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Five Benefits to Filing for Chapter 7 Bankruptcy

Posted on August 27, 2013 by Site Strategics in Financial Health Tips with Comments Disabled

Bankruptcy is a scary word for a lot of people.

But the truth is that bankruptcy might just be the right option for a great number of people who feel overwhelmed by debt, medical expenses, and a host of other financial problems. The aggressive protections of Chapter 7 bankruptcy, in particular, can be a major relief to those who have been spending their days and nights worrying about their finances.

That’s why it’s also important to pay attention to the benefits of filings like Chapter 7 bankruptcy. If you find yourself in need of these benefits, it just may be the solution for you:

1.       DEBT ELIMINATION. Chapter 7 bankruptcy eliminates unsecured debt and a range of other expenses that have been weighing on you. Other types of bankruptcy may simply restructure the debt; Chapter 7 eliminates it.

2.       CREDIT COUNSELING. It’s often a requirement of Chapter 7 filing, but that’s no reason it can’t be a benefit to you in the future. It’s good to accept credit counseling with an open mind and a pair of open ears.

3.       ELIMINATION OF WORRY. Yes, Chapter 7 bankruptcy can be a major step for some people. But it is also one step closer to eliminating the worry that comes with heavy amounts of debt and creditors knocking at your door.

4.       TAKING MEASURE. One part of the process of Chapter 7 bankruptcy is disclosing all of your assets to the bankruptcy court. This helps you to take measure of all of your finances, which in the future will help you understand exactly where it is you stand.

5.       A CLEANER SLATE. No, bankruptcy is not a “clean slate” solution. But it is a cleaner slate for many people who find that bankruptcy is a better option than what they’re currently enduring.

Yes, there are certainly heavy consequences of Chapter 7 bankruptcy to consider as you discuss it with your lawyer. But knowing that Chapter 7 bankruptcy is an option can help you feel more in control of your financial destiny, especially when you’re at the end of your ability to cope.

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