Slipping further and further into debt is an awful and stressful feeling. What may being as a few simple bills can quickly spiral out of control, leading to every waking moment being consumed by the pressure and desire to escape the financial burden you’ve found yourself in. Instead of living in this financial pressure chamber for too long, however, there are options of erasing debt such as Chapter 7 bankruptcy. It’s important to understand what this process entails before starting down the path.
At its most basic, Chapter 7 bankruptcy allows a debtor to eliminate most of their debt and start over with a blank slate. While this sounds like a fantastic alternative to drowning under bills – and it certainly can be – it is not a process that should be seen as a “get out of jail free” option.
Chapter 7 bankruptcy does indeed allow for debt to be erased, but it comes at the expense of property and a severe ding to a person’s credit. Often times, the process involves the liquidation of one’s assets in order to pay creditors. Some forms of property are exempt from such liquidation, but understanding how to protect essential items is complex. Even applying for Chapter 7 bankruptcy is a difficult and complicated process.
This is why Kruger & Schwartz approaches each case of Chapter 7 bankruptcy with the dedication and care it deserves. Our legal team understands the stress involved in such situations. Taking the steps to rid your debt alone is not recommended. Seeking the assistance of an experienced attorney can help those in such situations proceed with a solid plan of legal action, ideally leading to a new financial life. For more information, visit our bankruptcy page.
