Chapter 7 Bankruptcy is a Federal Law (11USC) created for the sole purpose of giving debt relief to individuals who need it. Congress recognized that many people will run into financial difficulty throughout their life time so it created bankruptcy laws to protect them from their creditors. Congress understood that there will be many people who want to repay their creditors, but due to unforeseen hardships such as job losses, divorces and medical bills, they simply cannot repay their creditors.
In short, filing Chapter 7, with only a few exceptions, may allow you wipe away (discharge) all of your unsecured debt such as credit cards, unsecured loans, medical bills, broken leases, etc. without having to repay any of it. The creditors in your Chapter 7 bankruptcy are automatically stayed (subject to a restraining order) from calling you, harassing you, writing you nasty letters, suing you, or, basically, doing anything from collecting that money. Once you receive your discharge order (order that states that all of your debts are formally wiped away), this restraining order becomes permanent and your creditors are forever prohibited from contacting you. You need an experienced San Antonio bankruptcy attorney to walk you through the process of filing chapter 7.
When might be a good time for you to File Chapter 7?
- You’ve fallen behind on some of your credit card payments
- Creditors are calling you at your home or work
- Your interest rates on your credit cards have increased because you were late on some of your payments
- The balance on your credit cards keeps increasing each month
- Your credit card companies increased your minimum monthly payment and you can’t afford it.
- You’ve had to borrow money from “pay day” loan companies
- You’ve reached or exceeded the limit on some of your credit cards
- You’ve had to juggle credit card payments by using some credit cards to pay off other credit cards
- Although I have enough monthly income to pay my normal monthly living expenses, I don’t have enough left over to get caught up or get ahead
- You have trouble sleeping at night because you stress about making ends meet
- Your unable to save any money for retirement because you don’t have any money left over at the end of the month
- You need money to pay your creditors so you’re thinking about borrowing from your 401k retirement account or worse, taking out a home equity loan!
- You are having marital problems because you and your spouse argue about finances
If any of the above sound familiar, it is time for you to consult with an experienced lawyer who can give you sound advice about whether you should file Chapter 7 or whether Chapter 13 might be better for you. Filing Chapter 7 may finally give you the relief that you need to once again enjoy life.
Experienced Legal Help For Your Chapter 7 Case in San Antonio
When you are ready to make your debt problems go away, call an experienced lawyer. The attorneys at the Malaise law firm are some of the most experienced professionals you will find. We know how to file a Chapter 7 bankruptcy and we know how to do it right!