Chapter 7 Bankruptcy - Will Your Credit Be Ruined Forever?

Author: howard Snyder

Author: howard Snyder

People who are facing tough and insecure financial times are desperately looking at different options to bring their credit card debt or mortgage payments back in control. They see TV ads talking about debt settlement, debt consolidation, bankruptcy, chapter 7 chapter 13. All of these terms flying around without a real understanding of what it means for them and their financial troubles. On top of this confusion, there are all those creditors calling at all hours making their lives even more stressful.

If you are one of these people, please relax and first of all, know that there are options for you. No matter how tough your current situation may seem. If you are reading this, is perhaps because you are considering bankruptcy and specifically, filing for a Chapter 7. Bankruptcy basics are covered in many places on the web, however, because each state has different regulations, it is best if you sit down with a bankruptcy attorney in your area and discuss your options with him or her. Almost all law firms that can help you file for a Chapter 7 bankruptcy will offer a free consultation on which they will explain how the process goes and what you can expect.

Contrary to popular belief, your credit will not be ruined forever and since you are most probably already defaulted on at least one of your credit payments, your credit is already in not very good shape. By taking the first step and getting everything back in control, you will begin rebuilding your credit sooner than you think. Most people get credit offers as soon as a few months after their discharge and while the bankruptcy will stay in the credit report for a period of up to 10 years, this will not interfere with getting loans in the future in the form of credit cards, auto loans, home loans, etc.

Find an attorney in your area and sit down with them and have them explain to you all the bankruptcy basics. You will be back on your feet far quicker than if you try to negotiate with your creditors alone.About the Author:

Determine If Chapter 7 Is Your Most Feasible Option. Get a Free Bankruptcy Evaluation by A Lawyer In Your Area Today.

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