In financially trying times, particularly those worsened by the coronavirus pandemic, you may be considering bankruptcy. But what kind of bankruptcy is best for your unique situation? Many experts recommend taking a serious look at Chapter 7. Here is why.
Advantages of Chapter 7
In general, bankruptcy provides protection from debt collectors, wipes out most of your debt, improves your credit score and prevents wage garnishment as you attempt to get back on firm financial footing. Typically, Chapter 7 bankruptcy means you are relieved of the following outstanding debts:
- Medical bills
- Overdue rent
- Credit cards
- Lease agreements
- Some personal loans
- Some civil court judgments
Chapter 7 also allows you to hang onto all of your most important personal assets. These include your primary residence, a qualifying vehicle, some personal effects and household goods.
Another advantage of Chapter 7 is that the process can usually be completed in less than six months. Chapter 13, on the other hand, can take three to five years to resolve your debt issues, but is very helpful if you are behind on a mortgage or vehicle payments.
Is Chapter 7 right for you?
If you are thinking about bankruptcy, you have more questions than answers – a lot more questions. While seeking answers, you are under enormous pressure from creditors. They may be offering you tempting “deals” that are not as beneficial as they seem.
There also are the guilty feelings you experience from being unable to pay your debts and provide for your family. The mental and emotional burden can seem unbearable. On top of that, the legal process is complex. An innocent mistake on your part can put your financial future at risk.
The bankruptcy attorneys at Benjamin R. Matthews & Associates, LLC have been serving South Carolina residents just like you with down-to-earth advice for 25 years.
Our legal team will give you the personal attention and professional service that you deserve, helping you decide what is the best financial move for you and your family. We even offer no-money-down Chapter 7 bankruptcy filing for qualified clients. Contact us today for a free case consultation.