Do you have severe debts that are spiraling out of control? Are you experiencing constant creditor harassment at all hours? Furthermore, are you avoiding the problem like the plague because you just don’t know what to do? You are certainly not alone. Many people have fallen into the lure of easy credit and ended up way over their heads. The solution is not to bury your head in the sand and hope that it goes away, because it never does. These days creditors have become extremely aggressive and they will quickly come after everything you own. As a result, most bankruptcy filings are due to outstanding credit card debt. There is hope however. You can file Chapter 7 bankruptcy and not only get the creditors off your back, but you can get rid of the overwhelming debt and walk away debt free.
How is it possible to become debt free with bankruptcy? It is not only possible, but many people actually do emerge debt free from a chapter 7 bankruptcy. Chapter 7 bankruptcy is typically referred to as a “fresh start” bankruptcy. Chapter 7 allows an individual to discharge all of their unsecured debts, while keeping most, if not all of their possessions. This is possible through the bankruptcy exemption laws that an experienced bankruptcy attorney will use to protect the debtors personal property and possessions. This includes the debtor’s car and/or home. As long as the debtor can afford to continue to pay for them, then they will be allowed to keep them. Many times once an individual has all of their unsecured debts wiped away in a Chapter 7 bankruptcy, they are left virtually debt free and are able to make the payments on the secured item such as their home.
Unsecured debts that are eligible to be wiped out in a Chapter 7 bankruptcy are credit cards, gas credit cards, store charge cards, utility bills, cell phone bills, medical bills, personal loans, payday loans, and debts from repossessed property. In some instances, an individual will be able to get rid of property tax debts, and old income tax debts. It is always best to consult with a bankruptcy attorney to discuss your financial situation to see if you qualify to file Chapter 7 and what protections are available to you and your property. If you do qualify, and most people who truly need to file Chapter 7 bankruptcy do, then it is the fastest way to get out from under crushing debt and get on the road to a fresh financial start being debt free.