Many people consider bankruptcy a last resort but it is worth exploring as a solution to overwhelming and unmanageable debt. There are many considerations to make before filing for Chapter 7 bankruptcy or Chapter 13 bankruptcy. Instead of dealing with endless harassing creditor phone calls, collection attempts, wage garnishments, foreclosure, and repossession, consider whether or not bankruptcy may be the right debt help solution for you.
The advantages of bankruptcy
When you file for Chapter 7 bankruptcy, you can start afresh with almost all of your unsecured debts completely erased. This offers many benefits allowing you to move on from having large credit card debt and high interest rates that keep compounding. Other than credit cards, you can eliminate many other unsecured debts through the process of filing for bankruptcy. Although it will be reflected on your credit report for up tp ten years, this does not have to limit your ability to be extended credit in the future. As long as you make good use of secured cards to start building credit again responsibly, you can have a good credit future ahead of you.
Eliminating second mortgages – If you have an outstanding second mortgage that is hard to pay off, you may need to get help with it in the form of bankruptcy. Bankruptcy allows you to strip this second mortgage payment so you don’t default and lose your home.
Preventing foreclosure – If you have fallen behind in your mortgage payments, you may be at risk of foreclosure. The process of filing for bankruptcy can halt any attempts the bank may make to repossess your home. Starting the process in a timely manner can help protect your home from foreclosure.
Preventing repossession – Your car is your main source for transportation and so it is necessary to do whatever you can to prevent it from being repossessed. Instead of letting the car company come for your car, you can file Chapter 13 bankruptcy or Chapter 7 bankruptcy and protect your assets.
There are many ways to get debt relief from Chapter 7 bankruptcy and Chapter 13 bankruptcy. A consultation with a bankruptcy attorney can provide insight into which type of bankruptcy you can file. Contact an attorney today for more information and to get started with this effective debt relief solution that can transform your life for the better.
Chris Carouthers and Associates, LLC is your premier bankruptcy law firm helping you get the best results. Get in touch with us for more info..
For more updates follow us at Facebook.
Be the first to like.