If you are dealing with the stress and frustration of debt, you are not alone. According to the official federal government data, approximately 775,000 Americans file for bankruptcy protection every year. Chapter 7 bankruptcy offers a potential solution. Also known as a liquidation bankruptcy, Chapter 7 is one of the best ways for financially distressed consumers to get a true fresh start.
You may be wondering: What are the benefits of Chapter 7 bankruptcy? The short answer is that eligible individuals can discharge most debts in a relatively efficient manner, while still protecting their future income and assets. Here, our Martinsburg, WV Chapter 7 bankruptcy attorney provides a more detailed overview of the benefits of filing for Chapter 7 bankruptcy protection.
Three Advantages of Chapter 7 Bankruptcy
1. Most Debts Can Be Discharged—Chapter 7 Offers a Real Fresh Start
The primary benefit of Chapter 7 bankruptcy is that it allows the complete discharge of most personal debts. As a general rule, Chapter 7 bankruptcy allows the full elimination of credit card debt, medical bills, and other unsecured loans and debts. In other words, many people can use the Chapter 7 bankruptcy process to get a fresh start. A discharge is a cancellation of the debt. When you successfully complete the Chapter 7 process, you will no longer owe any of the debts that have been discharged.
It is important to note that there are certain limitations on the debts that can be removed through Chapter 7. Simply put, certain types of financial obligations cannot be discharged through Chapter 7 bankruptcy. As described by the consumer reporting agency Experian, the most common non-dischargeable debts include past-due child support, federal student loans, and most tax debts. Still, even if you owe non-dischargeable debts, Chapter 7 can still help you get extra breathing room.
2. Your Future Income/Assets are Largely Protected
More than just allowing a path to cancel most consumer debts, Chapter 7 provides strong protection for your future income and your future assets. As explained by the United States Court, your future earnings and assets are largely protected even if you file for Chapter 7 bankruptcy. When you file for Chapter 7, you do not have to worry about a creditor coming back and making a claim against you several years down the road. As long as the process is done correctly, you can free yourself from the burden of debt.
3. Discharge of Debt Can Occur Relatively Quickly
Finally, another key advantage of the Chapter 7 bankruptcy process is that it is relatively efficient. Once you file a Chapter 7 bankruptcy petition with the help of a reliable West Virginia bankruptcy lawyer, it will not be long before you are able to move forward with your life. Indeed, the discharge of your personal debts may occur in as little as 60 to 90 days.
While the timeline can vary from case to case, Chapter 7 is usually not a long or daunting process. The sooner you get started, the sooner you will be able to move forward with your life. Still, putting together a strong, well-documented Chapter 7 petition can be complicated. You need an experienced lawyer by your side.
A Bankruptcy Attorney WIll Make Sure Chapter 7 is Your Best Option
While Chapter 7 bankruptcy protection offers real, tangible benefits, it is not the right option in every case. Some individuals are not eligible to file for Chapter 7 bankruptcy—they may need to opt for Chapter 13 instead. In other cases, there may be non-bankruptcy debt relief solutions that offer greater benefits.
A top-rated Martinsburg, WV bankruptcy law attorney will help you find the best path back to sustainable financial footing. The most important thing to know is that there is always a way out of debt. If you are tired of non-stop calls from aggressive debt collectors, you have options available. Chapter 7 may or may not be the right option.
Contact Our West Virginia Chapter 7 Bankruptcy Lawyer for Immediate Help
At Hinkle Law PLLC, our Martinsburg bankruptcy attorney has the knowledge and experience to represent you in Chapter 7 bankruptcy. We have helped people like you free themselves from millions of dollars of debt. If you have any questions or concerns about filing for Chapter 7, we are more than ready to help. Contact us now for a free, confidential review of your case. With a law office in Martinsburg, we handle Chapter 7 bankruptcy cases throughout the entire region, including in West Virginia and Southwestern Pennsylvania.