There are many good reasons why someone might select filing Chapter 7 bankruptcy for a solution to their debt problems. Usually, when an individual makes the appointment to see a bankruptcy attorney they don’t think of the possibility of becoming debt-free. Typically, the only thing on their mind is to get these creditors off their back so they can live again being stress-free.
With large numbers of Americans having to file for bankruptcy because of the economic downturn, many of these will use Chapter 7 as their solution. Currently, the average individual has approximately $20,000 in credit card debt. Keeping this in mind, Chapter 7 bankruptcy can be the optimum tool to use to eliminate this kind of debt. Filing Chapter 7 bankruptcy has many benefits that only a bankruptcy attorney should explain, because they vary from case to case.
One side effect for some individuals is filing from the process. Depending on the individual’s financial situation, if the majority of their debt was from credit cards and medical bills there is a good chance that they might walk from bankruptcy being virtually debt-free. Of course, no one can ever be completely debt free, because of living expenses. Even if you owned your home outright, you would still have maintenance costs, insurance and property taxes. Considering this, the idea of having no debts outside of living expenses would be amazing.
Historically, Chapter 7 bankruptcy has been the most popular form of bankruptcy filing in the United States. The general reason for its popularity is the potential it has to get an individual out of debt very fast. A typical Chapter 7 bankruptcy can be completed in 4 to 6 months with the debtor getting a bankruptcy discharge at the end. Even though you can file Chapter 7 on your own, it is much better to use the expertise of a bankruptcy attorney to make sure you get the greatest benefits from the process. Even though there is some negative information about filing bankruptcy online, the positives greatly outweigh the negatives. Don’t waste money trying to pay off debts that you will never be able to pay off, when the money could go to paying for a bankruptcy attorney to get on the road to becoming debt-free.