Bankruptcy is a legal term that is used for individuals who are unable to pay their creditors due to financial shortage. Bankruptcy is generally considered to be the most crucial of all the debt relief options. It has a great impact on a person's life. Bankruptcy offers several options to choose from. The most commonly preferred option is the Chapter 7. A chapter 7 bankruptcy case starts as soon as the court assigns a trustee who takes over the whole non-exempt property of the concerned debtor. He liquidates the assets and pays off the creditors who are supposed to get paid from the debtor. Opting for a chapter 7 bankruptcy can lead to potential changes in your life. Here are a few advantages of filing a bankruptcy case under chapter 7. Eradication of debts - A major benefit of filing chapter 7 under the bankruptcy code is that it ensures the elimination of roughly all kinds of unsecured amounts overdue (unsecured loans, credit cards, due medical bills, payday loans and repossession deficiencies). Bankruptcy liberation - Most people, who will apply for chapter 7, will be discharged from bankruptcy in a period of 4 months. Court protection - An important advantage of this alternative is that a debtor cannot be contacted by any of his creditors or agencies after sending a bankruptcy petition to the court. This is kind of a protection that a debtor can avail as and when he applies for chapter 7 code of bankruptcy. Reaffirmation of debts is the only reason for which a debtor can be spoken to as debts like mortgage or a car loan needs to be paid off individually. No repayment - Chapter 7 option particularly benefits debtors who are jobless and do not have an appropriate income source by eliminating the need of offering a monthly repayment option to the creditors. Credit counseling - This debt relief option also ensures that a debtor handles his finances properly in future. It requires the debtor to get a bankruptcy credit counseling from an official source. Freedom from tension - This bankruptcy selection allows a debtor to lead a worry-free life by ruling out the chances of severe debt problems. Bankruptcy can get rather a knotty situation as there are chances of unforeseen outcomes from time to time. An individual would require the help of a lawyer in filing bankruptcy. Athens has many good lawyers in town to choose from.