Feeling the weight of the world with more and more bills to pay can be daunting. Chapter 7 bankruptcy is a good way to get a fresh start.
Chapter 7 bankruptcy is the most common type of personal bankruptcy filed. Almost two thirds of all personal bankruptcies are of the Chapter 7 variety. This article will describe what Chapter 7 bankruptcy is and address some common questions you may have about filing.
Chapter 7, or straight bankruptcy, is a good fit- if you are in a position to sell your nonexempt property and use the money made to pay your creditors. Of course, you want to make sure that you will have property left over after paying your debts to get a fresh start.
I addressed three frequently asked questions regarding Chapter 7 bankruptcy below
1. Will I be harassed by people I owe money to after I file for bankruptcy? The answer is no. In fact, by law your creditors must cease all actions against you once you file. Filing for bankruptcy is a way to settle with your creditors and start over.
2. Is everyone going to know I filed? Chapter 7 bankruptcy filings are public records. However, typically no one will know you went bankrupt unless you choose to tell them. There aren’t many publications that are printing the names of all people filing, and there are a lot of them.
3. What are the most common reasons that people file for bankruptcy? Unemployment, medical expenses, overextended credit, and divorce to name a few. People often have unexpected, sudden, and large expenses that cause them to fall deeper into debt. Chapter 7 bankruptcy offers them a way to get their heads above water again.
If you are considering a Michigan bankruptcy, Chapter 7 might be a good thing to consider. You should speak with a Michigan bankruptcy attorney to get a better handle on your options.
Bankruptcy can be a good way to get out of debt. Often times, it is far more effective than debt consolidation or debt settlement/forgiveness. Debt consolidation relies on hopes that creditors will join in. When you are looking for a Michigan bankruptcy chapter 7 lawyer, get a free consultation with Michigan bankruptcy chapter 7 lawyers Ardelean and Dunne.