For individuals in the bankruptcy process, it comes down to two choices: Chapter 7 or Chapter 13. While both have their own benefits that are alluring to various situations, Chapter 7 is the most common form of bankruptcy in the United States - and for good reason! The advantages of bankruptcy are both immediate and long-term, making people happier despite their difficult financial situations.
Advantages of Filing for Chapter 7
Chapter 7 bankruptcies are known for canceling more individual debts. They give individuals the opportunity for a fresh financial start without having to worry about how they'll payback creditors. The process to apply and discharge debts usually takes 3-4 months and can be done with the help of a bankruptcy attorney. While we often hear negative things about filing for bankruptcy, opting for 7 has been known to provide many benefits including
Selecting Bankruptcy Lawyer, Mortgage After Bankruptcy, Bankruptcy Attorney Phoenix,
1. Convenience. Because filing for a Chapter 7 bankruptcy only takes a few months, it is a fraction of the time that it takes to file for a Chapter 13. In fact, some 13 cases have lasted as long as five years! This shorter process is a convenience that allows you to get back on track much more quickly.
2. Protecting future income. Under 7, your future income is protected and isn't part of the bankruptcy process. However, because debts and repayments are restructured under Chapter 13, your future earnings are still going to be used to pay the bills. Your disposable isn't yours anymore.
3. Cost-efficiency. Filing for bankruptcy with Chapter 7 is much cheaper than a Chapter 13 filing. Even when using a bankruptcy attorney, the legal fees for Chapter 7 are noticeably less.
4. A faster fresh start. While all bankruptcies are designed to give you a fresh start, a Chapter 7 filing has more immediate benefits. Some individuals see their credit scores improving in as little as a year since their debts were discharged under 7. Furthermore, you can qualify for a home loan within 2 years. Yes, both Chapters hurt your credit, but the consequences for Chapter 13 don't evaporate as quickly.
5. Protected assets. Most people are worried about their assets when filing for bankruptcy. In a Chapter 13, you will retain possession of your assets. In Chapter 7, that isn't a guarantee, which worries many individuals. However, statistics show than many people do not lose anything - or anything significant - as a result of Chapter 7.
6. Freedom. After filing for bankruptcy, you face both emotional and financial freedom. Once the debts are discharged, you no longer have to worry about harassing phone calls and the emotional stress of what's next. Instead, you can focus your energies on rebuilding your financial health.
7. Eliminated repossession and foreclosure debts. A Chapter 7 can wipe out these loan decencies and other unsecured debt that qualify.
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.
Rating of Bankruptcy Filing
Get Online Application at online Bankruptcy Lawyer.
0 comments:
Post a Comment