Can a Chapter 7 Bankruptcy Help You?
Facing financial problems can really be a stressful ordeal, especially when it comes when you least expect it. Due to unforeseen circumstances such as medical issues, sudden unemployment and other scenarios, you might find yourself struggling to make sure that all your needs are met. Whatever the case, the instability of today’s market can really be a burden. This burden becomes even harder to bear when you also have to worry about the debts you’ve incurred to help keep you afloat.
Thankfully, there are several options you can take to find financial stability once again. Even when you feel overwhelmed from constantly taking calls from creditors and seeing your bills pile up, there’s still a way you can get back on your feet. According to the law firm Ryan J. Ruehle, LLC, filing a Chapter 7 or a liquidation bankruptcy can help stop these issues and ease your stress.
As the Cincinnati bankruptcy lawyer explains, a Chapter 7 bankruptcy can help you with the near-total liquidation of all debts. Aside from being able to legally declare your inability to pay off your debts, it can also grant the instant cessation of debt collection methods. You will no longer have to deal with stressful phone calls, emails, and other forms of contact urging you to pay your bills. It can also ease your financial struggles is by speeding up the debt relief process and exempting some of your assets from liquidation.
Because of a certain criteria, not all individuals are eligible to file for a Chapter 7 bankruptcy. Your eligibility will primarily be determined by your personal income. Through the bankruptcy means test, you can find out if your income falls within the bracket for Chapter 7 protection. All in all, a Chapter 7 is meant for individuals with lower incomes. If your income is higher than a certain mean, you will have to file for a different type of bankruptcy.
There is a way you can ease the burden caused by financial train. If you feel like filing for bankruptcy is right for you, don’t hesitate to reach out and seek legal counsel. Don’t give up hope, because there are still plenty of options for you.