When You Can’t Pay Your Bills Consider Chapter 7 Bankruptcy

In today’s economy it is easy to get behind on bills and fall so far in debt that there is no relief in sight. Sadly, once you get that far in debt, there usually is not a way to get out of it. In some instances, you may be able to contact your creditors and work out a modified payment plan. Unfortunately, not all creditors are willing to work with you. Once you have tried all other options that are available, including loan modifications and debt consolidations, you may need to speak to an attorney about filing for bankruptcy.

It may seem like bankruptcy will ruin your credit, but to be honest, if you are not paying your bills, your credit is already ruined. Chapter 7 bankruptcy will help you get out from under the debt that is burying you alive and help you get back on your feet financially. It is true that your bankruptcy will stay on your credit report for 10 years but once that time is up, your credit report will be clear and you will be able to have the credit you deserve. On top of that, once the bankruptcy is discharged, you may be able to get a secured credit card so you can begin rebuilding your credit.

Rapa law Office P.C., will discuss chapter 7 bankruptcy with you. One of the most important things to understand about chapter 7 is that you will not be able to keep your assets. All of your non-exempt property will be sold to pay off as much of your debt as possible. Once the proceeds from the sale of your assets have been depleted, any remaining debt will be discharged along with your bankruptcy. Your creditors will never be able to go after you for payment on those debts again.

When you have reached the end of your rope and you have no other recourse, call a bankruptcy attorney for assistance. They will discuss the options that are available to you and help you get back on your feet. You will be glad you did when the creditors stop calling you.

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