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Thinking of Filing Bankruptcy? See if You Qualify

bankruptcy
  • Blog
  • Jill
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  • May 11, 2020

Thinking of Filing Bankruptcy? See if You Qualify

It can be very easy to get into debt so badly that it seems like you will never find a way out. For those who are completely overwhelmed by their current financial situation, one solution to their debt issues is filing bankruptcy. Chapter 7 bankruptcy can be beneficial. Decide if it is the best option for you, and call our offices today!

Is Bankruptcy the Only Option for Your Debt Relief? 

There are times when it may seem like bankruptcy is the only option available to you. But there are several debt relief options out there that you may not know about. 

Negotiate Payments with your Lenders

First, you can always try to negotiate with your bank or other lenders. If you have fallen behind on your payments, they may be able to set up a debt settlement for you that is less than what you currently owe. Some lenders also allow you to refinance your loan and defer your payments for a month or two. 

Consider Enrolling in a Debt Management Plan 

Debt Management agencies can help you consolidate several of your bills and make one monthly payment instead of paying multiple bills, usually at a much lower rate. This makes it much easier to pay off more than one bill and will also help you improve your credit rating at the same time. 

The Benefits of Chapter 7 Bankruptcy

Bankruptcy is often viewed as a last resort for those struggling financially. But there are several benefits to filing. The best part is that most of your debts are taken care of and you can start again. It can erase most of your unsecured debts. Those are loans that are not connected to any property you own. Unsecured debts that chapter 7 bankruptcy takes care of include medical bills, credit card debt, personal loans, and old cell phone bills.

Who Should File for Bankruptcy? 

Those who are advised to file chapter 7 bankruptcy usually have dischargeable debt that they cannot payback. If it is going to take you several years to get out of debt, chapter 7 could be the best solution for you. 

Get in Touch with a Bankruptcy Attorney To Learn More 

Bankruptcy may not be the best option for everyone who is seeking assistance with their debt. At Bartifay Law, we are here to answer any questions you may have about chapter 7 bankruptcy. Get in touch with our team today to learn more. We look forward to helping you make the best decisions for your financial future.

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