5 Reasons To File For Chapter 7 Bankruptcy

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Seeking Help From A Family Law Attorney

My name is Juliette Meeks and welcome to my blog about family law. A few months ago, I was having some family issues that required me to seek the help of an attorney. I had never needed an attorney before and I was a bit apprehensive at first to schedule a consultation. Once I did, my attorney put my fears to rest very quickly. The attorney outlined my options and answered all of my questions very thoroughly. My legal matter was settled quickly and I am thankful that I decided to seek the help of an attorney. If you need a family attorney to assist you with legal matters, you should schedule a consultation right away. In this blog, you'll learn what to expect during your first visit and all of the important questions you should ask.


5 Reasons To File For Chapter 7 Bankruptcy

28 January 2015
 Categories: , Blog

If you are unable to pay your debt, you should consider filing for a Chapter 7 bankruptcy. If you qualify for this status, it's possible many of your debts may be discharged. There are many reasons to file for this type of bankruptcy and knowing what these are may motivate you to do so.

Reason #1: Low cost

The filing fees for a Chapter 7 bankruptcy are relatively low. The total amount of administrative and court cost fees are only $335 and must be paid before you can begin this process.

If you retain legal services, you should be prepared to pay more and this amount will be based on the attorney's rate.

Reason #2: Discharged debt

If you qualify for this status, it's possible all of your unsecure debt may be paid.  This type of debt is not backed by collateral. For example, credit card debt is typically discharged by filing for this status and is a common reason for it being sought.

Reason #3: Automatic stay

One of the largest advantages of filing for this status is that your creditors can't contact you. Once you have started the filing status, it is illegal for a creditor to call your home or send you harassing letters in the mail.

Additionally, the creditor can't file a legal action against you because of your inability to pay. This can prevent the possibility of any of your property being seized, as well.

Reason #4: Get a fresh start

Once you have been found eligible for this status, your debt may be wiped clean, and you can start over financially. This could be the best way to get out of a very difficult financial situation and help you work toward building better credit rating in the future.

Be ready to pay back any loans you obtain to help rebuild your credit.

Reason #5:  Fast results

You may be able to complete this process within three to six months from the time you file until completion. This will allow you to have the quick results when it comes to getting your debt paid and get the peace of mind that you deserve.

Finally, this legal status may help you get your debt discharged and allow you to take control of your financial situation. Be sure to rely on the expertise of a bankruptcy attorney if you need assistance with the filing process or to address any questions you may have. (For more information, contact Howard S. Goodman Bankruptcy Attorney)