As we recently discussed, medical bills are one factor that can lead Americans to file for bankruptcy. This is something that many people don’t realize. Most bankruptcy cases don’t have anything to do with people being irresponsible with their money. Instead, circumstances, such as a job loss or an illness, lead to the need for debt relief.
We know that you are probably a financially responsible person. This doesn’t mean that you won’t ever need to seek out help for your debts. In fact, bankruptcy is a good option to keep that financial responsibility going forward since it is a way that you can have a fresh financial start.
For some people who are drowning in debt, repaying anything might not be possible. This means that you might need to find out if you can pass the means test to file for Chapter 7 bankruptcy. We can help you to determine if this is possible.
Chapter 7 bankruptcy is also known as liquidation bankruptcy because the assets that you hold are liquidated to repay a portion of your debts. Of course, there are some assets that are protected from the process, so you should find out what assets fall under this protection. This might be a crucial point in your decision, but always remember how much financial freedom will help your future.
We understand that this is a difficult time for you. We want to ensure that you have answers to important questions that can have an impact on your decision. We can explain the process to you and help you find out how filing bankruptcy might impact your future.