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What Is Chapter 7 Bankruptcy?

Todays Date: January 18, 2019

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.

What follows are 3 commonly asked questions about Chapter 7 bankruptcy

1. Will creditors leave me alone after I file for Chapter 7 bankruptcy? Yes, by law they must cease all actions against a debtor once the bankruptcy is filed. After you file, you are putting yourself in position for a fresh start.

2. Will everyone I know find out I went bankrupt? Your bankruptcy filing is a matter of public record. That being said, there is not a strong likelihood that anyone is going to find out unless you tell them. There are so many bankruptcy filings that it isn’t something that typically is publicized.

3. I feel ashamed I’m filing for bankruptcy. Why do most people file? Filing for bankruptcy is nothing to feel ashamed about. In fact the most common reasons for filing include medical expenses, divorce, job loss and other unexpected and unplanned events.

Chapter 7 bankruptcy is not something to take lightly. You will want to further educate yourself about your options and choices. A good step to take is to speak with a Chapter 7 bankruptcy attorney about your issue.

Chapter 7 bankruptcy can be an effective means of eliminating debt. Often times, it can be more effective than debt consolidation. If you are searching for a Michigan bankruptcy chapter 7 attorney, get a free consultation with Michigan bankruptcy chapter 7 attorneys.

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