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Chapter 7 bankruptcy may provide fast debt relief

On Behalf of | May 8, 2020 | Bankruptcy, Chapter 7

If you’ve found yourself fallen on hard financial times, then you’re probably looking for a way out of your financial predicament. The burden of debt can be crushing, and you might be feeling like there’s little hope for your future. If you’re reading this blog post, then the idea of filing for bankruptcy has probably crossed your mind. Yet, most people are hesitant to pursue bankruptcy because of the stigma attached. But it can provide debt relief that may be far better than the alternatives.

For example, many people who struggle to survive from paycheck-to-paycheck turn to some sort of personal loans. Some of these resources come from family and friends, which often have little or no interest attached to them and are relatively flexible. However, there are other lending options that can leave an individual struggle just to make minimum payments. Payday loans and credit cards can each carry interest rates that reach into the double-digits. Those who only make minimum payments can see their principal barely budge, thereby lengthening the amount of time it takes to payoff their debt.

Far too many of these individuals fight tooth and nail every week just to stay afloat. They put themselves at risk of foreclosure, repossession, and years, sometimes even decades, of unnecessary stress and financial hardship.

Chapter 7 bankruptcy, on the other hand, can provide you with a fresh financial start in a matter of months, if successfully pursued. Sure, some of your assets might be sold off to pay off creditors to a certain extent, but as we discussed in a previous post, there are a number of exemptions that allow you to keep a significant value of assets so that you’re not starting your post-bankruptcy life with nothing. So, if you’re ready for debt relief and you want it fast, it might be time for you to consider your personal bankruptcy options.