Now that 2020 is coming to an end, it’s time to take a look at your budget and decide how you want to handle it moving forward. Have you lost a job, had to move, received a pile of medical bills or had some other kind of unexpected expenses that weighed you down? If they’re impacting your ability to live comfortably, then bankruptcy might be something that could help.
In just a few short months, a Chapter 7 bankruptcy could help you eliminate the majority (if not all) of your debts. That may mean that you could start fresh in the New Year, with your finances finally back under control.
How long does it take to get a Chapter 7 bankruptcy approved?
A Chapter 7 bankruptcy usually takes between four and six months to complete, but some can be completed faster if you have all your documents in order. Despite it taking that long to complete, you’ll see the effects of it pretty quickly. Creditors and collections teams will stop calling. Foreclosures are stopped in their tracks, and you’ll likely be able to stop paying on the debts you owe until the court and your creditors work out a plan for what happens next.
The majority of people won’t lose their most valuable assets in a Chapter 7 bankruptcy thanks to state exemptions. If you want to start fresh next year, now is a good time to start talking to your attorney about the steps to take to file for bankruptcy. Even if you don’t qualify for Chapter 7, there are other options available that could reduce your debts or payments, so you have a more comfortable budget. Please learn more about your options by continuing to review our site or by reaching out to us directly.