How To Get Rid Of Debt With Chapter 7 Bankruptcy

bankruptcy lawyers richmond vaIt is incredibly important when facing extreme financial crisis to seek the counsel of a Richmond bankruptcy lawyers. Attempting to file without professional assistance can lead to unfortunate outcomes. Filing for the wrong chapter of bankruptcy, the exclusion of necessary information, the inclusion of unnecessary information, and filing at the wrong time can cause an already dire situation to become compounded and far more complicated.

Many bankruptcy chapters become unavailable to a person for 180 days if their previous case was dismissed under certain circumstances. Being financial trouble, whether a business or a person, is a stress that often times needs to be quickly resolved. Attempting to file a bankruptcy without professional legal assistance and professional financial guidance can lead to extreme delays and mountains of red tape. Not to mention the extreme stress and exhaustion from sorting through the process alone.

If you or your business is in financial trouble, do not make the mistake of trying to sort it out yourself. The educated and talented professionals of Spodek Law Group can walk you through all of your options and determine what is the best coarse of action for your specific situation. Financial collapse is a frightening thing. In the case of both businesses and individuals, extreme amounts of debt can seem impossible to over come. It is extremely important that you understand all of your options and their consequences before choosing a course of action. You do not have to do it alone.

What is Chapter 7 Bankruptcy?

For those who are struggling to pay their debts, it may be a good idea to file for bankruptcy in richmond. Depending on your debt levels and overall financial resources, it may be possible to file for Chapter 7 bankruptcy. This is also referred to as a liquidation of assets, and the entire case may be completed within a matter of weeks or months. Let’s take a look at what this type of bankruptcy entails and what it’s benefits are.

Have Debts Discharged in as Little as a Few Weeks

If you have a large credit card debt or some other unsecured debt, it may be possible to have the debt discharged within 90 days or less. What this means is that your creditors no longer have a legal right to collect the debt. This is true even if they don’t agree with the terms of the bankruptcy agreement. However, it is important to understand that debtors need to be honest and comply with the court’s requests between the time a case is filed and the time when the debts are discharged. Otherwise, a debtor could be accused of committing fraud and have the case thrown out along with the automatic stay.