Chapter 7 bankruptcy is one of the types of bankruptcy that an individual can file if they’re in debt and see no other solutions. Chapter 7 eliminates debts so the individual gets a fresh financial start. Chapter 7 is the most popularly used type of bankruptcy around because it works well, despite the negativity that surrounds bankruptcy.
Why would you need to file Chapter 7?
· Stop Creditor Calls: When you file for bankruptcy protection, you will cease those annoying creditor calls and letters from coming through. If you’ve been harassed by creditors or are currently facing the experience, you understand how relentless these people can be. You can get back your sanity when you file for protection.
· Fresh Start: Chapter 7 clears all the debts that you’ve incurred (with the exception of a few types of debt, specially student loans and child support) allowing you to get a fresh start and get back on your feet.
· Stop Repossessions: If you want to stop your vehicle from being repossessed, there are a couple of options. The best is to file bankruptcy before action is taken, because this prevents the lender from repossessing the car.
· Peace of Mind: When debt takes over your life it can be hard to do normal things, like eat, sleep, or otherwise enjoy life the way that you should. Rather than continue life wondering how you will ever get out of debt, you should talk to an attorney to learn how you can get help from Chapter 7.
Chapter 7 bankruptcy can help you get back on your feet when you’re overwhelmed in debt. Don’t attempt to do things yourself, however. Make sure to call a bankruptcy maryland lawyer to learn more about bankruptcy and how it can benefit your life.