The Many Benefits To Filing For Chapter 7 Bankruptcy

Posted on: 30 December 2014

If you're going through financial troubles, you're likely looking for a fresh start. It can be overwhelming trying to pay off past debts and current bills when you only have so much money available. Some individuals and families choose to file for bankruptcy in order to get back to a life with more financial freedom. While there are different forms of bankruptcy, there are many benefits to filing for chapter 7 bankruptcy.

Take a look at the following information to learn more about these advantages:

Stop Harassing Calls

One of the most frustrating parts to being in debt is the constant harassing calls from creditors. If you're sick of this invasion of privacy, chapter 7 bankruptcy may be the right option for you. Once you file, it's against the law for creditors to call you asking for payment. This can make life a little less stressful and upsetting because you won't have to deal with the phone ringing off the hook every evening or weekend.

A Faster Process

Different types of bankruptcy processes take longer than others. Chapter 7 bankruptcy is typically over within a few months. This can make it easier for you to get one with your life more quickly so that you can get the fresh start that you've always wanted.

Eliminate Debts

If you're looking to get rid of your debts for good, you should consider chapter 7 bankruptcy. This form of bankruptcy makes it possible for your debts to be erased so that you can have a fresh slate. Other types of bankruptcy require you to pay back your debts, which can be very expensive and can take several years, depending on your situation. 

Keep Many of Your Assets

During the bankruptcy process, some individuals and families find that they're unable to keep all of their assets. This can be devastating and can make it difficult to live a normal life. With the filing of chapter 7 bankruptcy, you will be more likely to be able to keep important assets such as your vehicle and home. This can allow you to continue living a comfortable life without the worry of a huge lifestyle change.

As you can see, there are many advantages to filing for this type of bankruptcy. If you have any questions about the bankruptcy process or if you're ready to begin discussing your own bankruptcy needs, contact a bankruptcy attorney today to learn more. For more help, contact a company like Kreisler Law PC Chicago.