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The Advantages of Chapter 7 Bankruptcy
Filing for Chapter 7 bankruptcy will discharge most of your unsecured debt. The bankruptcy trustee working on your case will determine which of your assets will be sold in order to repay your credits and which are exempt from sale.
Although it is not a simple process, there are many advantages to filing for Chapter 7 bankruptcy. Listed below are some ways filing for Chapter 7 can be beneficial to you and your family.
The process is quick: The time it takes to complete the Chapter 7 bankruptcy process from filing to total debt relief is typically about 3 to 6 months. The process’ relative speed allows you to begin rebuilding your life with little delay.
You will be able to keep many of your things: In California, certain types of property is exempt from creditors. You will not be required to sell everything you own. Further, you will be entitled to retain any property you purchase after you file.
You can continue to work and save: Once you file and throughout the process, you will be able to continue to work at your job and keep any salary or wages you earn.
Credit is available: It is possible to obtain new lines of credit in the form of credit cards and even a mortgage while you are going through the bankruptcy process and afterwards. However, the interest rate will be higher than normal.
Collections calls will stop: In bankruptcy court the automatic stay procedure makes it illegal for creditors to call you concerning your debt. As soon as you file, the stay is in place and your creditors must leave you alone.
Help with secured debt: With your unsecured debt extinguished, it will be much easier for you to make payments on the secured debt you owe. You will have more cash in which to make the monthly payments on your home and car.
Lower legal fees: Since the typical Chapter 7 bankruptcy filing concludes within 3 to 6 months, you will only need an attorney to represent your interest for a finite amount of time avoiding large legal bills.
Your credit score will recover quickly: Although your credit score will take a hit after filing for bankruptcy, a Chapter 7 filing allows a quick rebound. As soon as your case is complete, your credit score will slowly begin to improve as well.
You will learn to take better control of your finances: Filing for Chapter 7 bankruptcy is an opportunity to learn. Upon filing, you will be required to attend some form of financial counseling. You will learn the skills necessary to properly manage your finances and avoid making the same mistakes again and again.
A fresh start: There is no doubt; your way of life will have to change. But once your case is settled, you will be able to begin a whole new, fresh chapter of financial well being.
Attorney Melanie Tavare is experienced in all aspects of the bankruptcy code. Schedule a free consultation with her today in order to discuss the ways in which filing for Chapter 7 bankruptcy may improve your life.
"Melanie is the best she very responsive and helpful throughout the process everything was taken care of smoothly. If you are thinking of going through bankruptcy she is the best attorney for you. I will forever be grateful having the chance to work with her. She is very honest too."
"I can't thank Melanie enough for helping me through a challenging process and doing so with incredible knowledge, professionalism and tenacity! She went to great lengths to keep me informed, she responded quickly to my questions, and communicated in terms that I could understand. I highly recommend getting in touch with Melanie should you have the need."
"Choosing to work with Atty. Melanie has been one of the best decisions I've ever made. She was a very patient professional to work with and attentive while providing valuable solutions to all of my concerns. If you are searching for of an Attorney who is knowledgeable, transparent, and diligent - well that's Atty. Melanie."
"What I liked about working with Melanie was how prompt and easy to work with she was. She made the process clear and understandable with as little stress as possible. I would work with her again and recommend her to others."