue.

Since you’ve just gone through a divorce, you may be worried about taking another major legal step. You’ve heard that bankruptcy ruins your credit and that you could lose everything. Don’t believe those myths. Bankruptcy helps people overcome debt. It is designed to help you get out of debt without you losing your personal belongings. With exemptions available, you may find that you can get out of debt without giving up anything at all.

Bankruptcy will eliminate your qualifying debts. That debt elimination strategy could give you the fresh start that you were hoping to get after your divorce was finalized. Our website has more information on divorcing and what to do if your ex-spouse left you with debt after a divorce, so please review it. The right steps could help you get the fresh start you want.