Being consumed by thousands of dollars of debt can seem like an insurmountable challenge to overcome. The creditors are hounding you, you're having trouble even making minimum payments on your credit card bills, and you're facing the threat of foreclosure or repossession. Fortunately, you do have options to help you relieve your debt. While it isn't for everyone, Chapter 7 Bankruptcy is one option that you may want to consider.
The Pros
One of the greatest advantages of bankruptcy over other debt relief methods is that it is relatively quick process that allows you to restart your finances. As soon as you file for bankruptcy, creditors are legally required to stop collection attempts. If they continue to harass you, they may be held in contempt of court and fined. If you file for bankruptcy through a lawyer, he or she will handle any further interaction with the creditors on your behalf.
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Under bankruptcy you can have exemptions for repossession placed on all of your necessary property, such as your house and your car. Bankruptcy gives you the chance to start debt free, without the stress of paying off gigantic credit card debts, which allows you to get your finances back in order much faster.
The Cons
A recent bankruptcy on your credit record temporarily prevents you from qualifying for a mortgage, a car loan, and lines of credit. However, since overspending with credit is what caused you to file for bankruptcy, this temporary limit on spending could be viewed as a positive. Under most banks you will not be eligible for a mortgage until 5 years have passed since your bankruptcy. Your bankruptcy will remain on your credit record for 10 years, but many creditors will grant limited lines of credit to past debtors.
One negative aspect of filing for bankruptcy is that you may feel embarrassed or feel that you are a disappointment to your family. However, filing for bankruptcy and saving your home and your car may be less embarrassing than having your home foreclosed on and your personal property repossessed.
Filing for bankruptcy isn't for everyone, but if you are overwhelmed with debt and calls from creditors, it is an option that you may want to consider. If you are in debt, a bankruptcy lawyer can review your financial situation and help you decide which debt relief strategy is best for you.
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Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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