Having to file for bankruptcy is one of the most difficult decisions that anyone going through financial struggles can make. After you have exhausted your options, you may come to consider bankruptcy as a solution. To help you understand your options better, a Chapter 7 bankruptcy lawyer can give you personalized advice and guidance that you need. While filing for bankruptcy is a last resort, it allows individuals struggling with debt to start over with a clean slate. Here is what you can expect from Chapter 7 bankruptcy. 

What is Chapter 7 Bankruptcy? 

Chapter 7 bankruptcy is one of the most common types of bankruptcy that people file for, as a Chapter 7 bankruptcy lawyer like one from The Law Offices of Neil Crane can tell you. There are many kinds of unsecured debt that it can eliminate, such as credit card debt, medical bills, utility bills and more. Unfortunately, it does not get rid of debt like student loans and other kinds of debt that cannot be discharged. Since it can be completed relatively quickly in a few months and immediately prevents harassment from creditors, it is an appropriate option for many people. 

Is Bankruptcy Right For Me? 

It can be tough to decide if bankruptcy is really the right option for you. Meeting with a lawyer can provide you clarity about your financial situation and the pros and cons of filing for bankruptcy. They can see if you are eligible and explain the requirements you must meet in order to file. There also may be other debt relief options available to you that you can look into If you are not sure if you should file for Chapter 7 bankruptcy, there are some important factors to consider, such as: 

  • Eliminate unsecured debt. Do you have unsecured debt like medical bills, car loans, or credit card bills that you are unable to pay? If your debt has gotten out of control and has no means to pay for them, then filing for Chapter 7 bankruptcy may be your best option. 
  • Avoid foreclosure. Bankruptcy may be the right option if you want to keep your home or property.

Regardless of what factors or circumstances led to your financial situation, it is important to recognize that everyone comes from different and unique backgrounds. Even people who are in the most financially stable situation can be vulnerable to bankruptcy. It’s important to recognize that bankruptcy is not a reflection of personal failure, so it should not be ruled out. Bankruptcy may actually be the best option for you and can put you back on a path to financial freedom. For assistance, contact a top bankruptcy lawyer today.