People can be in a good financial position and still lose control of it very quickly. Consider this: you have been working hard and saving up for months on end. After accruing a solid amount of savings, you prepare to make a big purchase. But all of a sudden, your car breaks down; and then coupled with that, your work tells you that across-the-board pay cuts need to be made.
The combination of these events make you turn to credit cards to make the purchase that you have long been waiting for. But weeks later, that debt becomes difficult to pay off. So you keep turning to credit cards, and you keep falling further and further into debt. This unending spiral is how many hardworking, honest people end up in a position where a bankruptcy filing is their best outcome.
Chapter 7 bankruptcy is an efficient and effective form of bankruptcy that many in-debt individuals use to get out of debt and re-establish themselves financially. Under Chapter 7, creditor harassment will immediately stop and the debt discharge process will begin. You may lose assets in under Chapter 7 in the liquidation process, but there are exemptions to this process.
If you have fallen into a debt spiral and are looking for a way out, Chapter 7 bankruptcy may be the right choice for you. If so, please consult with the attorneys at McBride Law Firm. We can review your case and relieve some of the anxiety of the process, while advocating on your behalf during the bankruptcy process.