As a Chapter 7 bankruptcy attorney for over 30 years, I know bankruptcy is still a word that means “failure” to a lot of folks. People assume it is like a death sentence to their financial health. The truth is, for anyone in significant debt, bankruptcy can be a lifeline that provides immediate financial relief when needed most.

There are different types of bankruptcy, both with their own qualifications and benefits. An experienced bankruptcy attorney can help you choose the right one for your situation. Today I want to talk about Chapter 7 bankruptcy and the many benefits it offers.

5 Benefits of a Chapter 7 Bankruptcy

1. An end to creditor harassment

If you’re in significant debt, chances are creditors are calling you day and night. When you file for bankruptcy, the judge will implement an automatic stay on creditors which forces them to stop contacting you or attempting to repossess your property. Chapter 7 bankruptcy puts an immediate end to their harassment.

2. Debt forgiveness

When you file for Chapter 7 bankruptcy, there’s no obligation to repay qualifying debts. This means certain types of debt, like personal loans, credit card debt and medical debt is wiped out. You do not have to pay it back.

3. Keep your assets

It is a common belief that you will lose all of your assets when you file for bankruptcy, especially with a Chapter 7, which is often referred to as a liquidation bankruptcy. No wonder people assume their possessions will be seized. The reality is, there are actually many exemptions. You will most likely be able to keep your home, vehicle, household goods, and personal items. A clean slate doesn’t mean you are expected to start from scratch.

4.  Rebuild your credit score

Chapter 7 bankruptcy does temporarily damage your credit score. But if you are struggling with debt, chances are your credit wasn’t in the best place to begin with. At Darrell Castle & Associates, we offer all our clients free access to 7 Steps to a 720. This is an online credit restoration program that shares the tips and tricks to re-establishing and rebuilding your credit after bankruptcy.

5. A clean financial slate

Imagine a life where you no longer worry about calls from collection agencies or bills piling up. That dream can be a reality with a Chapter 7 bankruptcy. It allows you to put crushing debt behind you, and start fresh with a clean slate to rebuild your finances the right way. Think of what that debt freedom could mean for you and your family.

Contact an experienced Chapter 7 bankruptcy attorney for a FREE consultation

If you’re considering bankruptcy or are ready to file, contact us at (901) 327-2100 to schedule a FREE consultation or contact us online. An experienced Chapter 7 bankruptcy attorney will be happy to discuss your unique situation, look over your finances, answer any questions you have, and help you choose the right type of bankruptcy for you and your family.

Bankruptcy isn’t something to fear, it can be the key to changing your whole life for the better. Give us a call today.