The decision to file for bankruptcy can be a big step, but it does not have to be an especially unpleasant one. This blog recently discussed the increased number of bankruptcy filings and the high number of bankruptcy filings in Tennessee. Bankruptcy protections provide an important legal option for individuals struggling with the burden of overwhelming debt, allowing them to enjoy relief.
The Chapter 7 bankruptcy process provides a path forward through debt and the stress and strain associated with it. Chapter 7 bankruptcy provides effective relief and protection from medical debt, credit card debt and other types of debt. Chapter 7 bankruptcy, often referred to as straight bankruptcy, can provide comprehensive debt relief in which the filing party discharges most if not all of their debt, helping them enjoy a fresh financial start.
The Chapter 7 bankruptcy process typically only takes several months from filing to discharge, and once the bankruptcy petition has been filed, it immediately halts creditor harassment and collection actions, repossession, foreclosure and wage garnishment. The Chapter 7 bankruptcy process generally allows the filing party to retain most of their property, which may be a cause for concern or anxiety among some filers. In circumstances of secured property, the filing party can continue making payments on the secured property or return it.
Personal bankruptcy options can provide breathing room that many individuals struggling with debt may need. Chapter 7 bankruptcy is one personal bankruptcy option, but there are others and it is important to consider options carefully based on the needs and circumstances of the filing party to determine what option is best for them and can provide the help they need.
