When you are overwhelmed by debt, it can feel impossible to get ahead. As soon as you pay one bill, another seems to pop up in its place, and before you know it you have fallen so far behind that you can’t see an end. For someone in this circumstance, Chapter 7 bankruptcy can be a positive solution which offers welcome relief. Here are some benefits of benefits of Chapter 7 bankruptcy:

A Fresh Start

For those who qualify, Chapter 7 provides the debtor an opportunity to get rid of all of his or her qualifying unsecured debts. If you have significant obligations such as credit card and medical bills, this form of bankruptcy will allow you to be rid of them and get the fresh start you need.

The Automatic Stay

When you file for chapter 7 or 13 bankruptcy the “automatic stay” goes into effect. The automatic stay protects you from harassing debt collection efforts as well as other efforts by creditors. Having a break from your creditors hounding you gives you time to go through your bankruptcy in peace.

Fast Process

Chapter 7 permits a debtor to discharge their qualifying debt in as little as approximately 3-6 months. A Chapter 13 debtor will have to pay towards their repayment plan for 3-5 years. When you are ready to be rid of unwanted and unmanageable debt quickly, Chapter 7 can be a good option.

You Don’t’ Have to Surrender Everything

Chapter 7 does require that the debtor have all of their qualifying assets liquidated and have the proceeds used to pay their creditors and the amount of any eligible exemptions. However, some property will be exempt from the liquidation. When it comes to secured debt such as a home or vehicle, you have the option of surrendering your property or entering into a reaffirmation agreement. When you reaffirm your debt, you are basically promising to continue paying your creditor as agreed and you can keep your assets.

Chapter 7 bankruptcy can help you get a fresh start and be free of your qualifying debts. By consulting with an experienced and knowledgeable bankruptcy attorney, you can ensure you have the information you need to complete your Chapter 7 bankruptcy successfully. We have the experience you need and can help. Please contact us online or by phone if we may be of assistance.  http://bestmichiganlawyer.com/contact .