When is filing Chapter 7 Bankruptcy right for you?

It begins with understanding what Chapter 7 is for. Sometimes known as “liquidation bankruptcy”, chapter 7 is for individuals who have little or no disposable income. Meaning that the individual is no longer able to continue paying his/her creditors due to lack of funds. Click Here to find out if you qualify for chapter 7.

Circumstances beyond your control such as medical bills, being laid off from work, losing a member of your family or suffering a terrible financial loss are often major reasons for consumers finding themselves in situations where bills are just not getting paid. When that happens the phone calls and letters start with demands that you make your payments regardless of your situation.

It isn’t your creditor’s job to care about your difficulties and struggles, they will never show any concern for your high stress and sleepless nights when you spend every minute figuring out how to catch up and get your life back together.

Enter Chapter 7 Bankruptcy Protection

Always a last resort, but it is the life line that can save you from the depths of financial misery. Filing chapter 7 bankruptcy extends you a number of benefits:

1. Once your petition is filed, something called “The Automatic Stay” takes effect preventing creditors from foreclosing or repossessing collateral property. Creditors are also not allowed to contact you via any means to discuss or collect any debt.
2. When your petition is filed you’re no longer obligated to continue making payments to your creditors.
3. The bankruptcy court will take control of your case by assigning a bankruptcy trustee, who will assess your case and will be in charge of the liquidation of any viable assets that can be used to repay some of your debts.
4. You will meet with the trustee when you attend your court hearing which will be about 30 days after your case is filed.
5. If all your documentation is in order then you should receive a discharge within 2 to 3 months and a clean slate.

Finding out if You’re Eligible

Finding out if you meet the chapter 7 requirements is easier done with the aid of a professional. Find out your exact debt to income ratio by filling out the form below and start feeling better immediately!

Click Here To Fill Out The Secure Form

Takes 30 Seconds to Fill Out and Submit!

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