What To Know About Chapter 7 Bankruptcy 

There are many ways that people get into debt issues that they can no longer manage or resolve on their own.  Debt issues must be resolved as soon as possible before they become larger or even more difficult to fix. You can turn to a trusted and competent bankruptcy lawyer if you are going through debt and need the guidance of a professional to help you determine if bankruptcy is right for you. Filing for Chapter 7 bankruptcy may be a sensible option if you are going through debt struggles. You can rely on a qualified advisor to help you understand your situation, what your options are and the most efficient way to achieve the solutions that you need. Don’t wait to get relief from your debt and schedule a consultation now. 

Basics of Chapter 7 Bankruptcy

There are several different types of bankruptcy that you can file for if you are eligible, and one of the most common types is Chapter 7 bankruptcy. Individuals and businesses who meet the income requirements can file for Chapter 7 bankruptcy. There is a state median income level and applicants must have income that is below that level to qualify. Chapter 7 allows you to eliminate most types of debt, and the process is fairly quick and efficient. Credit card debt, medical bills, utility bills, car loans, and other types of debt are eligible to be discharged. 

Who Chapter 7 bankruptcy is suitable for

Chapter 7 bankruptcy is a good solution for those who are not making enough income, have recently been laid off or lost a job. However, you may end up losing your home if you do file for Chapter 7 bankruptcy. There are options as well if you are struggling with making your payments, such as an installment plan. If you want  a better understanding of your financial situation you can ask a bankruptcy lawyer for advice and what the best approach would be to find a solution. 

The long-term impact of Chapter 7 bankruptcy 

Bankruptcy is one of the major ways that you can get relief from your debt, but it’s not without its consequences. Filing for Chapter 7 bankruptcy or any kind of bankruptcy is a huge decision and it can have long-term impacts on your wealth and financial status. As a seasoned Chicago Chapter 7 bankruptcy lawyer like one at Therman Law Offices, LTD can tell you, while bankruptcy can allow you to get rid of your debt it can also dent your credit score and prevent you from being able to apply for big loans, such as for cars. 

How a bankruptcy lawyer can help  

A bankruptcy lawyer can examine your scenario and see if Chapter 7 bankruptcy is the right debt relief option for you or if there are other things that you may be able to consider. For example you may be able to consider debt consolidation, repayment plans and other means of controlling your debt. Consider speaking with a trusted lawyer now to resolve your case quickly.