A Beginners Guide To
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Benefits of Chapter 7 Bankruptcy
Chapter 7 Bankruptcy is the most well known form of bankruptcy relief in the world. It allows debtors to use their assets by selling them or liquidating them and pay back creditors. Chapter 7 Bankruptcy helps you a lot in paying off debt and rebuilding your finances. It has many advantages and here are some of them :
Debt forgiveness. You may have a lot of debt but don’t worry too much for chapter 7 Bankruptcy can change that. It helps you pay off most of your debt or even all of it. It may take you six months or a little more then you are now left debt free. There is no debt qualification so any debt you have whether it is credit card debt or personal loans can be wiped clean when you file chapter 7 Bankruptcy.
Relief from creditor harassment. There are some creditors who may not leave you alone and keep calling you several times in a day to remind you to pay off your debt to them as soon as possible. They may be making you uncomfortable or even threatening you and your family. When you File a chapter 7 Bankruptcy, the judge will put a stay on your creditors to keep them from harassing you hence you will pay your debt freely without having your creditors breathing on your neck.
Home and personal property exemptions. When you File a chapter 7 Bankruptcy, it does not mean that you have to sell everything under your name. You will not lose things that are very important to you such as your home, car or personal goods as stated in the law. You will keep all these safely and still be able to pay off your debts.
Rebuild credit score. Chapter 7 Bankruptcy may most probably damage your credit score, but don’t stress about it too much. You can rebuild it over the years to come and you will be financially stable or even make more than you ever have in your life so just relax and work to rebuild your credit score.
Help with your home. You may be behind on mortgage payments for your home and are worried that you don’t have enough time to pay. When you File a chapter 7 Bankruptcy, you will be given more time to pay the mortgage debt.
Options for your car loan. If you have a car loan you can choose either to surrender the car, affirm the debt or redeem the car. When you are behind in car payments, you can address the car loan as part of the chapter 7 Bankruptcy proceeding.Now that you have known the benefits of Chapter 7 Bankruptcy, you can look for a good criminal defense attorney. Do your research online to find out which lawyer has many years of experience and is a professional in the field. Also go on their website and check out how many clients they have helped and if they have succeeded. Settle on the one that seems like the best one for you in Manassas, Virginia.