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Chapter 7 Bankruptcy Isn’t All Bad: 3 Benefits Of Filing

February 16th, 2017 | By

If you have been considering filing for personal bankruptcy, you are probably worried about the consequences and if it will be worth the effort in the end. Unfortunately, there are a lot of myths out there about bankruptcy and how devastating it can be, and while there are some drawbacks to filing, there are many tremendous benefits as well. Depending on your situation, it may make a lot of sense to file for Chapter 7 bankruptcy, so you can move forward with your life. A qualified bankruptcy attorney in Atlanta should be able to steer you towards the best option for your circumstances.

When approaching a potential bankruptcy filing, it’s a good idea to map out the process and take the pros and cons into consideration. You may be surprised to see more benefits to bankruptcy than expected! Here are just three possible perks that you can enjoy:

  1. No more harassment by creditors

Anyone who has ever dealt with creditors and collectors calling nonstop will appreciate the peace and quiet that comes with bankruptcy. In Chapter 7, many types of debt are discharged, meaning that harassing phone calls, emails, and letters have to stop. And for many people, this provides serious stress relief!

  1. No more outrageous credit card interest

The average American has around $16,000 in credit card debt, and even with a competitive interest rate, they will end up paying thousands more over the original balance. If you file for Chapter 7 bankruptcy in Atlanta, your credit card debt is erased, wiping the slate clean and saving you thousands in interest fees alone.

  1. No extensive waiting period for discharge

Other forms of bankruptcy, including Chapter 11 and 13, can drag out for many months or even years, before a resolution is reached. Thankfully, Chapter 7 bankruptcy is generally straightforward, and you can receive your discharge notice within only 3-6 months from your filing date. That’s an impressive turnaround that can help you get back on your feet even faster.

Deciding to file for bankruptcy is never an easy choice, but beware of the misinformation and fear tactics that you may encounter when gathering information. When you want a knowledgeable and honest opinion on your unique situation, get in touch with our office today. We’re here to answer all your bankruptcy questions, and help you make a plan for a brighter future!

One Comment

  • My sister has struggled with her finances for a really long time. She has a lot of debt, and she’s looking for options to help her situation. I didn’t realize that bankruptcy can help save you money by stopping the interest you are paying to credit card companies. That seems like something my sister should look into.

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