Chapter seven bankruptcies are one of the most common types of bankruptcy people file in this day and age. If you are contemplating filing chapter 7 in Ocean County, you may be wondering if this type of bankruptcy is right for you. There are several benefits this type of filing can offer you and your financial future. The following are a few ways you can benefit from chapter seven.
First, when you decide to file chapter 7 in Ocean County there is a high possibility you will not have to pay back unsecured debts such as credit cards, personal loans with no collateral, medical bills and more. If you choose this type of bankruptcy, it is common for any type of secured debt to be sold and whatever money comes from the sale of that secured debt will then be disbursed to your creditors as payment for your debt. For example, if you own a car, your vehicle will be sold and the profits will be split amongst other debts you owe. Chapter seven allows you to get the filing of bankrupt done and over with quickly. Typically this process will take about three to six months as opposed to other types that can take up to five years to complete. If you have little to no property to lose such as a home, you can greatly benefit from this kind of bankruptcy because it will allow you to eliminate your debt with small loses on your part.
Another benefit to chapter 7 in Ocean County is that any possessions and items you purchase after the process is completed are yours to keep. Also, no one can claim or garnish any of your wages after your case has been filed in the court. For example, if your wages were being garnished by a creditor in the past, when you file bankruptcy the garnishments will stop and the debt will be cleared. Having your debt cleared can help you have a greater peace of mind about your financial situation.
Last, when you choose chapter 7 in Ocean County it can help you bounce back quicker than other kinds of bankruptcies. In some areas you may even be able to finance a home in as little as two years after filing.
Chapter 7 Ocean County As you can see, there are many benefits chapter 7 bankruptcy can offer you. If you have a small amount of secured debt, hire a bankruptcy attorney from the Law Offices of Lee D. Gottesman, Ocean County, who can help you eliminate your unsecured debts, helping you have a bright financial future to look forward to.
