It’s a position no one ever expects to be in. The thought of looking into your finances and seeing a mountain of debt can be overwhelming. Having to consider filing for bankruptcy can feel hopeless. However, we here at Mountain View Law Group are here to explain more about the chapter 7 bankruptcy option so you can feel more empowered in your decision.
What is Chapter 7 Bankruptcy?
Bankruptcy is a legal process for when a person is unable to repay creditors the debt they owe. Unlike chapter 13, chapter 7 bankruptcy discharges many debts. Types of eligible debt include medical, credit card, and personal loans. Types of debt typically not part of the erasure are IRS and student loans.
While it may seem like a dark time for you personally, there are benefits to filing. Here are a few:
Unfortunately, there is a downside to needing to file for bankruptcy. A chapter 7 bankruptcy lawyer Ogden UT can go over all points with you in more depth, but here are a few:
Don’t let the stigma of bankruptcy keep you from doing what is best for you. Even corporations are taking that step. There were one-third more filings this year than the year prior. If this sounds like the direction you need to go in, a chapter 7 bankruptcy attorney Ogden Utah would be glad to help.
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