Chapter 7 Bankruptcy
Chapter 7 Bankruptcy is also known as a “fresh start” for those individuals who are overwhelmed with settling their debt. The debt could be in the form of credit card debt, personal loans, and medical bills among others. That is why you need to partner with a good lawyer so you may enjoy some privileges when you file chapter 7 on matters concerning bankruptcy.
The importance of joining hands with a good bankruptcy law firm when filing chapter 7
- Have a fresh start for your future financial plans
- Stop collection efforts as well as wage garnishment
- Relieved of your debts within the three months of filing
- Protection against your personal property
When you file chapter 7 bankruptcies as a resident of Boston; you will immediately get protection against collection efforts and also wage garnishment. Also, your personal debt is literally clean in three months after filing. But for you to qualify for chapter 7 bankruptcy when in New York; and it is mandatory that you have to pass the means test besides attending credit counseling sessions.
In most cases, chapter 7 requires you (a debtor) to liquidate your assets and pay back your debtors as much as you can before the remaining debt clears completely. However, there are some exceptions to that agreement and that is the reason you need to look for an experienced bankruptcy lawyer in Boston to get relieved of the burden of paying your debts while still keeping your valuable assets or property in general. That brings the question of what chapter 7 bankruptcy is, in this context.
What is the meaning of chapter 7 bankruptcy?
This is some type of debt relief aimed at helping you get a fresh start through the discharge of your overwhelming debt. Mostly, this chapter is referred to as “liquidation” bankruptcy due to the fact that some of your assets might be liquidated to settle your creditors. At some point, the chapter may be referred to as “fresh start bankruptcy” when a good portion of your debt is cleared without necessarily liquidating your assets.
When should you file bankruptcy?
If you find out that you are not able to pay your debts, it is prudent that you file chapter 7 bankruptcy, especially when staying in Boston. Once you have filed for bankruptcy, you stand a better chance of starting all over again provided that all your debts, whether personal or other types, are fully settled. In fact, this chapter will protect you against any form of harassment from your debtors or collection agencies, having your income garnished or at some point when you are subjected to judgment regarding your debts.
Why should you file chapter 7 bankruptcy in Boston?
- To be free of your overwhelming debts
- Relieved of personal loans, credit card debt and medical bills
- To protect you against wage garnishment or collection efforts
- Discharged your debts within three months
- Exempt your property from any legal situation
- To make you have a good credit score as well as be eligible for loans in the future
Is it really a bad idea to file Bankruptcy?
It is not a bad idea to file for bankruptcy in the first place. Protection against bankruptcy is a noble step towards stabilization of an economy and the overall well-being of the hardworking citizens who unfortunately find themselves in a situation where they cannot pay their debts. In this case, it is advisable to consider filing chapter 7 bankruptcy to help you have a new start with your finances.
On the contrary, there is some sort of stigmatization against those declared bankruptcy. As such, many people shy away from seeking a good bankruptcy lawyer for the fear of what others will think of them. This fear comes about from speculations against those affected which include myths and false information from unreliable sources. But you can rise above the occasion and file chapter 7 bankruptcy as the only reasonable way to solve your prevailing financial problems without caring what skeptics might say about you.
Even though it might not be necessarily the best option; filing for chapter 7should be out of the question when you cannot pay your debts as agreed with your debtors. That is the main reason you need to hire an experienced bankruptcy attorney to guide you accordingly through the due process of having your debts or loans nullified to safeguard not only your livelihood but your future financial dealings.