With the economy still on life support, many Americans have found themselves buried under a mountain of debt with no feasible way out. When faced with these circumstances it is better to file bankruptcy sooner rather than later. Why wait until the creditor harassment has become too much to bear? Why wait until you are threatened with a lawsuit, judgment, wage garnishment, or foreclosure? Unfortunately filing bankruptcy has carried a stigma for many that associate bankruptcy with failure, humiliation, and embarrassment. The thing is bankruptcy was created to give honest individuals a fresh start for a bright financial future.
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When it comes to filing bankruptcy the most popular choice these days is Chapter 7 Bankruptcy. One reason is that it is a fairly quick process. A Chapter 7 Bankruptcy usually takes about 3-6 months from beginning to end. The idea of becoming debt free or close to it in a matter of months is appealing to many people that are overwhelmed with debt. The cost of filing Chapter 7 Bankruptcy is another reason for its popularity. A Chapter 7 can be considerably less expensive than a Chapter 13, which is usually the other chapter of bankruptcy that most individuals consider.
Of course there are differences in fees that attorneys charge depending on the area one lives in, but a Chapter 7 costs less usually because there is less work and time involved in the case. A Chapter 13 Bankruptcy case will last for the entire repayment plan which is typically between three and five years, while the Chapter 7 is over in about three to six months. Since many people that are contemplating filing bankruptcy don't have any extra money, finding the finances to pay for a bankruptcy and an attorney are a concern. Since there is no repayment plan in a Chapter 7 Bankruptcy this is another reason for its popularity.
As mentioned, a Chapter 13 involves paying back one's debt over 3-5 years, while Chapter 7 wipes out all unsecured debt in a matter of months. When it comes to quickly eliminating unsecured debts such as credit cards, utility bills, medical bills, auto repossessions, personal loans, mortgage foreclosure obligations, and even some old taxes, Chapter 7 Bankruptcy is king.
Most people that are at the point where they are seriously considering filing bankruptcy feel as if they are at the end of their financial rope. However, filing bankruptcy is not the end of the world, it is actually a new beginning. These days we are all facing financial crisis including decreasing housing values, rising unemployment, sky rocketing gas prices, and increasing inflation. Why wait to lose everything when filing bankruptcy is a viable option for many people to gain a new start. Chapter 7 Bankruptcy can be a quick and easy way out for many financially burdened individuals.
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