Defining Chapter 7 Bankruptcy
Bankruptcy is not a casual thing to utilize. It should be for emergencies. Odds are that’s exactly where you are. It has a lot of benefits but also some drawbacks that you will want to consider.
You have to meet certain criteria to be able to declare Chapter 7 bankruptcy, which is what people most frequently opt for when they declare bankruptcy.
When you file for Chapter 7 bankruptcy, you are saying that you are willing to liquidate your assets or sell them so that you can pay off your debts. You will still have to pay off all your normal monthly payments. It doesn’t make that vanish. It just helps you get out of debt.
You can take any and all of your questions to our Stillwater bankruptcy lawyers.
Bankruptcy Won’t Ruin Your Life
Many people worry about bankruptcy ruining their life. At the end of the day, if you really need it, bankruptcy can save your livelihood. You may think that bankruptcy will take everything away from you when in fact it is going to help you save everything.
There are many different ways this can be beneficial to you. It can help with tax problems. It can help save assets. You can save your vehicle.
Don’t think of bankruptcy as a life ruiner. Think of it as a life saver. It’s a powerful tool to help pull you out of a dark place. Our Stillwater bankruptcy lawyers will help you understand that this is good.
5 Things You Can Do During a Financial Crisis
Better Understanding Bankruptcy
As we said, money can be really hard to manage sometimes. Life throws you a lot of challenges and sometimes it knocks you down. Even if we do all the right things, things can happen that dry up our savings faster than a blink of an eye. You have options. We can help you fully understand what they are. Chapter 13 bankruptcy is one of those options to help get you out of a tough spot. It’s the option we turn to when everything else fails.
However, you’re likely dealing with societal pressure. You don’t want to feel like a failure. You don’t want it to seem like you’re incapable of handling money. Yes, bankruptcy is something that will follow you around a little bit in a financial sense but it is not something that you should write off as a foolish choice. Declaring bankruptcy is responsible when it is warranted. It is a way to start over.
Basically, bankruptcy is about telling several companies that your debts should be forgiven. This is a delicate process that needs to be handled with care by someone who is experienced. When you declare bankruptcy you need to be ready to go through a lot of paperwork. Everything you do with your money is going to be looked at. It is best to have a Stillwater bankruptcy lawyer at your side to get this done.
Benefits of Bankruptcy
You likely want to know what bankruptcy can do for you. This is a very common question. You’re in a lot of financial trouble. It’s terribly stressful. It’s very difficult to see yourself going through with bankruptcy or to even consider it because it’s scary. We understand that. We want you to know that this may be a good life changing decision.
Firstly, it’s going to quiet your phone. You won’t be pestered every day by debt collectors. You will be free of all those calls, emails, snail mail, etc. It will also protect your assets. You don’t have to lose your house. You don’t have to lose your car. It also stops all litigation between you and another party with the exception of family law.
You’re protected when you file bankruptcy. You have time to get your stuff under control. That includes your credit and medical bills. A Chapter 7 is going to clean all of that debt up. After a few months all of that will be gone.
Chapter 13 is a bit different if you have a complicated case. You may be behind on everything like your home and car. Then a Chapter 13 would be more appropriate. Chapter 13 exists to help you stabilize so that your debt can be collected.
Call Our Stillwater Bankruptcy Lawyers Today
Bankruptcy is often confusing if you’ve never done it before. Let us help you understand.
Contact our Stillwater bankruptcy lawyers today!