Filing for bankruptcy can be frustrating and confusing but it is important to know which chapter to file. Filing chapter 7 is usually the best chapter to file in most cases. Chapter 7 can cover most debt issues.
Chapter 7 is the best chapter to file if you owe credit card debt as well as secured debt. Most chapters do not cover secured debts because they are done based on collateral. This is what makes Chapter 7 so much different than all of the other chapters. This chapter can clear all forms of debt, even secured.
The only forms of debt that will not be effected by filing Chapter 7 are child support, tax money owed, student loans, and court fees or court appointed debts. All other debts can be taken away by filing under this chapter.
Chapter 7 is the only chapter that protects your property. Other chapters only handle debt and leave property up for grabs but with chapter 7 you can be assured that your property or properties will be secure. It is always best to make sure that the property that you worked hard for is secure before filing any chapter.
Filing for Chapter 7 can take the stress of having to pay bills away. It can be hard when you feel as if you never have enough money to get caught up on bills. Instead of drowning in bills it is beneficial to consider filing to get a fresh start.
After filing, debtors are no longer able to contact you. You can finally be free from debt for good and get a fresh start with this chapter.
If you are considering filing you should contact a lawyer for advice. Lawyers will have the most current laws regarding Chapter 7 and will be able to tell you if filing will benefit you.