Roanoke residents who are carrying a weight of consumer debt on their shoulders can find themselves under enormous stress. That same stress can spill over into all areas of their lives. Stress can jeopardize a job and career path and even tank a marriage. But what can you do?
One option is filing for bankruptcy. Certainly, nobody ever dreams fondly about being mired in debt and contemplating bankruptcy. But just because no one aspires to it does not detract from the benefits of filing for bankruptcy.
The advantages of a Chapter 7 bankruptcy
Wherever you are on life’s ladder, you can benefit from getting your financial slate wiped clean. Chapter 7 has some distinct advantages that can help you in the future:
- You will go through financial counseling: Learning how to avoid future financial travails is part of the Chapter 7 bankruptcy process, allowing you to emerge debt-free and wiser after the discharge of past debts.
- Rebuilding credit isn’t as hard as you think: It’s a foregone conclusion that your credit score will take a deep hit for filing for bankruptcy. But if you are behind in your bills and being dunned by creditors anyway, your credit score is already in the basement or headed there soon. Starting over without a load of debt hanging above you is empowering. Once your debts have been discharged, you will receive offers to rebuild your credit. Select one or two cards with the lowest interest rates and slowly raise your credit score by paying your bill in full each month and living within your means.
- The process is swift: Unlike a Chapter 13 bankruptcy where you commit to three or five years of repayment terms, within months your Chapter 7 bankruptcy should be in your rearview window.
Learn more about your options for filing Chapter 7 bankruptcy here in Roanoke to chart the best fiscal course for your future. An experienced advocate can guide you.