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How could Chapter 7 bankruptcy benefit you?

On Behalf of | Jun 24, 2022 | Bankruptcy Law

If you are a Maryland consumer who is struggling with debt, you understand how overwhelming it can be to know that you cannot pay your bills. Overdue balances, pressure from debt collectors and compounding interest can make you feel like you will never get ahead. While your situation may feel hopeless, there are options available to you. The bankruptcy process offers you the opportunity to deal with certain types of debt, providing you the chance to seek a better financial future.

One option for you is to seek Chapter 7 bankruptcy protection. This is a popular choice for those who may have a significant amount of unsecured debt, such as credit card balances or medical debt. Within a matter of a few months, you could complete Chapter 7 bankruptcy and be in a position where you can move forward with your life. You may benefit from an explanation of your potential legal options and eligibility requirements for this bankruptcy choice.

Advantages of this choice

It is not easy to make the decision to file for bankruptcy, but Chapter 7 could provide you the chance to get your life back and seek long-term stability in your finances. Some of the reasons why you may consider this specific chapter of bankruptcy include:

  • It is relatively quick, taking only three to five months to complete.
  • While the liquidation of some property is a requirement, you can keep many important personal assets.
  • Bankruptcy enacts the automatic stay, which protects you from collections acts and aggressive debt-collection attempts.
  • Some remaining balances will be an automatic discharge at the conclusion of the Chapter 7 bankruptcy process.

While there are many benefits to this specific process, this does not mean it is the only or best option for you. If you are not eligible for Chapter 7 due to your income, or you are facing the threat of foreclosure, you may benefit instead from seeing the protection of Chapter 13 bankruptcy.

The best future for you and your family

An assessment of your case can help you understand if bankruptcy is the right choice for your specific financial situation. Chapter 7 could provide you the ability to deal with certain balances once and for all, make aggressive efforts from debt collectors cease and help you look to the future with confidence. If debt is overwhelming you, there is no time to lose in learning more about how you can seek a way out.