The Benefits of Filing for Chapter 7 Bankruptcy

The Benefits of Filing for Chapter 7 Bankruptcy

When you feel as though your debts have taken over your life and you do not see any way to escape these problems, the time may have come to consider Chapter 7 bankruptcy. In most cases, bankruptcy proceedings can help eliminate unsecured debt like credit card, medical bills and personal loans. At the same time, you should be able to keep your property throughout the process, as long as you are up to date on your payments for these items. Before starting down this road, it is recommended that you get in touch with an attorney who will walk you through your options and will help you decide if bankruptcy is right for you.

Dealing with Creditors

Once you get into debt, you start to dread the incoming phone calls that remind you of your financial problems. Speaking with creditors is a major drawback once you go into debt, since they can pursue you nearly every night and never seem to let up. Once you file for Chapter 7 bankruptcy with the help of an attorney, however, you can simply give your creditors your record number and refer them to your attorney. That way, you do not have this additional stress to deal with as you attempt to settle your debts.

Keep Your Property

In many cases, you can keep your home and car when you file for bankruptcy, as long as your payments are not behind on those items. There are a number of bankruptcy exemptions in each state that your attorney can use to help you keep your property, which is an added bonus throughout these proceedings. You might also have to use the equity that you have built up in your house to help repay your debts. While this might be difficult, it is better than losing your house and having nothing to show for it.

Discreet Service

Filing for bankruptcy can be embarrassing, as many people view themselves as a failure. Fortunately, the only parties who are made aware of these proceedings are your creditors, the courts, and the IRS. Your employer will most likely not find out about your bankruptcy, and even though this information becomes public record, no notifications are given to anyone. Basically, someone would have to read through these public records to ever find out about your financial issues.

At Rapa Law Office, P.C., you will receive professional and discreet service throughout your bankruptcy hearings. The law firm’s website at www.chicagodebtsolutions.com features more information on what they can do for you, as well as their contact information. You can also visit them on Facebook.

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