Getting calls about the debts you owe makes you appreciate caller ID so much more. However, ignoring these calls does not mean your debt will be ignored. It is a stressful time, especially when you are constantly figuring out ways to pay these debts while also paying living expenses.
When debt gets overwhelming, there are debt relief options. Although bankruptcy might have a bad reputation, it is a viable option that many individuals and families file for each year. Thus, you shouldn’t be afraid of filing for a personal bankruptcy simply because you wanted to avoid it. There are many positives that come with initiating and moving forward with a Chapter 7 bankruptcy.
Chapter 7 bankruptcy
At the Law Firm of Ruiz Dougherty, PLLC, our attorneys understand that dealing with debt is overwhelming. Our law firm also knows that debtors do not have to fight their battle for debt relief alone. Thus, we are here to help you gain a better understanding of the process, giving you realistic ideas of what is to come.
While it might have taken years to get to your situation, most Chapter 7 bankruptcy cases take around 90 days to complete. This means that in roughly three months’ time, you can get the fresh financial start you have been seeking.
A lot happens during those 90 days, but there are some things that will not and cannot occur during this timeframe. As soon as you file for bankruptcy with the court, all actions to collect debt must cease. This means that creditors must stop any foreclosures in process, halt any garnishment of wages, withdraw lawsuits filed against you and stop contacting you, whether it is by phone or mail.
Although your debt will not go away with the snap of a finger, filing for bankruptcy can help you eliminate much, if not all, of your debt in a reasonable timeframe. Speaking with an experienced bankruptcy attorney can help you gain a better perspective on the process and how it will impact you now and in the future.