Are you one of the many families across the country with serious worries about money? If you are losing sleep at night because you can’t pay all of your bills, you are getting calls from collectors, or you are worried about losing your car or house, you should know you’re not alone. Better yet, you have options that can help you stop worrying and start sleeping again. One option might be Chapter 7 bankruptcy.
Bankruptcy isn’t for everyone, and it’s a big decision. You should always talk to a Warren Chapter 7 bankruptcy attorney about a possible case if you have too many unpaid bills and don’t think you can catch up or get ahead.
You might know that Chapter 7 bankruptcy helps many people with their debt, but it’s normal that you don’t know exactly how the process works. Here are some common ways that filing a Chapter 7 bankruptcy case can help you:
Even if you have some debts left over that don’t disappear in your bankruptcy case, getting rid of most of your debts will free up cash for you to stay on top of your other payments and bills.
Of course, nothing is a totally perfect solution to your money problems, and bankruptcy laws can expect something in return for getting rid of your debts. The bankruptcy court has the power to take some of your property in exchange for eliminating your debts. The court will sell this property and pay money to some of your creditors.
The good news is that the law doesn’t let the court take everything from you. There are ways that a bankruptcy lawyer can protect money and property from the court. In fact, in many cases, a lawyer can protect all of your property, and you don’t have to give anything up at all.
Another possible downside to bankruptcy is that it goes on your credit report, which can lower your score. But if your debt situation is already bad, filing for bankruptcy can be better for your credit score in the long run than ignoring your unpaid debts.
Chapter 7 bankruptcy might be the answer to your money problems, and you shouldn’t wait to speak with a Warren Chapter 7 bankruptcy attorney about your options. The law office of Karen E. Evangelista, PC, is ready to help, so please contact us today for a free meeting.