What Are the Benefits of Filing a Chapter 7 Bankruptcy?

Posted By San Diego Bankruptcy Pros || 21-Mar-2019

Overwhelming sums of debt can make a person feel rather hopeless about the future. To remedy this financial predicament, you are probably considering filing for bankruptcy, but which option should you choose? If you are eligible for a Chapter 7 bankruptcy, this option provides a vast range of benefits that can help alleviate your problems, so you can look toward a better and brighter financial future.

Continue reading to learn about the benefits of filing for a Chapter 7 bankruptcy:

  • As you are probably aware, bankruptcy remains on your record for years. However, the process from start to finish generally only takes about 3 to 4 months. Since you are already in a financial crisis, you shouldn’t let your missed payments continue to pile up. Given how little time it takes to file for a Chapter 7 bankruptcy, the best you can do is get started on wiping the slate clean as soon as possible.
  • Any unsecured debt you owe, such as medical expenses and credit card bills, will be wiped away without having to suffer through wage garnishment. Moreover, when you begin the process of filing for a Chapter 7 bankruptcy, you will get an automatic stay, which will put an end to harassing phone calls and letters from creditors.
  • Once your eligible debts are discharged, you can begin the process of recovery. As soon as your credit score begins picking back up again, which typically happens a-lot quicker than you might imagine, you will be able to qualify for loans.

In almost all cases, the sooner you file for a Chapter 7 bankruptcy, the better. There is no reason why you should let your credit score get substantially worse as you continue struggling to pay off your debts. Your financial record may take a hit, but at least it will give you the chance to start afresh and reduce some of your stress. Besides, your credit may already be low if you have been missing payments already, in which case the bankruptcy may not impact you as much as you think it might and in some circumstances, the bankruptcy filing can actually increase your credit score.

Contact a Skilled Bankruptcy Attorney Today!

Are you struggling to pay off your debts? The process of filing for a Chapter 7 bankruptcy can be complicated and the last thing you want to do is to wait for financial relief longer than you have to. At San Diego Legal Pros, we will help you navigate the process from start to finish to ensure you obtain the relief you need to move forward without debt looming over you. We make the process easy.

Contact us today at (888) 875-9190 to schedule a free case review with one of our attorneys!

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