Chapter 7 Bankruptcy Can Give you a Fresh Start

Chapter 7 Bankruptcy Can Give you a Fresh Start
by: Nick Messe



If you think there are more people filing for Chapter 7 bankruptcy this
year than in the past you are correct. With Chapter 7 bankruptcy your
available personal assets are used to pay off your unsecured debts and
the unpaid balance is wiped clean. Some states, however, do allow the
filer to keep a vehicle and their primary residence. The rules are
slightly different from state to state, so be sure to check with your
court or a local bankruptcy attorney to see how it works in your state.

Most bankruptcy attorneys encourage people to take a good hard look at
their finances before considering bankruptcy. Although many of your
immediate financial problems will be wiped clean, the bankruptcy will
have a negative impact on your credit score and you might find it hard to
borrow money for a while. So at what point should you go ahead and file
for bankruptcy?

When your debts become so problematic that you can't make a dent in them
and your attempts to hold off your creditors are no longer working, you
might be a candidate for bankruptcy. When you do a tally of your assets
and liabilities and you find that your liabilities are significantly more
than your assets, it is probably time to take action. If your debts are
endangering your IRA or any other retirement accounts, filing for
bankruptcy may protect them.

Filing for bankruptcy doesn't carry the same stigma it used to and has
become almost common these days. If your debts are simply unmanageable
and there is no way to get out from under them, there is nothing to be
gained by not facing this fact. There is no point in hiding from the
facts and letting a completely unworkable situation carry on any longer
than necessary. Chapter 7 could be a tool to restart your life without
debt. Just remember not to repeat the same financial mistakes that got
you into this mess in the first place.

Finding a bankruptcy attorney to help you regain control of your finances
could be the best decision you've ever made. Debt can completely take
over your time and attention and the reasons for getting into this kind
of debt are at that point less important than just being able to simply
get on with your life. With unemployment rising and inflation on the way,
Chapter 7 could save your home, your health and your peace of mind.

Many bankruptcy lawyers offer free consultation before it is necessary to
choose who you want to use. This is the best way to find a lawyer who is
sympathetic to your situation and one you feel comfortable working with.
You can also find out the terms and conditions of engaging an attorney
and also what he or she expects of you as a client.

Take the time to consult with two or three different lawyers. compare
prices and reputations then make your decision. Check with the state bar
association to be sure the attorney you're considering is in good
standing and has no complaints filed against them. Choosing an attorney
to advise you and represent you is an important decision that should not
be taken without proper consideration.

Bankruptcy can bring an end to your financial woes and can also be the
start of a new life, especially since credit counseling is usually
required as part of the proceedings. Hopefully you will come out of it
with a better understanding of the dangers of credit, and a commitment to
avoid letting it happen again.

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About The Author
In the Milwaukee and Waukesha area Michael Burr specializes in bankruptcy
and debt relief services. Milwaukee Chapter 7 bankruptcy is an effective
way to eliminate many types of debt and have a fresh financial start.
Contact Attorney Michael Burr directly. He understands what you are going
through and can help you get on with your life. - http://www.burrlawoffice.com

The author invites you to visit: http://www.burrlawoffice.com