When Should I File for Ch. 7 Bankruptcy?
Chapter 7 bankruptcy is one of the most powerful debt relief options available. It has helped many Americans get a clean financial slate by giving you a fresh start by erasing your debts. But filing bankruptcy is a personal decision and it’s important to fully consider whether it’s the right option for you. We will go over all the Pro’s of filing Ch. 7 bankruptcy.
The Pro’s of Filing for Ch. 7
Some of the benefit’s to filing Ch. 7 Bankruptcy include:
- Automatic Stay Protection: As soon as the case is filed, the “automatic stay” takes effect. It bans creditors from most collection actions.
- Future Wages: Once Chapter 7 bankruptcy is filed, creditors are unable to reach your wages. Your future paychecks are yours to keep and use for necessities, food, rent, etc.
- Permanent Protection: Permanent ban against most creditors following discharge. Only certain debts such as support obligations & recent taxes are not erased.
- Keep Most of Your Belongings: Exemptions protect most “typical” assets – the types of property most people own, like clothes, furniture, cars, tools of the trade, etc.
There are many things to consider when deciding whether to file bankruptcy. Your decision will greatly depend on your personal situation and what your goals are for your financial future.
Call Montgomery, Kelley, & Dennett
There are many obvious benefits to filing for Ch.7 Bankruptcy but before you do you should call Montgomery, Kelley, & Dennett in Williamsburg Virginia and consult with one of our experienced attorneys who can help you decide if this is right for you.