When Would Filing for Chapter 7 Bankruptcy Be Beneficial?

It can be difficult to face your own financial problems. The sooner you decide to seek help for them, though, the better. You need to contact a Chapter 7 bankruptcy lawyer, like a lawyer from Carolyn Secor, P.A., right away to see if filing for Chapter 7 might be right for you. Here, we will explore some of the facts about Chapter 7 bankruptcy. 

You Don’t Mind Liquidating Your Assets

Chapter 7 bankruptcy requires you to liquidate most of your assets. Some can be exempt from this process, but many will need to be sold to pay off your debts. Your lawyer can be compassionate and understanding that there are things you do not want to part with and will do his or her best to keep as many items as necessary. Your lawyer can be reasonable and rational while still realizing that this is a difficult thing you are going through. 

You Have Several Debts to Pay Off

Chapter 7 can work for paying off many different types of debts. It can work for student loans, medical expenses, credit card debt, utility bills, and personal loans. No matter how much debt you have and how many debtors you need to pay back, you can consult with an experienced Chapter 7 bankruptcy lawyer to determine if filing for Chapter 7 would be beneficial for you. Your lawyer can be open and honest about what the entire process should look like and give you the pros and cons of this particular type of bankruptcy compared to something like Chapter 13. 

You Need a Fresh Start

If you need a fresh start, Chapter 7 may be for you. Not only will it eliminate many of your debts, but it will allow you to start a new financial life. Bankruptcy will likely not be on a permanent record for you and is not quite as frightening as people build it up to be in their minds. In fact, filing for Chapter 7 bankruptcy can be liberating for many. Every person has a unique financial situation, which is why it is so important to speak with someone in great detail about yours before deciding to file. 

Contact a Lawyer Today

Reach out to a lawyer from a bankruptcy law firm today. The firm can set you up with a consultation to speak to a Chapter 7 bankruptcy lawyer to determine whether or not moving forward would be in your best interest. This kind of law understands that people who are requesting to meet are already in desperate financial situations, so the firm will work out something that is doable for you to get the help you need. Feel free to ask any questions you have over the phone before meeting up with your lawyer. This can ease some of the concerns you may have and help you take the next steps with haste, rather than feeling so uncertain about what to do next. Do not hesitate. The sooner you seek help the faster you can be on your way to financial freedom.