Chapter 7 Bankruptcy: Repaying Your Debt

32-1.jpg

For people who have completely drowned in unpaid bills and loans, bankruptcy is an ideal option. Bankruptcy can be filed under either Chapter 7 or Chapter 13. Chapter 7 bankruptcy is a Federal Law, the sole purpose of which is to provide debt-relief to the people who need it. It has been established in Edmond, OK, that many people go through financial difficulties and the creditors make their lives miserable. In order to protect these people from the creditors, bankruptcy laws were created.

It is not that people don’t want to repay their debt. It is that some unforeseen difficulties have appeared which make it difficult for them to repay the creditors. In this case, your bankruptcy attorney in Edmond, OK, will recommend Chapter 7 bankruptcy to you.

Apart from some exceptions, chapter 7 bankruptcy law is capable of wiping away all unsecured debts including medical bills, broken leases, credit card bills etc. Once you file for bankruptcy under this particular section, you will get away from the constant disturbance of creditors via phone calls, emails, letters and many other avenues. But, to file for this successfully, you need an experienced bankruptcy attorney in Edmond, OK, to handle your case.

29-2.jpeg

You might be thinking when the right time to file for Chapter 7 bankruptcy is, as it is not possible to use for this option whenever you want. As it is a law proceedings, there are certain rules and regulations. To be compliant with these laws, you need to file for bankruptcy and below are some of the best times to file under this chapter.

  1. More than one credit card payment is pending.

  2. You are harassed by creditors calling at home and work.

  3. The interest rate has become high.

  4. The balance keeps increasing each month.

  5. The minimum monthly payment has increased a lot.

  6. You are using one credit card to pay the others.

  7. Your stress level is high because of the unpaid bills.

  8. There is a financial imbalance in your family and this is the reason for arguments.

These are some of the situations when the water is already too deep. You should file for bankruptcy without any delay. With Chapter 7 bankruptcy, your debts will be released immediately. Your present assets, income and monthly expenses are calculated afterward. Apart from these expenses, any money earned is paid to the creditor for the pending bills. You don’t have to deal with the creditor directly. The bankruptcy attorney in Edmond, OK, can help you to have the best outcome. Come to Chris Mudd & Associates to find a group of experienced lawyers and discuss the best way out with them.

** Disclaimer: This blog post does not constitute legal advice, nor does it create a client-attorney relationship.