Should You File Chapter 7 Bankruptcy?
Filing for bankruptcy is never an easy decision. You may have mixed emotions as to if you are doing the right thing and if you will be able to rebuild your credit in the future. With financial times being difficult in the current economy, it is not uncommon for individuals to find they are in dire straits and need to make a big financial decision like filing for Chapter 7 bankruptcy. Read on to learn more about filing for bankruptcy and if you might have alternatives.
Debt Consolidation
One option you can consider before filing for bankruptcy is debt consolidation. There are companies available that offer you the ability to consolidate your debt into one small monthly payment. An advisor will take a look at your debt and see how they can help you pay off creditors and owe one payment rather than trying to pay multiple bills without getting anywhere.
Understanding Chapter 7 Bankruptcy
If you do find that your debt is just too large a burden to carry and you are going to file for bankruptcy, it is important to understand the process. With Chapter 7, you will find an uncomplicated option for getting back in control of your finances. With a Chapter 7 filing, all collection action is stopped and all balances of unsecured debt and credit cards are discharged. Some debt cannot be discharged such as student loans or child support obligations.
To fully understand the process, it is recommended that an individually looking to file Chapter 7 bankruptcy work with an attorney. An attorney who specializes in bankruptcy law, such as Stratton & Green, ALC of Lomita can easily assist with providing information on filing for bankruptcy as well as helping you with the process. You will not feel overwhelmed and will have someone on your side that can assist with the filing so you are successful in starting over with your finances.