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Considering Chapter 7 bankruptcy for debt

| Jul 20, 2021 | Bankruptcy

Life is unpredictable, and maybe you never anticipated being in the financial situation you are currently struggling with. It can be scary realizing you do not have enough money to pay your bills or constantly avoiding calls from creditors. You know you need help, but are not sure where to turn. Depending on your income you could qualify for Chapter 7 bankruptcy. 

How does Chapter 7 help? 

There are many benefits to Chapter 7 bankruptcy, including preventing foreclosure and stopping debt collection efforts. This means that once you file, creditors can no longer harass you for repayment by email, phone call or any other means. Chapter 7 also gives you the opportunity to discharge your unsecured debts. Here are a few examples of unsecured debts you might have: 

  • Credit cards 
  • Medical bills 
  • Personal loans 
  • Utility bills 

Is Chapter 7 right for me? 

There is no such thing as a one-size-fits-all approach to debt. Some people in Virginia manage their debt and make regular payments without any added burden to their daily lives. However, this might not be your situation. Things like job loss, medical bills and unexpected financial emergencies can easily throw your finances off. 

If you are ready to explore whether Chapter 7 bankruptcy is right for you, you do not have to go that journey alone. Working closely with a knowledgeable attorney who is familiar with the bankruptcy process can make the whole thing much less confusing. You can find out more about this as well as the bankruptcy process in general by visiting our website.