Chapter 7 Bankruptcy – The Preferred Financial Reconstruction

An Article by Tallahassee Bankruptcy Chapter 7 Lawyer

Filing for bankruptcy might seem like a child’s play from a distance. You might think that the process can be handled by signing some financial documents. However, this is not the case. If you ask someone who has been through the bankruptcy process, you would get to know why this process can be a dreaded one.

 

Bankruptcy Chapter 7
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The first challenge is to decide which bankruptcy to file for. More than one process available which might confuse you a great deal. Usually, people opt for chapter 7 as this is the short one. Any Chapter 7 Bankruptcy Lawyer will tell you that this process takes lesser time to resolve the financial issues. This is the truth. However, this is not the only reason why people are so inclined to file for Chapter 7. There are countless reasons that propel people to opt for this process.

Chapter 7 – Why choose it

Short and snappy – When trouble arises it is human to seek the shorter trial. Everyone is looking for the shortest way to get past a messy situation of life. Chapter 7 gives you just that. It is a way to end your ordeal within months while other forms might take years to develop and come to an end. As it has been said earlier that chapter 7 is the preferred version of bankruptcy because of the short time period.

No payback – This sounds like fun, doesn’t it? Well, this is the truth; however, you would have to establish your eligibility to enjoy the benefit of chapter 7. Only a lawyer with experience can help you in this. Without someone skilled enough to hold your hand or offer you guidance, you might end up making errors. In chapter 7 the debt is divided into two parts – secured debts and insecure debts. In chapter 7 the insecure debt is totally removed. However, student loan or tax don’t fall in the category.

Future gets secured – The fact that post-filing bankruptcy, you would not have to worry about your income is another benefit which you need to keep in mind. Once your bankruptcy is filed and you have established your eligibility, you would not have to worry about the future earnings. Even if you earn some inherited money after the six month period of filing bankruptcy chapter 7, you would not have to pay from there. If needed visit this page: http://www.footmanlaw.com/bankruptcy/ and read more about bankruptcy chapter 7!

Lesser fee – Because Chapter 7 is short, it is snappy and it is hassle free in many ways, the lawyer fee is less in this process. Now, you can smile and pick up the phone to call a lawyer. Many don’t make the call because they fear to spend money.

Quick recovery – Yes, Chapter 7 does not affect the financial record the way other bankruptcy processes do. For this reason, it is safe to file this rather than anything else though you would have to establish that you are eligible to file Chapter 7.

 

Post Credit:

This article has been written and published by the permission of an established and Florida bar-admitted local bankruptcy lawyer India Footman Esq. She is the principal attorney and founder of Footman Law Firm, P.A.