It’s natural to feel hopeless and overwhelmed by financial debt. Individuals, families, and businesses across the country have found themselves facing large amounts of debt, which the pandemic has exacerbated. However, there are steps you can take to regain control of your financial situation. As you begin to explore your debt relief options in New York, here are some of the advantages of filing a Chapter 7 bankruptcy. Reach out to a trusted and compassionate bankruptcy attorney today to learn more.
Chapter 7 Bankruptcy Can Grant You a Fresh Start
Chapter 7 bankruptcy aims to provide you with the fresh start you need to get your life back on track. During the process, certain debts will be eliminated, and you can begin to rebuild your credit immediately. Under Chapter 7 bankruptcy, debts like credit card balances, medical bills, personal loans, and overpayments can be discharged, giving you greater freedom as you move forward. Once the debts have been discharged (wiped away), you can work with your bankruptcy attorney to start rebuilding your credit.
The Process Moves Forward Quickly
Once you file for Chapter 7 bankruptcy, the process moves forward quickly. In many cases, people receive a discharge of debt within three months. As soon as you file for Chapter 7 bankruptcy, an automatic stay applies and prevents creditors and debt collectors from contacting you. What’s more, unlike a Chapter 13 bankruptcy filing, Chapter 7 bankruptcy does not mandate that you repay your debt in a court-approved repayment plan. Once the discharge is completed, you are no longer responsible for repaying these debts.
Get the Compassionate Legal Guidance You Deserve
Struggling with credit card bills that keep increasing can be paralyzing. It becomes difficult or even painful to envision a future where you regain control of your finances. However, you do not have to go through this challenging time alone. When you enlist the guidance of a skilled and compassionate New York bankruptcy lawyer, you can explore your bankruptcy options and determine the most strategic path forward. Together, you and your attorney can get and stay motivated during the bankruptcy process, allowing you to start feeling hopeful about the future once more.