Pros of Filing under Chapter 7 Bankruptcy

People who have huge debts today would surely find it hard to handle their debts due to the tough economy. It would certainly be hard for you to live a good life with all these debts. To free yourself from this financial dilemma, you could file for bankruptcy. This could provide you with a fresh start financially.

Two Kinds of Bankruptcy

It is important that you know the two options when filing for bankruptcy, chapter 7 and chapter 13. Prior to filing, you need to determine which one is right for you.

In chapter 7 bankruptcy, all your assets are liquidated and the money will be paid to your creditors. This could discharge all your debts for good.

When you go for chapter 13, there is a good chance that you could keep your assets but you need to ensure that you follow the terms and payment conditions with your creditors in a certain period of time.

Since deciding to go for bankruptcy is not that easy and filing it if needed is another difficulty, it is a must that you seek the advice of a bankruptcy lawyer. With the help of an expert everything with your filing could go smoothly. Plus, you will also be enlightened if you need to file or not.

Chapter 7 Bankruptcy

This type of bankruptcy filing entails a quick process. The whole process would only take about 4-6 months. After this, you will be discharged with most of your debts.

In this filing, all your non-exempt assets will be given to the trustee appointed by the court. This will be liquidated and the money raised will be paid to your creditors.

An experienced bankruptcy lawyer could help you save some of your important assets and at the same time do their best to eliminate most of your unsecured debts.

When you file for Chapter 7, you will immediately be protected by law. This means that your creditors could not anymore bother you when it comes to different payments. It would now be illegal for them to force you to pay in any means since the law prohibits them to do so.

If ever you do not quality to file for chapter 7, you still have another option with Chapter 13 bankruptcy. With the aid of a reliable lawyer, you will be able to file your petition on court and convert your filing from Chapter 7 to Chapter 13.

Since you have less knowledge about the law and most of the content of Chapter 7 Bankruptcy, it is best that you are aided by a lawyer when it comes to filing. If you need legal aid service, we at Riverside Bankruptcy is ready to help. We already have aided a lot of people in filing for bankruptcy and starting a new life.

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