When financial hardships become unbearable, bankruptcy may offer the solutions and protections you need. In addition to discharging debt, hundreds of thousands of Americans benefit from all the additional ways that Chapter 7 bankruptcy can help them. There is a lot that people may not know about the benefits of Chapter 7 bankruptcy. If you have debt, it’s important to be aware of the full range of benefits that this form of debt control offers.
Benefits of Chapter 7 protection
Chapter 7 bankruptcy discharges unsecured debt, which is debt that does not have collateral. The most common forms of this debt include medical debt, credit card debt and personal debt. However, debt in the form of child support payments cannot be discharged, and only in very rare and specific cases can student loan debt be discharged.
Not only does bankruptcy help put an end to debt, but it also puts an end to the difficulties that come with it. Filing a bankruptcy petition can put an end to repossessions, garnishments and calls from harassing creditors. Declaring bankruptcy can also stop foreclosure, giving you the time you need to establish a short sale and a new place to live.
Get the breathing room you need
Overwhelming debt can be stifling, but it does not have to be a permanent situation. Chapter 7 bankruptcy can grant you the opportunity you need to take back control of your financial situation and begin the next chapter of your life with a fresh start.
If you are interested in utilizing the benefits of Chapter 7 bankruptcy, contact an experienced attorney today. A bankruptcy attorney’s guidance can help you navigate the filing process in a swift and efficient manner to discharge your debt and put an end to the problems that come with it.