No one would ever say filing for Chapter 7 bankruptcy is a positive experience. However, filing for bankruptcy protection certainly has more benefits to it than to simply allowing yourself to be overtaken by creditors and lawsuits. Therefore, when your debts reach the point that it is highly doubtful you will be able to pay them back, you should consider discussing your options with a Chapter 7 bankruptcy lawyer.
What would be the most important reason for doing this? Basically, filing for Chapter 7 bankruptcy might be the best (and only) way you can get a fresh start in life once again.
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Before being able to effectively explain how filing for Chapter 7 will give you a fresh start in life, it is necessary to explain what Chapter 7 actually is. In the most basic of definitions, this form of bankruptcy centers on court overseen liquidation of assets in order to pay off debts. The mere mention of the word "liquidation" may infer a rather harsh scenario. However, it is not as a trustee will be appointed to oversee the liquidation of certain assets to pay off creditors.
Certain unsecured debts may be discharged (forgiven) by the court based on careful examination of the individual's financial situation. Once the debt is discharged, you would not be under any obligation to it anymore. Once you are not burdened by debts, you can move on with your life. This might otherwise not be possible without Chapter 7 bankruptcy protection.
For both businesses and individuals, Chapter 7 bankruptcy can be considered the most common form of bankruptcy filed in the United States. For many, filing for bankruptcy under this heading may prove to be the perfect way to achieve a fresh start. Now, not all loans or debts will be discharged under Chapter 7. Taxes and child support would be examples of debts owed that Chapter 7 will not relieve you of. However, if you have tens upon tens of thousands of dollars in unsecured debt that you could never possibly repay in three or so years, being discharged from the debts could yield a very positive outcome.
Freedom from such debt obligation has many benefits. The most obvious would be you are no longer locked into paying your monthly obligations on your debts. When your monthly budget is constantly drained by debt obligations, your options in life can end up being very limited. You will not be using money for long term savings, household obligations, or business opportunities. You will merely be paying interest on debts while never actually addressing the issue of paying off the principle.
Your life becomes an unending cycle of earning money to fund a cycle of debt payments with no end in sight. This is not exactly a path that promotes financial independence. Through filing for Chapter 7 bankruptcy, you can eliminate the weight that such debt can cause and open the door for regaining a sense of financial freedom once again.
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