Chapter Seven Bankruptcy Advantages

Written by Adam Peck Category: Nursing Homes January 23rd, 2013 2 min read

•Elimination of debt. Filing for bankruptcy provides a way to eliminate most forms of unsecured debt, including credit cards, unsecured loans, unpaid medical bills, repossession deficiencies and payday loans.
•Bankruptcy discharge. The majority of people who file bankruptcy under chapter 7 will be discharged in just 4 months.
•No repayments. Provided that the new bankruptcy laws are complied with, it isn’t necessary to offer creditors a monthly repayment. This is particularly beneficial to people who are currently unemployed and have minimal disposable income.
•Court protection. After filing for chapter 7 bankruptcy, it is illegal for creditors and debt collection agencies to contact the debtor for repayment. This protection arises the moment the petition is filed with the court. The only time contact can be made is for re-affirmation of debts, such as a car loan or mortgage, that are to be repaid separately.
•Credit counseling. A requirement of filing is that the debtor must get bankruptcy credit counseling from a source that is approved by the United States Trustee’s office. This advice is designed to help that individual to manage his finances more appropriately in the future.
•Future credit. Despite the problem of a lower credit rating, it is possible to fix bad credit and qualify for home mortgages, car loans and credit cards within a few years.
•Free from worry. Eliminating serious debt problems will reduce stress and anxiety.

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Written by Adam Peck

Expertise: Personal Injury

Adam J. Peck, ESQ is a principal with Peck Law Group, APC. In 2008, Mr. Adam Peck received his Juris Doctorate from Whittier Law School where he graduated Cum Laude. His practice is primarily dedicated to representing Elders, Dependent Adults, along with their loved ones and family members, who have suffered horrific personal injuries.