Are you falling really behind on paying your monthly bills and living expenses? Filing for a Chapter 7 bankruptcy may be the last option for you to reset your financial status, but may require you to give up some of your possessions, as well as have a negative impact on your creditworthiness.
What Is A Chapter 7 Bankruptcy?
Filing a Chapter 7 bankruptcy can give you the opportunity to cancel unsecured debts and a fresh start with your finances. When you file for bankruptcy all activity from debt collectors will stop such as phone calls, letters, and legal actions. Debt such as credit cards, unsecured loans, and garnishments can be canceled. You can also prevent foreclosure on your home, repossession of your property, and turning off utilities. Then, whoever is in charge of your case, will review finances, and assets to determine what they can sell in order to repay your creditors.
Effects Of Chapter 7 Bankruptcy
A Chapter 7 bankruptcy can have a major negative impact on your credit, which will stay on your report for up to 10 years from your filing date. Within that 10 year period, your credit score will go down significantly, and it will be difficult to get any type of credit such as a personal loan, auto loan, mortgage, credit card, or any line of credit. If you do get accepted you may be charged extremely high interest rates, or be required to have someone on the loan with you as co-owner, or co-borrower. Bankruptcy can make it very difficult for you to finance anything on your own but will give you a fresh start to handle your finances.
Chapter 7 Bankruptcy With Jack Berman In Livonia MI
If you are looking to file a Chapter 7 bankruptcy, Jack Berman in Livonia MI has devoted over 40 years of his career in representing clients with bankruptcy cases. Jack Berman is accredited by the Better Business Bureau and is determined to help you find a way to handle all your debt-restructuring needs. To learn more about a Chapter 7 bankruptcy you can contact us online, or call us at our Wayne County location at 734-367-0600 or at our Macomb County location at 586-779-6000 today!