Submitted by Rachel R on Fri, 11/20/2015 - 9:33am
Your debt can be gone by the holidays with Chapter 7 bankruptcy
Image Source: Flickr User martinak15
For those too deep in debt, Chapter 7 bankruptcy can be a perfect solution. If you are overwhelmed with debt, are living paycheck to paycheck, and deal with harassing debt collections calls daily, there is a better way. If you qualify for Chapter 7, you can be debt-free (and stress-free) for the holidays. Getting out of unaffordable debt can be life-changing – here’s more about how Chapter 7 can help you and how to find out if you qualify.
Chapter 7 debt relief is fast
It’s true there are other ways to get out of debt. You can negotiate with your creditors for a lengthier repayment plan and more affordable payments, but this just prolongs your debt. You can try credit counseling, but this can end up costing far more than your original debt and can keep your credit score lower for longer. You can try Chapter 13 bankruptcy (and this is a good fit for many consumers) but this takes time and self-discipline.
With Chapter 7, the moment you file, you have the protection of the automatic stay. The “stay” means that all debt collection efforts must stop for 90 days. And by then, most of your unsecured debt will be discharged. A discharge means that creditors cannot collect on the debt at all – they can’t call you, sue you, or contact you about the debt. The debt is legally no longer yours to deal with – and that can be a big relief.
Chapter 7 debt relief is permanent
After debts are discharged in Chapter 7 bankruptcy, they are gone for good. This means you have the financial freedom to set up a new budget without those debts, get your spending under control, and start saving for your future. The fresh start offered by Chapter 7 can get you back on track and assure a happier and financially healthier future. Most people end up in debt because of a major life event like job loss, divorce or a medical crisis.
Once that ordeal is done, you’re left with the financial fall-out whether it’s maxed out credit cards, unpaid medical bills, or other debt you can’t afford. With Chapter 7 bankruptcy, you can put this crisis behind you for good and have a meaningful new beginning. No other debt relief option gets you the instant reset that Chapter 7 offers. It’s not an option to take lightly, but if you’re drowning in debt, it can instantly make your life much better.
Chapter 7 debt relief is open to many consumers
You may assume you won’t qualify for Chapter 7 bankruptcy if you earn a high wage. But that’s just not true. While it is true that having a lower income will help you bypass the Means Test, a higher income may not be a barrier. You can earn millions a year and still qualify for Chapter 7. The key factor is whether your debt outweighs your income and your ability to service that debt. You can be in over your head with debt at most any income.
If you’re married, you can choose to file individually or with your spouse. If you’re divorced, bankruptcy can help you deal with debt left over from your split. If you have children, ditching your debt can make room in your budget to save for their college or afford things they need now. No matter your life circumstance or income, you may qualify for Chapter 7 bankruptcy relief. Contact a reputable North Carolina bankruptcy attorney to discuss your options today.
You can be debt-free, have a happier Thanksgiving and holiday season - and a fresh start going into the New Year. Call +1-919-646-2654 to meet with the NC bankruptcy experts at the Law Offices of John T Orcutt. Contact us for an immediate and free North Carolina bankruptcy consultation at one of our locations in Raleigh, Durham, Fayetteville, Wilson, Greensboro, Garner or Wilmington and get control of your finances today.
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