Benefits of Chapter 7 Bankruptcy
Although the number of bankruptcy filings decreased by 12 percent between 2010 and 2011 across the United States, roughly 1.37 million individuals and businesses filed for bankruptcy in 2011. In the state of North Carolina, 23,129 people filed for bankruptcy and achieved debt forgiveness in 2011. A popular option for in-debt individuals is Chapter 7 bankruptcy, which allows debtors to liquidate or sell assets to pay back creditors. While many people have associated bankruptcy with financial failure or ruin, there are actually a number of benefits associated with Chapter 7 bankruptcy.
Facing financial difficulty can be a very frustrating and frightening time in your life. However, you can get out of debt once and for all and move on with your life by filing for Chapter 7 bankruptcy. To learn more about filing for bankruptcy, contact our Raleigh Chapter 7 bankruptcy lawyers of the Bradford Law Offices, PLLC, today at 919-758-8879 and schedule a free consultation.
The Advantages of Chapter 7 Bankruptcy
Trying to overcome financial difficulty can be a trying time in a person’s life. Fortunately, there are options available to you that can help you start working to rebuild your finances, one of which is Chapter 7 bankruptcy. Some benefits of Chapter 7 bankruptcy include:
- Debt forgiveness – Through Chapter 7 bankruptcy, you can pay off creditors fairly quickly or discharge much of your debt. In fact, most Chapter 7 bankruptcy cases take less than six months to complete.
- Relief from creditor harassment – When you file for bankruptcy, the judge will implement an automatic stay on creditors, which forces them to stop contacting you or repossessing your property.
- Rebuild credit score – Although Chapter 7 bankruptcy does damage your credit score, you can slowly work to rebuild it over time.
By speaking with a skilled legal representative about your options, you can better understand these and other benefits of filing for Chapter 7 bankruptcy.
Start working towards your debt relief today by calling our Raleigh Chapter 7 bankruptcy attorneys of the Bradford Law Offices, PLLC, today at 919-758-8879.