Advantages of Chapter 7 Bankruptcy
ď śWhen a person or business goes bankrupt, he can file for bankruptcy to protect himself and his assets if there are any. An option to take would be to file for Chapter 7 Bankruptcy. ď śHere are some facts about Chapter 7 Bankruptcy and the advantages it can bring.
ď śThe aim of Chapter 7 Bankruptcy is to cancel the individual debts, giving the person a chance to have a fresh start and rebuild himself financially. ď śWhen a Chapter 7 Bankruptcy is filed, a case can take from 3 to 4 months before a person is said to be discharged from his financial obligations. Here are some advantages if you file for Chapter 7 Bankruptcy.
ď śProtect your properties from creditors ď śWhen filing for Chapter 7 Bankruptcy, creditors cannot touch any of your properties such as your house, car or bank accounts. The court recognizes the need for you to keep these properties so you can have a fresh start once you get discharged from your debts.
Creditors cannot harass you. As soon as the case is filed, creditors cannot demand any payment from you; neither can they bother you anytime by sending you collection letters or threatening you with lawsuits. There is no need to explain anything to them, or to give them any form of payment once the case is filed.
Wipe out personal loans and credit card debts. Filing for Chapter 7 Bankruptcy will eradicate such debts as long as there is no tangible property which was held as collateral. Eliminate foreclosure and repossession. When filing for Chapter 7 Bankruptcy, debts involving foreclosure and repossession may be eradicated.
With Chapter 7 Bankruptcy, a person will have the chance to start a new life financially. To help him with the process, a good bankruptcy lawyer is necessary. The law offices of Jeffrey Cancilla attorney can help. Call is now 714-7025295. Find out more here: www.slideshare.net/cancillalaw