Chapter 7 Bankruptcy and How You Can Determine If It’s Good For You

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Being buried in debt can cause a lot of stress. What’s even worse is when you’re no longer capable of paying it. Don’t worry though because it’s not the end of the world. You can always look into filing a Chapter 7 bankruptcy. As long as you’re eligible, this can be your key to getting a fresh start.

How Does it Work?

When you’re approved for Chapter 7 bankruptcy, collection agencies will no longer be able to chase after you. It’s a way to discharge most of your debt, giving you a much-needed relief from creditors, some of whom might have been starting to harass you just to make you pay. In favorable cases, you will also be able to keep some of your possessions such as your home or car.