Many people find themselves facing difficult financial challenges that they never imagined. Due to the COVID-19 virus, many people have lost their jobs and their ability to earn money, all while bills keep getting higher and higher. But even in good times, difficulties can hit a person out of nowhere, too, like a sudden medical issue, a death in the family, or the loss of a job. In many of these examples, those who have struggled to pay their bills finally become overwhelmed by debt that seems impossible to pay off.
During these times, speaking with an experienced Madison Heights Chapter 7 bankruptcy lawyer can help you better understand your situation and your options. While the words bankruptcy and Chapter 7 might sound scary, and even create frightening mental images, the truth is that the bankruptcy system is meant to help people, and every year lots of families find themselves in a situation where bankruptcy is their best option. This year especially, when no one could have predicted all the issues that COVID-19 would cause, you should not feel shy about looking for help to improve your situation.
Are you wondering if a Chapter 7 bankruptcy is the right option for your money troubles? To learn more information, talk to a knowledgeable bankruptcy lawyer to schedule a time to discuss your personal circumstances.
Although it’s easy to be fearful of the word “bankruptcy,” this option can and is meant to help those who are having trouble paying their debts. When a Chapter 7 filing happens, the courts start the process with an action known as an “automatic stay on creditors and debt collectors.” Here are some of the ways that this can help you right away:
Just talking about Chapter 7 bankruptcy can be a tough thing to do, or start with a partner, but if you are facing money challenges, this could be a strong option to get you back on your feet.
While bankruptcy might be the best option for some, this solution is not always the best choice for everyone. For example, if your income level is too high, it is possible that you won’t qualify for Chapter 7. Also, if you own assets or properties that are worth a lot, Chapter 7 might not be the best option.
For this reason, it is recommended that you speak with a local Madison Heights bankruptcy lawyer to find out if you are a good candidate for Chapter 7. They can look at your specific debts and discuss how bankruptcy would change your situation.
If you are one of the many people who are facing a hard time paying your bills and feel like your options are shrinking, you are not alone. The COVID-19 virus has created financial hardships for lots of people, and you don’t have to feel guilty about needing help. Contact an experienced Madison Heights bankruptcy attorney at the law office of Karen E. Evangelista, PC, today, to learn how we can assist you.