Convincing Reasons to File for a Chapter 7 Bankruptcy to Resolve Debts

As you go through life, you can amass debts that are difficult to pay off. You could become seriously ill and accrue massive amounts of medical debt. You also can be laid off and have no money to pay back your credit cards.

Rather than risk having your wages garnished and assets seized, you could take legal action to have them dissolved completely. You can find out more about this move by consulting with Chapter 7 bankruptcy attorneys in Valdosta today.

Wiping Out Most Debts

As the Chapter 7 bankruptcy attorneys in Valdosta can tell you, you could wipe out most or all of your debs through this type of filing. Chapter 7 is typically good for dissolving credit card obligations, medical debt, payday loans and other liquid debts. However, you cannot get rid of debts like defaulted student loans, back child support, civil penalties and owed federal and state taxes.

Still, the filing could give you a fresh financial start. You have to earn less than a certain amount of money to qualify for this type of filing. Your attorney will conduct a means test to decide if you can take out a Chapter 7 bankruptcy or if you have to file a Chapter 13 instead.

You can find out more about the benefits of filing for a Chapter 7 bankruptcy online. Your first move would be to contact an attorney and set up a free consultation. You can then decide if this filing is the right move for you.

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