I wanted to talk about Chapter 7 bankruptcy, I consider Chapter 7 bankruptcy the most powerful tool of all of law.
The reason why it’s such a powerful tool is because of two things. First of all, the automatic stay, and secondly, because of the discharge component in Chapter 7.
The automatic stay actually stops any collection or lawsuits against you. The discharge means that you no longer are due and owing for unsecured debt such as credit cards, personal loans, and medical bills – which takes such a large percentage of many households’ disposable incomes.
Because that debt is subject to a discharge, that means that the household disposable income will go up (due to not having to pay a large monthly debt payment) and if new debt is not incurred, a greater credit score can be achieved (through more balanced household finances) which leads to greater financial freedom.
The bankruptcy lawyers of Sadek Bankruptcy Law Offices are dedicated to providing bankruptcy and non-bankruptcy solutions for people looking to handle their debt problems. We are proud to help hard-working people in Pennsylvania and New Jersey get out of debt and on the path to a fresh financial start. To schedule a free and confidential consultation online or in one of our many local offices, call us at 215-545-0008 or contact us using the form.