Bankruptcy is a scary word for most of us. We don’t intend to get into such debt that we need to file for bankruptcy protection, but it can happen to anyone, at any time. When you’re overwhelmed in debt and other options have failed to provide relief, you’ll be happy to know that Chapter 7 is there.
Besides, it isn’t as bad as some people would have you think. Now, this isn’t’ to glamorize Chapter 7 or suggest that you get into debt because it’s there. Chapter 7 has its fair share of disadvantages and drawbacks and when it’s avoidable to file, that option is always best. But, if you find yourself administration financial turmoil, don’t automatically assume that Chapter 7 is the worst option.
When you declare chapter 7 bankruptcy edmonds wa, you’ll stop those calls from creditors demanding payment. No more mailbox full of letters demanding payment, either. A cease and desist order is placed upon such activity the minute that you file. You must complete a credit counseling course at your own expense 90 days prior to the court hearing. This counseling helps prevent this mishap from occurring again in the future.
Bankruptcy helps you clear up your credit in a period of a few years. It erases the debt that is currently on the credit report so you get a chance to start fresh with a clean slate. In a few years, you’ll be on the right road and can finally get approved for the things that were out of your range before.
So when you find yourself in debt with no way out, talk to a lawyer to learn more about bankruptcy. What you learn may help you realize that it’s not so bad after all and may, in fact, be the answer to financial freedom that you’ve been searching to find.