Advantages of Filing for Bankruptcy with a Chapter 7 Bankruptcy Attorney in St. Cloud
Are you considering filing for bankruptcy? Chapter 7 could be the solution you have been looking for regarding your financial woes. If you are behind on payments and you aren’t sure where or how to proceed, contacting a Chapter 7 bankruptcy attorney in St. Cloud may be the right next step for you to take.
We know how hard it can be to take that plunge. After all, filing for bankruptcy will hurt your credit. At this point, though, it’s likely that you already have bad credit, so the bankruptcy may not be as big of a hit as you thought. To help you see why it could be a good choice, let’s look at some of the biggest advantages of filing.
This is the aspect that most feel is the best part of filing Chapter 7. When you file, you are essentially resetting your finances. You can acknowledge that you made some mistakes or had bad things happen in your life that caused the financial problems, but now you get a chance to start anew. It will be some time before you can get credit cards with good rates, but you won’t have a mountain of debt spilling down on you all the time.
- No More Harassing Calls and Letters
Along with the fresh start, filing for bankruptcy stops creditors from trying to collect from you. They may not be happy that you filed for bankruptcy, but they do not have a choice. After the stay has been ordered, they can’t call you about your debt or request payments.
If you have been dealing with calls late at night, early in the morning, and throughout the day from creditors trying to frighten you into paying, you no longer have to worry. The calls and the letters are done. If they don’t abide by the court order, you should tell your attorney. They can contact the creditor and make them stop. If they still don’t, they could be held in contempt.
If you were to continue trying to pay down your debt, what would happen with your future income? Some of it is surely going to be going toward payments that never end. Other income might even end up being garnished and taken from you.
When you instead choose to file Chapter 7, you are going to be able to keep your current and future income. This can allow you to make better and smarter decisions going forward. It may even allow you to start saving.
When you choose debt consolidation, get on a debt plan, or choose Chapter 13, you are going to have to pay back some or all of what you owe your creditors. For some people, this may be a better option, particularly if they have a home or a car they want to keep. However, it’s not necessary for others. When you choose Chapter 7, there is no repayment plan.
It Happens Quickly
You will find that another advantage is the relative speed at which this happens. As soon as you file, the calls from creditors are required to stop. After you have completed the requirements and paperwork, it will generally take between three and five months for the debts to be discharged. After that, it’s over.
In the past, people were embarrassed about the need to file for bankruptcy; however, when you look around at corporations, friends, and family, you are likely to find that quite a few have gone through the process at least once. There should be no shame if you need to file for bankruptcy.
Are There Downsides to Filing Bankruptcy?
What about the problems with filing for Chapter 7? It’s important to acknowledge that this is not the right solution for everyone. However, the downsides tend to be mild compared with trying to continue forward with debilitating debt. If you are in a situation where you can’t get out of debt because you owe so much, continuing to struggle is not going to help you. Often, the best solution will be to file.
Still Unsure of How to Proceed? Get in Touch with an Attorney
You might still be on the fence. Maybe you aren’t sure whether Chapter 7 or 13 is right for you. Maybe you aren’t sure if other options could work better. What you need to do is to get in touch with the professionals sooner rather than later. Call (407) 512-4394 and talk with specialists from Orlando Law Group. Learn more about bankruptcy and what you need to do to move forward.