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Chapter 7 Bankruptcy - a well performing solution

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The fundamentals

Accomplishing chapter 7 bankruptcy will allow to free yourself from most of your debt and start of with a clean slate, though there are important drawbacks to consider. For one - you will lose your current property and demote your existing credit score. This type of legal activity is also called liqidation or straight bankruptcy. By permoring it, your assets are sold at a price your creditors agree and the moeny goes to them as a repayment. By making these payments you free yourself from debt.

Credibility for this is important, as laws have changed since the beginning of 2000's making it harder to be eligible to apply for chapter 7 bankruptcy. Our professionals are ready to make a full assessment of your current situation as well as we offer you to read further and learn what is needed to fit.

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Before filing for chapter 7 bankruptcy

Best to apply for bankruptcy if you:

  • Don't have many assets - as they will be sold
  • Your debt exceeds more than 40% of your total yearly income
  • Paying off your debt will take you more than 5 years without filing for it
  • You have debt that can be discharged - bills, credit cards, pay day loans

There are things to condider and it's important know how to do the process. For once - you will have to take the means test, have credit counselling, find an attorney and file paperwork. Our team can help you with the necessary steps and advice you on best practices!

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Rebuilding afterwards

Your credit will be at a lower score, you might have to pay closer attention to budgeting and planning, though you will be free of debt and this will be a great starting point. You'll have the ability to make your next financial move with a clean slate.

  • Start by making a budget for your next 6 to 12 months
  • Try consulting with a professional in order to plan your expenditures correctly
  • Find a way to build an emergency fund, even if you start small, this will be an essential part of maintaining your financial freedom

Get in touch with a counselor from our team if you feel that filing for bankruptcy might be the right solution for you.

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