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Surprising Truth About Chapter 7 Bankruptcy: Eradicate Debt Instantly!

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Learn how Chapter 7 Bankruptcy can help wipe out debt.

SURPRISE, ARIZONA, UNITED STATES, March 31, 2023/EINPresswire.com/ -- WantAFreshStart, a reputable bankruptcy law firm in Surprise that specializes in bankruptcy, DUI, and family law services, is helping citizens of Surprise to get Debt Relief with Chapter 7 of Bankruptcy.

If someone is struggling with debt and can't seem to get ahead no matter how hard they try, Chapter 7 bankruptcy might be an option worth considering. While many people are hesitant to file for bankruptcy, the truth is that Chapter 7 bankruptcy can wipe out their debt instantly and give them a fresh start.

So, what exactly is Chapter 7 bankruptcy? Also known as "liquidation bankruptcy," Chapter 7 is a type of bankruptcy that allows individuals to discharge most of their unsecured debts, such as credit card debt, medical bills, and personal loans. To qualify for Chapter 7, they must pass a means test that compares their income to the median income in their state. If their income is below the median, they may be eligible to file for Chapter 7.

Once someone files for Chapter 7, an automatic stay is put in place that stops all collection actions against them, including wage garnishment, foreclosure, and repossession. The bankruptcy court will appoint a trustee to review their case and liquidate any non-exempt assets to pay off their creditors. However, in most cases, debtors are able to keep most or all of their assets by claiming exemptions.

One of the biggest benefits of Chapter 7 bankruptcy is that it allows individuals to wipe out most of their debt instantly. This can give them a fresh start and relieve the stress and anxiety that comes with overwhelming debt. Additionally, because Chapter 7 can discharge most unsecured debts, they may be able to avoid costly repayment plans or settlements.

However, it's important to note that Chapter 7 bankruptcy will have a significant impact on their credit score and can stay on their credit report for up to 10 years. Additionally, not all debts can be discharged through Chapter 7, such as student loans, tax debts, and child support payments.

If someone is considering Chapter 7 bankruptcy, it's important to consult with a bankruptcy attorney to discuss their options and ensure that it's the right choice for their situation. A bankruptcy attorney can also help them navigate the complex bankruptcy process and protect their assets.

In summary, while Chapter 7 bankruptcy is not a decision to be taken lightly, it can provide a much-needed fresh start and wipe out debt instantly. By working with an experienced bankruptcy attorney and understanding the potential consequences, individuals can make an informed decision about whether Chapter 7 bankruptcy is right for them.

About WantAFreshStart:

WantAFreshStart Surprise Bankruptcy Lawyers is a law firm located in Suprise, Arizona, that specializes in bankruptcy, DUI, and family law services. Their team of experienced attorneys is dedicated to providing personalized solutions tailored to each client's unique needs. They are committed to helping clients achieve financial freedom and stability during tough times.

WantAFreshStart Lawyer
WantAFreshStart Surprise Bankruptcy Lawyers
+1 623-294-8882
info@wantafreshstart.com

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