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How Chapter 7 bankruptcy can get you through a tough spot

| Oct 28, 2020 | Chapter 7 Bankruptcy

Despite your best efforts, you’re unable to bring any stability to your finances. And for that reason, Chapter 7 bankruptcy is starting to look like the best option.

If you find yourself in a tough spot, it’s best to take immediate and decisive action. Chapter 7 bankruptcy is an idea to strongly consider, as it can help you work through this difficult time in your life and come out the other side in better shape. Here are just a few of the many ways that Chapter 7 bankruptcy can get you through a tough spot:

  • A fresh start: This is the primary reason for choosing Chapter 7 bankruptcy. The process typically takes five to six months, with a discharge of debts occurring within 60-90 days (in most cases). After that, you have the fresh start you’ve been looking for.
  • No repayment plan: Chapter 13 bankruptcy is the only option for some people, but with a repayment plan you don’t get to keep your future income. Chapter 7 bankruptcy doesn’t have this requirement. 
  • Discharge of debt: By discharging some, most or all of your debts, you’ll immediately improve your financial situation. Furthermore, you’ll find it easier to stay on budget every month.

Chapter 7 bankruptcy is designed to get you through a tough spot, so you should take advantage of this process if nothing else has worked.

Once you’re ready to proceed, learn more about how to file for Chapter 7 bankruptcy, your legal rights and the steps you must take to protect them. When the process is complete, you’ll look back and realize you made a good decision.