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What are the advantages of filing for Chapter 7 bankruptcy?

On Behalf of | Jun 28, 2019 | Bankruptcy |

Those facing significant financial problems are often confused about the best path to take in order to tackle their debts. There are many businesses in existence that promise to help debtors to pay their creditors; however, they often charge extortionate fees and not all are trustworthy.

Filing for bankruptcy may sound extreme for many, but the fact is that bankruptcy chapters are designed by the government to help debtors to be successful. Those who are able to complete a bankruptcy program are also often subject to generous debt discharges.

Chapter 7 bankruptcy is designed for debtors who may have significant assets but who have an income that is too low to have a realistic chance of paying off their debts in the future. If you are considering Chapter 7 bankruptcy, it is important that you fully understand the potential advantages.

There are no debt limitations

If you are an individual bankruptcy filer, you will never be deemed ineligible for Chapter 7 bankruptcy because you have too much debt.

The process is quick

Chapter 13 bankruptcy can take between 3 and 5 years to complete. However, when filing for Chapter 7 bankruptcy, debtors may be able to be free of their debts within a matter of months.

There is the possibility of a fresh start

Even though you will benefit from certain debts being discharged, you will have no personal liability for the lack of payment of these debts. This will enable you to get a fresh start from creditors.

If you want to enjoy a debt-free life, you should consider your possible eligibility for Chapter 7 bankruptcy.


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