In a best-case scenario, you will never need to file any sort of bankruptcy. However, few things in life follow a best-case scenario, especially when it comes to one’s financial situation. As you know all too well, unforeseen events or obstacles can arise to leave a person struggling to overcome debt.
Chapter 13 and Chapter 7 bankruptcy are two options available for residents of Alabama. One type of bankruptcy is not necessarily better than the next; it simply depends on the details of your financial situation. Knowing which one to choose can ensure that your efforts to overcome your debt are as effective as possible.
A bankruptcy law attorney can help you make the right decision, but you can also do a little learning on your own. In the interests of helping you decide how to move forward, this post will talk about three important benefits of choosing Chapter 7.
Clean slate: As long as you meet the income requirements, you can attain a clean slate with Chapter 7 upon which to improve your finances. This form of bankruptcy wipes away most of your debts.
No debt limits: With other bankruptcies, your debt must fall within acceptable limitations. A Chapter 7 bankruptcy can move forward regardless of the amount of debt you have.
Fast results: When you file a Chapter 7 bankruptcy, your discharge of debts will occur relatively quickly. This means it takes less time to start building upon your clean slate.
Contrary to popular belief, bankruptcy need not be an end to your financial future. Instead, it can be the beginning of a better life for you and for your entire family.