Circumstances may occur that are beyond your control. For example, your company may go under and leave you with no job, or you may have an accident and find you are faced with mounting medical bills as you wait for payment from the insurance company. If you can no longer pay your bills as agreed, one option available to you is chapter 7 bankruptcy. Before you file the papers to start this process, however, it’s best to talk with a Chapter 7 Bankruptcy Attorney in Wetumpka AL. Following are some benefits that you may find if you do go this route.
Collection Calls Stop
People who are behind on their bills tend to dread answering the phone. While caller ID has made it easier to determine who is on the other end, collection agencies use multiple numbers to reach debtors. When you have several past due accounts, these calls appear to be endless. Filing for chapter 7 bankruptcy halts these calls in their tracks. The filing of the paperwork ensures this is the case.
No Payments Are Due
A person may look into chapter 13 bankruptcy only to find they will be required to make payments to their creditors for up to five years. This isn’t the case with chapter 7 bankruptcy. Any eligible debt will be erased once the bankruptcy is discharged. Speak to a Chapter 7 Bankruptcy Attorney in Wetumpka AL to learn which debts may be cleared using this method and which you will still be responsible for.
Retain Assets
The court allows certain assets to be retained when chapter 7 is selected. For example, a person may keep their primary home and at least one vehicle. Expensive jewelry and retirement accounts are also protected when this option is selected in most cases. The attorney can clarify which items are safe and which must be forfeited under chapter 7 bankruptcy.
Contact Courtney & Mann LLP to learn more about the benefits of chapter 7 bankruptcy and the other options available to you. Debt relief is available if a person knows where to turn. When you know your options, you’ll find you obtain peace of mind as you can see a clear financial future once you determine which option is best for your situation.
