Is Chapter 7 Bankruptcy right for me?

Filling for a Chapter 7 bankruptcy may seem scary, but oftentimes the benefits outweigh the fear. While a Chapter 13 bankruptcy is used to refinance debt into more manageable payments, a Chapter 7 works to completely erase the debt. Find out if it's right for you by contacting our Philadelphia bankruptcy lawyers now.

In today’s uncertain economy, more individuals are starting to turn to bankruptcy as the solution to their financial woes. While bankruptcies vary based on the specifics of each case, many find that a Chapter 7 bankruptcy is what is necessary to help them regain their financial footing. 

What is a Chapter 7 Bankruptcy?

While a Chapter 13 bankruptcy is used to refinance debt into more manageable payments, a Chapter 7 works to completely erase the debt. The end result is a fresh financial slate so that one can start their financial future down a debt-free path. There is no debt limitation, making it possible to erase everything from small loans to overwhelming debts. The process is usually complete within 90 days after filing, helping struggling individuals to get on track in the shortest period of time possible. 

How is a Chapter 7 Bankruptcy Beneficial? 

If you are weighed down by debt and have no way to cover even refinanced payments, then a Chapter 7 bankruptcy may be extremely beneficial to you. Through this type of bankruptcy, you can see your debt payments completely done away with, giving you the chance to move forward in your life. Imagine going from monthly debt payments in the thousands to none – it’s truly life-changing. The quick turn-around process helps you to get your finances under control quickly so you can begin a new and more successful financial plan. 

Chapter 7 Limitations

There are some limitations to a Chapter 7 bankruptcy. While it does work to erase many debts, it doesn’t generally relieve debt due to student loans, child support, alimony, or taxes. Some liens and mortgages may also remain in place after the bankruptcy. There is also an income limitation that keeps high-earners from being able to completely erase their debts. 

Who Should File for Chapter 7?

If you are unable to function under your debt load and don’t see refinancing as a viable option, a Chapter 7 bankruptcy is probably your best option. While we know that filing for bankruptcy can seem scary, our team of lawyers is here to help you every step of the way. We are proud to offer a free consultation to help you evaluate your options and make the decision that is right for your unique case. Additionally, we offer a zero-down Chapter 7 bankruptcy plan that allows you to start your path to financial freedom now and then pay your legal fees after your finances are back in order. 

Struggling with crushing debt can be harmful to your mental health, your physical well-being, and your relationships. With a Chapter 7 bankruptcy, you can seek to take back control of your finances along with the rest of your life. Contact our team today to discover if you qualify for a Chapter 7 bankruptcy and learn more about the financial options that might positively change your life!

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