Have you been out of college for a few years? Have you found it a challenge to remain on the right financial track? For example, you may feel bogged down by mounds of student loan debt, other bills, and of course, a low starting salary.
As a young professional, you don't want to make any financial decision that will cause more harm than good. That being said, you need to take action if you're struggling and looking for answers.
Chapter 7 bankruptcy is the right decision for many people in this position. There are many reasons to consider this financial move, including the following:
- A fresh start. Even though you are young, your financial situation could be complex and overwhelming. If you're buried in debt and are looking for a fresh start, you can use Chapter 7 bankruptcy to your advantage.
- Keep your future income. With Chapter 13 bankruptcy, some of your income will go toward your repayment plan. While there is nothing wrong with this if it's your only option, this doesn't come into play with Chapter 7.
- No limit on the amount of debt you can have. There is a debt limitation with Chapter 13 bankruptcy, meaning that you may be ineligible if your unsecured or secured debt is over a certain limit. Once again, Chapter 7 allows you to avoid this.
- It's fast. It goes without saying that you want to get on with your life as soon as possible. Chapter 7 leads to a fast and efficient discharge of debts. Generally speaking, the discharge can take place in as little as two to three months from filing for bankruptcy.
There is no denying the fact that you will have many questions about Chapter 7 bankruptcy. Even though you have a lot to learn, these benefits should be enough to point you in the right direction.
You're still young, meaning that you have a lot to look forward to. You don't want a bad financial situation now to impact you in the future. This is why it may be time to learn more about Chapter 7 and the way it can change your life for the better.