Many people have debt. However, there are times when this debt becomes so overwhelming it has a negative impact on every aspect of a person’s life. Their relationships suffer, their job may be put at risk, and they feel there is nowhere to turn. By filing for Chapter 7 bankruptcy, a person may eliminate some or all of this debt and get their finances under control. What are the benefits of filing for Chapter 7 bankruptcy?
No Calls From Creditors
Financial problems come with a great deal of stress and this stress tends to be compounded by the regular calls from creditors. Once a person files for Chapter 7 bankruptcy, the calls end. All communications will be handled through the attorney, providing the debtor with much-needed relief.
Certain Assets May Be Kept
People often hesitate to file for bankruptcy because they fear they will lose their home, car, and more. Fortunately, when this filing option is selected, a person may retain their house, a car, and certain other assets. The best way to determine which assets may be retained and which must be forfeited is to speak to a Bankruptcy Attorney in Martinsburg WV.
Qualifying Isn’t Difficult
The legal system allows for two ways for a person to qualify for Chapter 7 bankruptcy. The first is through a person’s salary, as someone who meets the median income requirements won’t have an issue filing this type of action. The second is through a means test. Ask an attorney which option is best for your situation.
The Removal of Debt
Although certain types of debt may not be discharged through a bankruptcy, individuals find they are able to reset their finances with the help of a Chapter 7 bankruptcy filing. While time will be needed to build a credit history again, people often find they are willing to do this to remove existing debt. An attorney can explain which types of debts may and may not be erased when this option is selected.
Speak to a Bankruptcy Attorney in Martinsburg WV today, such as those at Business Name (website domain), to learn more about Chapter 7 bankruptcy. The more information you have, the easier it becomes to determine if this option is right for you. Many individuals find it is exactly what they need to move forward with life and improve their financial future in a short period of time. Like us on Facebook.