What are some benefits of filing for Chapter 7 bankruptcy?

| Dec 14, 2018 | chapter 7 | 0 comments

Many Western Kentucky residents may be finding themselves in a lot of debt this time of year. This debt can come from unavoidable situations, like medical expenses but can cause a family a crazy amount of stress. Bankruptcy can be an option for people if they need help dealing with some of their debt.

There are many benefits of filing for Chapter 7 bankruptcy. One of the main advantages of filing for Chapter 7 bankruptcy is the ability to have a fresh start. Many debts can be eliminated that include credit card bills, medical bills, past due utility bills, personal loans from family and friends, etc. These are many of the common debts that people carry with them and can add up to thousands of dollars. In addition, the debtor gets to keep his future income. There is also not a limit to the amount of debt a person can have for a Chapter 7 bankruptcy and there is not a repayment plan. Finally, the discharge of the debt happens fairly quickly, usually within 60 to 90 days.

The feeling of a fresh start after filing for Chapter 7 bankruptcy can be a wonderful way in which a person can eliminate debt that is weighing them down. Credit card bills, medical bills, etc. can mount up and cause enormous amount of stress on a family. A legal professional who is skilled in bankruptcy can help their client understand their options and choose a path that works best for their situation. They can help stop creditor harassment and give their client a fresh financial start.

Although the thought of filing for bankruptcy may feel intimidating, it is the best option for many Paducah area residents who are drowning in debt. Chapter 7 bankruptcy is a legal right that some families may feel is their best option.