Whether it is because the economy is depressed or because you’ve lost your job, dealing with financial insecurity is frustrating and can have a serious effect on your life. You may have creditors and collections agencies calling at all hours. You may be worried about making ends meet and missing pay dates on important bills.
One thing you may want to consider is how valuable a Chapter 7 bankruptcy can be in a situation like yours. A Chapter 7 bankruptcy can help you overcome debt by liquidating assets that you don’t need, keeping those that are essential and giving you a fresh financial start.
How long does it take to complete a Chapter 7 bankruptcy?
A Chapter 7 bankruptcy is normally finalized within four to six months. Can you imagine having your life back and your finances in better shape that quickly? This is one of the many positive reasons to seek this form of bankruptcy.
A Chapter 7 bankruptcy will remain on your credit for up to 10 years from the date you filed, but in that time, you may still be able to get credit, a mortgage and borrow money if you need it. Being concerned about your credit score is smart, but if you’re drowning in debt, bankruptcy may be the right choice to help you now.
If you plan to start a Chapter 7 bankruptcy, you will need to attend credit counseling and file your paperwork with the court to get started. Our website has more information on why a Chapter 7 bankruptcy may be the right choice for you.