Many Americans simply have more debt than they can afford to repay. A chapter 7, or liquidation bankruptcy is an option to clean up your debt.
Despite what you hear, it is rarely due to irresponsibility. No one sets out to accumulate $7,000 in credit card debt, but a temporary job loss, sudden illness or other financial emergency can quickly drain savings and force people to charge normal living expenses.
When coupled with student loans, signature loans, payday loans and other unsecured loans, consumer debt in America tops $3 trillion. Since most people can expect negligible wage growth and have little savings, credit card debt can easily push a family over its own fiscal cliff.
Even if the debt was not your fault, the bills are still due and something must be done. If paying the bills is not an option, Chapter 7 Bankruptcy may be the answer.
Chapter 7 Bankruptcy
In just a few short months, Chapter 7 Bankruptcy can wipe out most unsecured debts including credit cards and medical bills. All that time, your creditors may not take any action against you unless they get special permission from the Bankruptcy Court. After the bankruptcy is over, you still get to keep your house, retirement account, and other valuable exempt assets.
Faro & Crowder, PA provides bankruptcy and debt relief services
With offices in Melbourne and Cocoa, our attorneys serve all residents of Brevard County along the Space Coast. Contact us to learn more about debt-elimination programs.
The information on this blog or any blog is not intended as, and should not be taken as, legal advice.