Chapter 7 Bankruptcy: Will I Be Able to Obtain Credit Again?
If you have credit card debt up to your eyeballs, the last thing you want is credit. However, credit is an essential aspect of our lives. Unless you are extraordinarily wealthy, you cannot buy a home or a car with cash. And if you were extremely wealthy, you would not be contemplating bankruptcy.
With a few exceptions, when you file for Chapter 7 bankruptcy, your debts are discharged. Your credit score begins a gradual recovery, and you'll soon be back on your feet. Unconcerned about how to pay your expenses or whether or not you will be sued.
Chapter 7 Requirements
Look, nothing is worse than being stressed out about paying expenses and dealing with a jerk who threatens to sue you for everything you own over the phone. You want to provide a wonderful life for your family, but life has dealt you some lemons, so you must now make lemonade.
Chapter 7 bankruptcy is the initial step in reorganizing your finances and climbing out of debt. The procedure is straightforward: you consult with a bankruptcy attorney and provide a clear picture of your financial situation, including bank records, pay stubs, and a list of your debts. Chapter 7 is then filed with the court by your bankruptcy attorney, and a judge will either grant you a discharge or request additional evidence.
Thereafter, you are debt-free! It's time to take control of your spending behaviors and pay close attention to your income and expenses.""
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