Focusing on the Bright Spots of Filing for Bankruptcy

Most legal experts will insist that filing for chapter 7 bankruptcy is a last resort when all other efforts to manage debts have failed. Even though chapter 7 is something that should be done when all other recourses have been explored, there are a number of benefits that come from this type of financial move. It can be a difficult time in a person’s life when they realize that their finances have gotten to a point to where bankruptcy is a viable option, but the news isn’t all bad.

Discharging Debts

There are many instances where people filing for Chapter 7 can have their debts completely discharged through the courts. In some cases, people may have certain debts such as tax debts that are exempt from the bankruptcy process. However, there are many instances where people have accumulated a vast amount of credit debt that can be completely discharged through bankruptcy allowing a person to get a fresh financial start.

Eliminating Harassing Phone Calls

There are many different nuances of the chapter 7 process that can take a great deal of time and effort to complete. However, one thing that is common when people begin to get behind on their debt payments is harassing phone calls by creditors. Once a person has filed for bankruptcy, creditors are no longer permitted to contact individuals looking for payment. Once they have been informed that the individual has filed for bankruptcy these phone calls should stop immediately.

In the event that they don’t stop, all that needs to be done is the phone calls can either be forwarded to the bankruptcy attorney. In some cases, the bankruptcy attorney will personally contact the creditors to inform them that they are legally required to stop calling and further harassment could result in potential legal action. Suffice to say, this means that the harassing phone calls will stop, and a person can feel free to answer their phone again.

While filing for bankruptcy under the auspices of chapter 7 may be humbling, there are instances where the filing of bankruptcy can be beneficial. From the discharging of debts to the immediacy of getting harassing debt collecting phone calls to stop, sometimes focusing on these positives are what gets people through the difficult and complicated process of bankruptcy.