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Advantages of Chapter 7 Bankruptcy


ď śWhen a person or business goes bankrupt, he can file for bankruptcy to protect himself and his assets if there are any. An option to take would be to file for Chapter 7 Bankruptcy. ď śHere are some facts about Chapter 7 Bankruptcy and the advantages it can bring.


ď śThe aim of Chapter 7 Bankruptcy is to cancel the individual debts, giving the person a chance to have a fresh start and rebuild himself financially. ď śWhen a Chapter 7 Bankruptcy is filed, a case can take from 3 to 4 months before a person is said to be discharged from his financial obligations. Here are some advantages if you file for Chapter 7 Bankruptcy.


ď śProtect your properties from creditors ď śWhen filing for Chapter 7 Bankruptcy, creditors cannot touch any of your properties such as your house, car or bank accounts. The court recognizes the need for you to keep these properties so you can have a fresh start once you get discharged from your debts.


Creditors cannot harass you. As soon as the case is filed, creditors cannot demand any payment from you; neither can they bother you anytime by sending you collection letters or threatening you with lawsuits. There is no need to explain anything to them, or to give them any form of payment once the case is filed.


Wipe out personal loans and credit card debts. Filing for Chapter 7 Bankruptcy will eradicate such debts as long as there is no tangible property which was held as collateral. Eliminate foreclosure and repossession. When filing for Chapter 7 Bankruptcy, debts involving foreclosure and repossession may be eradicated.


With Chapter 7 Bankruptcy, a person will have the chance to start a new life financially. To help him with the process, a good bankruptcy lawyer is necessary. The law offices of Jeffrey Cancilla attorney can help. Call is now 714-7025295. Find out more here: www.slideshare.net/cancillalaw

Advantages of Chapter 7 Bankruptcy  

When a person or business goes bankrupt, he can file for bankruptcy to protect himself and his assets if there are any. An option to take w...

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