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.
If it’s time to address your debt, the attorneys at Bradford Law Offices, PLLC can help. It’s important to understand all of your options. The Bradford Law Offices, PLLC attorneys can help you understand the benefits of Chapter 7 bankruptcy and whether it’s the right choice for you. Bradford Law Offices, PLLC helps clients each day who are suffering with debt. Danny Bradford is a North Carolina native and a proud graduate of the University of North Carolina at Chapel Hill. He has helped more than 3,000 clients address their consumer debts. 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.
Do I Need a Chapter 7 Bankruptcy Attorney?
When you work with a Chapter 7 bankruptcy attorney, you have a professional helping you use the bankruptcy process to your full advantage. There may be things that you can do now that can make your bankruptcy proceeding better for your interests. Knowing what bankruptcy can do for you is critical to getting a good result from the proceedings. When you have a bankruptcy attorney fighting for you, they guide you through the process and ensure that you take all of the steps to get the best possible result in your bankruptcy.
If you try to manage your bankruptcy on your own, you may miss critical steps that can hurt your exemptions. You may also miss categories of debts that you can include in your debt elimination. If you make mistakes, your bankruptcy may take longer or you may not be able to discharge certain debts at all. With the help of a qualified Chapter 7 bankruptcy attorney, you can have the confidence to know that the process is going to go smoothly. You have an experienced professional helping you with every step of the proceeding in order to ensure that you receive the best possible result under the law.
Why Choose Bradford Law Offices, PLLC For Your Chapter 7 Bankruptcy
Danny Bradford has been helping people facing overwhelming debt since 1996, and in that time has represented over 3,000 consumer debtors. Over 70% of his clients have been married or individual debtors like you, so you can relax knowing you are in good, experienced hands. Attorney Bradford is a member of the Wake County Bar, bankruptcy section of the North Carolina Bar Association, and National Association of Consumer Bankruptcy Attorneys.
Over twenty years spent working with both individuals and businesses has taught us at Bradford Law Offices, PLLC that every case is unique. We will never try to apply a one-size-fits-all approach to your case. We will take the time to truly listen to you, understand your situation, and determine the best possible solution for you. When you work with Bradford Law Offices, PLLC, you receive legal services that are informed, compassionate and focused on helping you reach the best possible result in your Chapter 7 proceeding.
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. When you file for Chapter 7 bankruptcy, there’s no obligation that you repay qualifying debts. Those debts are wiped fully clean. You can get rid of debts like credit card balances, personal loans, and other forms of unsecured debt.
- 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. If the creditors are calling you day and night, Chapter 7 bankruptcy can put an immediate end to their harassment.
- Home and personal property exemptions – Filing for Chapter 7 bankruptcy doesn’t mean selling all of your possessions. There are exemptions in the law that allow you to keep the things that matter to you the most. You may be able to keep your home, vehicle, household goods, and items that you need for personal care because of a disability.
- Rebuild credit score – Although Chapter 7 bankruptcy does damage your credit score, you can slowly work to rebuild it over time.
- Help with your home – If you’re behind in your home mortgage payments, you can buy yourself some time to live in your home by filing for Chapter 7 bankruptcy. Ultimately, a Chapter 7 bankruptcy doesn’t erase your mortgage debt, but it can give you some extra time to restructure your finances if you’re looking at foreclosure.
- Options for your car loan – Chapter 7 bankruptcy can be an effective way to address a car loan. You may surrender your car, affirm the debt, or redeem the vehicle. If the car is worth less than you owe, you may be able to pay the cash value of the vehicle. When you’re behind in your car payments, you can address your car loan as part of the Chapter 7 proceeding.
By speaking with a skilled legal representative about your options, you can better understand these and other benefits of filing for Chapter 7 bankruptcy. If you qualify to file Chapter 7 bankruptcy, it can be a helpful way to fully erase qualifying debts. An attorney for Chapter 7 bankruptcy can help you understand how the bankruptcy laws apply in your unique situation.
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. 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.