More and more people are feeling the burden of what seems like an insurmountable amount of debts. The creditors who are calling every five minutes looking for their money can be a huge strain on your mental health, family life and your financial future. Debt relief can come in many forms; however the most utilized option is filing for bankruptcy.
While most people want to avoid filing for bankruptcy because of the lasting effects to your credit history, it is one of the most popular forms of debt relief for a good reason. The biggest reason is that you can literally have your debt released, forgiven or restructured to something more manageable and therefore save both the one filing and their families much stress and heartache.
A Chapter 7 bankruptcy will clean your slate and allow you to breathe once again. The weight of all the debts you owed will no longer be on your shoulders. A Chapter 7 bankruptcy could require you to liquidate assets. However, there are exemptions available and many people do not end up having to liquidate any property. Credit card debt can be completely wiped away. This means that even if you owe $10,000 your debt can be totally forgiven. The bankruptcy forms for a chapter 7 bankruptcy can get confusing, so it is wise to consult someone with legal experience first.
Being familiar with the debt relief options available, even bankruptcy, is important. Nobody gets a warm fuzzy when they hear the word bankruptcy, but the amount of stress relief you can get with a bankruptcy is well worth the work.