Regardless of your age, if you run into financial trouble you may begin to think about the strategy that can help you reach solid ground once again.
Chapter 7 bankruptcy is a viable solution for many people, especially those who are in mid-life but have made some financial mistakes in the past. For example, you may have buried yourself in credit card debt as you attempted to juggle starting a family with your professional life.
As long as you qualify to file for Chapter 7 bankruptcy, you can take advantage of these benefits:
- A fresh start. The primary goal of this type of bankruptcy is to give you a fresh start with regard to your financial situation. This is done through the elimination of some or all of your debt.
- Access to future income. With Chapter 13 bankruptcy, you have to use most of your disposable income to repay your debt. Conversely, with Chapter 7, this isn't a concern. Instead, you get to keep future income, which will help you gain control of your life.
- No limit on the amount of debt. The amount of debt that you have does not come into play when filing for Chapter 7 bankruptcy. This is in contrast to Chapter 13 in which you are ineligible if you have unsecured or secured debt that exceeds the maximum amount.
Along with the above, there's one final point worth noting: The discharge of debt through Chapter 7 is quick, typically occurring within two to three months of filing.
Before you do anything, you should focus on these benefits of Chapter 7 bankruptcy, while also considering how this will change your life.
Once you understand what the process entails, where you fit in, and how to move forward, you can make a decision as to whether or not this is the right solution for you and your family.
Although you may have lost control of your finances, although you may not feel good about the decisions you've made in the past, Chapter 7 bankruptcy is designed with the idea that you deserve a second chance.