There are a lot of reasons someone may want to file Chapter 7 bankruptcy. If you have a lot of debt you can't pay, Chapter 7 is one of the best ways to get a fresh start. It works quickly, discharges debts permanently, and allows you to get on with your life.
For people considering all the options, here are some reasons to file Chapter 7:
1. Chapter 7 vs. Chapter 13
Chapter 7 bankruptcy is a much faster process than Chapter 13 bankruptcy. It can usually be done in just a few months. It works especially well with unsecured debts like medical bills and credit cards. However keep in mind that people with certain incomes or assets may require or even prefer a Chapter 13.
2. Chapter 7 vs. Other Debt Solutions
Chapter 7 is typically a much more successful option than other debt settlement solutions. It's not that people who go into these alternative programs aren't dedicated to getting their debts in order - it's that these programs don't have the force of law behind them! So if you're getting harassing phone calls from creditors or your wages are being garnished, these programs can't and usually won't put a stop to that.
Chapter 7 bankruptcy, on the other hand, is handled by the courts and backed by law. Creditors receive a court order to leave you alone.
3. Chapter 7 vs. Doing Nothing
Doing nothing could hurt you more than you realize. If you're way behind on your bills, creditors have a lot of options to make your life worse. They can contact you at home and work, they can sue you and have your wages garnished. Car or mortgage debt could mean repossession or foreclosure. There's no reason to go through any of this when a Chapter 7 bankruptcy may solve your problems.
4. Chapter 7 and Your Credit
A lot of people worry about filing bankruptcy because of how it will impact their credit. This is one of the main concerns of people who visit our Kansas City bankruptcy firm. But there's no need to worry! We offer all our new bankruptcy clients a program to help you restore your credit to a 720 (or A rating) in as little as one year! The program usually costs $1000, but we're offering it our new bankruptcy clients for free. Now that should take some of sting out of bankruptcy, don't you think?
So if you want to get out of debt, Chapter 7 could be your best solution. We can help you figure it out.
Castle Law Office has been handling bankruptcies for Kansas City clients from more than 14 years. If you need the fresh start bankruptcy can provide, call us today at 816-842-6200 to speak with an attorney. Or you can email us and schedule your free consultation.