What are the Benefits of Filing for Bankruptcy?
I’m often asked what the benefits are for filing a chapter 7 bankruptcy. A chapter 7 bankruptcy is a full bankruptcy where you are able to discharge that in your retiring. Typically, a chapter 7 bankruptcy is going to eliminate unsecured creditors and at the same time allow you to re-affirm, continue to pay on secured creditors such as mortgages and car loans.
Benefits of a chapter 7 bankruptcy are substantial to the indenter, first of all you are able to eliminate the unsecured debt, you’re able to take care of the garnishments and eliminate those, take care and eliminate the harassing phone calls that you are receiving on a daily basis and at the same time, I am often to protect most, if not, all of your assets. A chapter 7 bankruptcy, even though it’s a full bankruptcy where you discharge that, does not mean that you lose everything. Many assets are exempt under the bankruptcy code.