Chapter 7 bankruptcy is widely-known yet frequently misunderstood. Despite the connotation, bankruptcy is a very common legal avenue that is designed to help people who are under insurmountable debt. Though common, it is still extremely complex and best when aided by an experienced bankruptcy attorney.
Bankruptcy is a tool to help you get back on track.
Although many people hear the term bankruptcy and automatically think that there is no road to recovery, it’s important to remember that chapter 7 bankruptcy is nothing more than a legal tool that is used to help you settle and discharge your debts. When you file for chapter 7 bankruptcy, you are generally agreeing to liquidate certain assets in order to pay off some of your debts, while the court informs creditors that debts not covered by these liquidations will not be recoverable.
Also, not every asset that you own will have to be sold in order to satisfy the requirements for chapter 7. Each state has a list of bankruptcy exemptions that you can choose to utilize that typically cover assets such as real estate, automobiles, and certain types of personal property. The Morgan and Morgan attorneys are current on ever-changing laws to ensure the best results for our clients.
Use bankruptcy as a turning point in your life.
The best way to think about filing for bankruptcy is that it isn’t the end; it’s the beginning of a new phase in your life. People get into a position where they need to file for bankruptcy for all kinds of reasons—including divorce, medical emergencies, and job loss—and chapter 7 bankruptcy provides an alternative to being underwater for the rest of their lives.
Once the motion has been approved by the court, your creditors must immediately cease all collection activities against you. Since repeated collection harassment by creditors is often one of the most stressful parts of being in debt, bankruptcy provides you with instant relief and allows you to work on getting your life and finances back on track.
Are you eligible to file for chapter 7 bankruptcy?
Filing for bankruptcy can be a difficult process in the present, but it can also be your path to financial freedom in the future. Ignore the negative connotations and hyperbole that surround the term “bankruptcy,” and instead look at how the process itself can relive you of your burden and help you get your life back under control. Filing for chapter 7 bankruptcy isn’t taboo; it’s a legal procedure designed to give you a new financial beginning.
If you believe you can benefit from filing chapter 7 bankruptcy, contact the experienced team at Morgan & Morgan today. You can consult with an expert bankruptcy attorney who will review your case and help you decide if bankruptcy is the best option for your and your family’s future.