Dealing with financial difficulty is not an uncommon situation to face. With close to half a million Americans filing bankruptcy in 2021, it is important to remember that you are not alone. There are opportunities for you to find debt relief and move forward with your life, it’s just a matter of understanding your options.
If you are struggling to keep your head above water and are looking for a financial do-over, Chapter 7 bankruptcy may be the best option for you. Chapter 7 is commonly filed by individuals with overwhelming amounts of unsecured debt who do not have the means to repay it. These debts commonly include medical bills, credit card debt, home loans, and/or a loss of income.
Often referred to as liquidation, Chapter 7 allows your financial slate to be wiped clean by liquidating your assets to pay back creditors. While you must give up certain assets with Chapter 7, many people find it encouraging to know that around 90% of cases lose no property in the transaction.
After filing for Chapter 7 bankruptcy, many individuals are able to alleviate their debt and immediately stop creditor harassment. This is because, under law, creditors are obligated to cease any legal action once Chapter 7 bankruptcy is filed.
Benefits Of Chapter 7 Bankruptcy
There are many benefits to filing for bankruptcy, and a Chapter 7 bankruptcy attorney can help you maximize these benefits by offering their insightful knowledge of the financial system.
Moving forward with your bankruptcy with informed decision-making will be invaluable to your overall financial welfare. By working with an experienced Chapter 7 lawyer from Citizens Law Group LTD, you will have the ability to:
- Stop creditor harassment.
- Save your home from foreclosure or eviction.
- Obtain total relief from unsecured debt.
- Have your debt claims discharged in as little as six months.
Filing for bankruptcy is a complicated process that requires the oversight of a seasoned professional. By managing your financial affairs with an elevated understanding of Chapter 7 bankruptcy law, you will be able to mitigate any problems that may arise in the future.
How An Attorney Can Help With Your Bankruptcy Proceedings?
An attorney will help you with a vast array of legal actions when it comes to your bankruptcy case. The first thing your lawyer will do is help you determine your eligibility for Chapter 7 bankruptcy. This includes meticulously reviewing your financial situation and deciding whether or not you are able to file for Chapter 7, and if this is the best course of action for you. If Chapter 7 will benefit you, you may proceed to file for bankruptcy.
From there, your attorney will be instrumental in helping you gather pertinent information related to your filing, and assist you in drafting the necessary documents for your bankruptcy case. Given that Chapter 7 involves the liquidation of assets, you must determine which assets are exempt from liquidation. A lawyer that understands the exemptions under Chapter 7 bankruptcy law will help you preserve the possessions that matter most while providing you with a clear path toward financial stability.
Bankruptcy is a process that can take time, and your legal counsel will be with you every step of the way as you go through the necessary steps. Once your bankruptcy process is complete, your lawyer will make sure that all of your financial details are in order so that there are no surprises down the road.
Thinking Of Filing For Chapter 7 Bankruptcy?
Citizens Law Group LTD is a Chicago-based law firm that will help you navigate through this process with confidence and assurance.
Whether you are in the midst of a Chapter 7 lawsuit or are simply considering bankruptcy, Citizens Law Group LTD stands ready to help you in whatever capacity is necessary. We are dedicated to your financial success, and we will give you the personal attention you need to find the relief you deserve.
To find out if you qualify for Chapter 7 bankruptcy, please do not hesitate to contact Citizens Law Group LTD today to pave your way to a brighter financial future.