Why Should I File for Chapter 7 Bankruptcy?
Bankruptcy can offer a fresh start to debtors who are struggling to make ends meet. Filing for Chapter 7 bankruptcy may help you discharge your debts, stop wage garnishment, and get rid of other legal actions taken by creditors.
If you are considering filing for bankruptcy, it is important to understand the advantages and disadvantages of each type of bankruptcy. This guide will provide an overview of Chapter 7 bankruptcy, including the benefits of filing for Chapter 7 bankruptcy.
Discharge Serious Debts
One of the primary advantages of filing for Chapter 7 bankruptcy is that it may help you discharge your debts. When you file for Chapter 7 bankruptcy, an automatic stay goes into effect. This means that creditors are prohibited from taking any collection actions against you, including wage garnishment and lawsuits.
In addition, once your bankruptcy case is complete, you may receive a discharge of your debts. A discharge is a court order that releases you from liability for certain types of debts. Once you receive a discharge, creditors are no longer able to take any action to collect the debt from you.
Stop Wage Garnishment
Another advantage of filing for Chapter 7 bankruptcy is that it may help you stop wage garnishment. If you are behind on your debts, creditors may take legal action to collect the money you owe. One common type of legal action is wage garnishment.
Wage garnishment occurs when a creditor obtains a court order requiring your employer to withhold a portion of your wages and send the money to the creditor. Wage garnishment can be a difficult situation to deal with because it can put a strain on your finances.
Gives You a Fresh Start
Chapter 7 Bankruptcy is a process that can provide many people with the fresh start they need. Chapter 7 bankruptcy provides people with a way to discharge many debts – including credit card bills, medical bills, and personal loans. Chapter 7 bankruptcy sets aside any property that you are keeping for retirement or other needs, as well as anything else not necessary for basic needs. There’s no need to take physical possession of these items before filing since you will turn them over when your case is closed.
Life can be overwhelming when you have piles of debt and no end in sight. But, with the help of Chapter 7 bankruptcy, you can start over. Our bankruptcy law firm can help you navigate the bankruptcy process and get the fresh start you need. If you are considering filing for Chapter 7 bankruptcy, it is important to speak with an experienced bankruptcy lawyer. Our bankruptcy lawyers can answer your questions and help you understand your options. Call us today at (501) 891-6000 to get the legal help you deserve.
The post What Are The Advantages Of Filing For Chapter 7 Bankruptcy? appeared first on wh Law .