You’re swimming in debt, wondering if you’ll ever get your head above water and concerned about your financial future. While you’re doing everything you can to make progress, nothing seems to work.
There are many benefits of a Chapter 7 bankruptcy filing, with the ability to secure a fresh start among the best.
The primary goal of Chapter 7 bankruptcy is to eliminate some or all of your debts, which puts your finances back at “square one.” From there, since you no longer have your debts weighing you down, you can build the financial life you want.
However, there are some things you want to keep in mind:
- A Chapter 7 bankruptcy filing will not eliminate all of your debt, such as student loans, child support, spousal support and past due taxes
- You may not qualify for Chapter 7 bankruptcy, thus forcing you to learn more about Chapter 13 bankruptcy
- You’re still in charge of your finances in the future, so your success is not guaranteed
All of these points are important to remember, with the final one having the biggest impact on your future. Just because you use Chapter 7 bankruptcy to start fresh doesn’t mean you won’t go down the exact same path. It’s up to you to reconsider your financial approach and goals.
If you’re interested in using Chapter 7 bankruptcy to improve your finances, learn more about the process, your legal rights and your eligibility. It’s not the only way to improve your situation, but if may be just what you need to get back on track.