Credit card debt is one of the most troubling financial issues for American families today. Over 23 million Americans currently can’t make more than the minimum payment on their credit cards. Nearly half of all credit card holders missed at least one payment in 2008 and nearly 25% of families are worried about how they will pay for their credit card bills at the end of the month.
If you find yourself in similar situations to the ones described above, remember that you’re not alone and that you have more that you can do than you think. Filing bankruptcy might be the best solution for you. When you file Chapter 7 bankruptcy an automatic stay is put in place and your creditors won’t be able to harass you anymore. This will relieve a lot of stress by stopping all of the phone calls. After the bankruptcy is finished all your unsecured debts will be wiped out and you will have a fresh start being debt free to get on with your life.
Chapter 7 bankruptcy is also known as liquidation, a term which some may find misleading, when in fact, it’s extremely rare that a consumer loses any personal belongings. During a Chapter 7 bankruptcy case, a bankruptcy trustee has the option of liquidating or selling your nonexempt assets in order to pay off some of your outstanding bills. The good news is that most people who file Chapter 7 bankruptcy do not have any nonexempt assets, and there is usually no liquidation or sale of property. Search the web and learn more about Chapter 7 bankruptcy exemptions and qualifications and how you can save and even file online. There is a lot of information online with a few good bankruptcy services that will help you.
Filing bankruptcy is certainly not a process that should ever be rushed into, and one that is not at all easy. There are a few things that you need to know about filing bankruptcy before you go ahead with the process, and so if you’re thinking about filing bankruptcy online through one of the online bankruptcy services you are going to find the more information you have can be very helpful. If you’re in a situation where you can’t make the minimum payments on your credit cards each month, along with your house payment or rent, you probably qualify and need to file bankruptcy.
If you are interested in learning how to file bankruptcy online, there are a few online companies in particular that you’re going to want to check out for this. If you want to go through with filing bankruptcy online, make sure that you deal with a reputable company. A good start is to check with the Better Business Bureau and make sure the company you’re dealing with has a high rating. You also will want to do a bit of background research on them, to learn about what they offer for the money. Best to find a company that doesn’t send you a bunch of bankruptcy forms, but one that uses secure online bankruptcy software that will be editable as you go through the process. This makes the process so much easier. The best services include attorney review to make sure that your bankruptcy forms are correct before they’re filed with the court. If you take the time and do your homework you should have no problem filing on your own and saving yourself a couple thousand dollars.
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I am Smith, writer on bankruptcy articles and blogs. Read more about chapter 7 filing.