If you are in debt and don’t feel there is any way out of it, you might be the ideal candidate for a chapter 7 bankruptcy. No matter how hopeless your financial situation may seem at this moment, there really is relief, and it is just a matter of being proactive and reaching out for help. One of the reasons you may have previously hesitated to pursue the idea of filing bankruptcy is that you felt it was too confusing or too convoluted to figure out. While it is true that filing bankruptcy can be a multi faceted process, it does not have to be a difficult one, especially if you have the help of a bankruptcy lawyer who has worked with a number of cases similar to yours.
This type of bankruptcy is designed especially for people who are in debt over their head and is primarily meant for people with low to mid level incomes. In most cases, a person who is filing for this type of bankruptcy protection will be someone who has only minimally high valued assets. For example, most people who declare this type of bankruptcy will have one home and a primary vehicle, but will not have multiple homes and properties. Usually, a person who needs to file for chapter 7 bankruptcy will be living from paycheck to paycheck, typically needing all of the income they have just to get by and cover regular expenses.
The big advantage of this type of bankruptcy is that it allows for relief from the financial obligations the debtor has looming over them. Nearly all of your debts will be wiped away by the bankruptcy ruling, with only a few specific debts like student loans and child support debts remaining. Many people worry about whether they will lose all their assets in a bankruptcy.
Fortunately, most of the time, a person filing this type of bankruptcy will be able to keep nearly all, if not all, of their assets because the assets are included in the allowable exemptions. Skilled attorneys visit website help you make sure you get to keep your possessions while only losing your debt!
