If you're deciding whether or not to file for bankruptcy, it is important to know the benefits of Chapter 7 bankruptcy in Kansas City and what makes it unique. For this reason, our experienced Kansas City bankruptcy attorney jotted down a few of the benefits you can expect if you decide to move forward with your filing.
5 Benefits of Chapter 7 Bankruptcy
1) Chapter 7 is a Much Shorter Time process
The most critical component to Chapter 7 is the amount of time it takes. From the day the case is filed with the court, you can see a fresh start to your financial life beginning in as little as four months. The benefit with a chapter 7 is the fact that it gets you back on with your life.
2) Legal Fees for Chapter 7 Bankruptcy Are Less
During a Chapter 7 bankruptcy case, you are hiring a bankruptcy attorney to work on your behalf for the duration of the time it takes to close your case. The same goes for a Chapter 13 bankruptcy. The difference is the amount of time it takes. Chapter 7 takes months, where a Chapter 13 takes years. It is also very important to make sure your Kansas City bankruptcy attorney discloses all the fees. At Castle Law Office, all fees are included.
3) No Pay Back on Most Unsecured Debt
During a bankruptcy case it is important to know that different debts are treated differently. The two different classes are secured and unsecured. A secured debt are things that have collateral associated with them. Think of things like a house, car, etc. An unsecured debt are things like credit cards, medical bills and personal loans.
4) No Monthly Payment
A Chapter 7 bankruptcy does not require a monthly payment. With a Chapter 7 bankruptcy taking less than half a year all payments are set up in advanced and must be paid in full. This allows anyone thinking about filing for Chapter 7 the ability to eliminate debt and not have a monthly payment to get out of debt.
5) Recovery Time is Faster
After a Chapter 7 bankruptcy it is not uncommon to see your credit score go up. Within two years of your bankruptcy case being completed you could become eligible for FHA home loan.
Contact Our Kansas City Bankruptcy Attorney for a Free Case Evaluation
If you are having difficulty dealing with climbing debt, schedule a FREE, no-cost case evaluation with our experienced Kansas City bankruptc attorney. Contact our office online or give us a call at (816) 842-6200 to schedule your consulation now!