A Chapter 7 Bankruptcy Filing Can Be the Solution to a Financial Disaster

by | Aug 14, 2015 | Lawyers & Law Firms

Life can be difficult to manage at times. One can work 40 or more hours a week and still barely make it through. Many people in the U.S. are living pay check to pay check. Often, just barely managing to keep everything paid. For many, it is a balancing act to keep the budget tight and all expenses covered. Then, something unexpected happens. One incident, such as an illness or a vehicle issue, could cause the whole balancing act to come crashing down. Missed work or an unexpected expenditure could make it impossible to keep all debts paid on time. Eventually, it can snowball into an unmanageable mountain of debt. A chapter 7 bankruptcy filing may be an option.

When living pay check to pay check, one minor incident could cause a mountain of problems to build. An illness can cause missed work and high hospital bills. Even car repair could cause a serious financial strain. There are many things that can happen unexpectedly that cause costs or loss of wages that were not budgeted. This can cause one to miss payments on credit cards or a mortgage. Any missed payment can cause late fees and other penalties. These can continue to build, until they become a big mess. Then, the creditors begin to call. This can be an enormous strain on anyone just trying to get by.

A chapter 7 bankruptcy filing can be a way to get out from under this financial nightmare. A bankruptcy is a way for a person to have their debt settled. Some property and assets may be liquidated to help settle these debts. However, a home and other necessary properties may be maintained. This can allow a person to end the harassment and phone calls from creditors. It can also help to rebuild a more stable financial future. An attorney can help determine if bankruptcy is possible. They can assist with the process and filing of the bankruptcy. Many attorneys will even offer a free consultation to discuss the options available. For more information about a bankruptcy and if it is the best option, you can visit Thompsonanddeveny.com.

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