Many Americans these days are feeling the enormous pressure of being buried under a mountain of debt. Living with the fear of losing the family home and watching debt spiral out of control is enough to send anyone into a state of panic and desperation. On the bright side, the option of filing Chapter 7 Bankruptcy is available to individuals who qualify. Filing Chapter 7 Bankruptcy was designed to allow individuals buried in debt to retake control of their finances and gain a fresh start by wiping out their debts and allowing them the second chance their family needs. If all the stars line up, and individual filing bankruptcy can exit being debt free or close to it.
Chapter 7 Bankruptcy eliminates all unsecured debts such as credit cards, medical bills, payday and personal loans, and certain old taxes. One of the most common reasons in fact for individuals to seek Chapter 7 Bankruptcy is high credit card debt. In this day of abundant credit, many consumers were easily persuaded into getting numerous credit cards. The “buy now and pay for it later” instant gratification was all too alluring for many people. In time, the balances would grow as much as the limits. Soon the individual would find that they are not getting anywhere by making minimal payments. In fact, with the added fees, high interest rates, and even late pays, the balance just continues to increase. All it takes is for one unexpected incident to occur such as an illness or major car repair, and the individual finds themselves and their finances in a tailspin.
Filing Chapter 7 Bankruptcy will allow the debtor to eliminate this kind of choking debt and allow the individual to regain control of their financial situation. No longer do people associate filing bankruptcy with failure or giving up. In this tough economy many people have used bankruptcy as a way out of debt, including many large businesses and corporations. The key to a successful bankruptcy filing is finding an experienced local bankruptcy attorney who can answer those tough bankruptcy questions and help the individual make an informed decision regarding their financial future. Consider filing bankruptcy to get out of debt and get on the road to becoming debt-free.