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Bankruptcy Chapter 7 Is It The Best Option?

By Edited Nov 17, 2013 0 1

Well first of all if you are reading this article then chances are you are facing some financial difficulties in your life. It is never fun to be a situation that you can barely pay your bills and it seems like all the money that you are working for goes straight to the bills.

Well if you have come to the internet for information on bankruptcy chapter 7 so that you can get a better understanding of what your options are; then you have come to the right place. While I do not claim to be an attorney who knows what they are talking about; the truth is that I have been through this situation myself.

Bankruptcy chapter 7 is the most common type of bankruptcy that most people tend to file. This is because it allows for people to get a fresh start from all their financial difficulties. However before you think of it as a "get out of jail card" there are some things that you should be well aware of.

Yes if you are experiencing financial difficulties then there is no shame to having to declare bankruptcy. In fact most people will file a chapter 7 bankruptcy because they will be able to get a fresh start in life.

You can walk away from your credit card bills, auto payments, mortgage and several other bills once you have been discharged. However the one thing that you can not write off and be free from is taxes and school loans. If you owe this type of debt then you can expect to have to continue making payments.

You will also have the option to keeping your home; however if you are behind on the payments then you will have to find a way to become current on the payments. You can not stay in your home if you are behind on the mortgage.

However we all know that the bank does not really want to foreclose on the home; so they may be willing to work something out. So you have to decide whether it is worth keeping your home or not. This can be one of the most difficult decisions that a family has to make; however there is no reason to continue struggling to make ends meet when you are drowning in debt.



Nov 5, 2010 2:26pm
It is good to read an account from someone with a personal experience with the situation. My knowledge was from helping a friend. Well written and informative
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