There are many people who have found themselves faced with financial challenges. From credit cards to student loans and medical bills, there are a number of reasons people are swimming in debt. Many of those who have fallen behind on bills and started to feel overwhelmed by debt have looked to Chapter 7 as a solution. In doing so, they have discovered that filing for bankruptcy will change their financial situation in a number of ways, both positive and negative.
The following are the effects Chapter 7 will have on your finances if you choose to file:
- Loss of property.
- Loss of all credit cards.
- Relief of some of your debts.
- Damaged credit for up to 10 years.
Although some people will look at some of these effects and re-think filing bankruptcy, filing can still help. There are things that people can try to get themselves out of debt without filing for bankruptcy, but there is the chance these efforts will not work. The positives that come from filing bankruptcy are very beneficial if people choose to go through with it. For example, finally getting the debt relief you have been seeking. With you being able to get back on your feet and become financially stable, filing Chapter 7 is something to consider.
As bills continue to pile up and there just doesn’t seem to be enough money for you to survive, you can become stressed and overwhelmed. When you don’t see an end to your growing debt, it may be hard for you to believe, but you can get out of debt. If you are considering filing bankruptcy, an attorney can discuss your options with you.