As you realize you’re in financial trouble, there’s a lot to think about. But the one thing you never want to do is panic. You must keep your cool, review your situation in great detail and devise a plan that you can carry out in an efficient and effective manner.
Depending on the severity of your financial concerns, you may find that Chapter 7 bankruptcy is something to consider. With the ability to discharge some or all of your debts, this approach can help you get your finances back on track within six months.
Here are just a few of the many things that can lead you to consider Chapter 7 bankruptcy:
- Job loss: If you’ve been out of work and unable to pay your bills, it’s safe to say that debt is piling up. Through Chapter 7 bankruptcy, you can discharge many of these debts, thus giving you a fresh start.
- Health problems: Even if you have health insurance, you could still find yourself buried under a mountain of medical bills. If you’re unable to pay what you owe, a Chapter 7 bankruptcy filing can help.
- Overspending: It’s fun to spend money, but not so exciting to realize that you’ve dug a big hole. Overspending, such as on credit cards, can quickly take its toll on your finances.
Even if you’re not quite ready to file for Chapter 7 bankruptcy, it’s a good idea to learn as much as you can. This way, you can hit the ground running should you decide to proceed in the future. With the right strategy, you can use Chapter 7 bankruptcy to reset your finances.