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Reasons to file for Chapter 7 bankruptcy

It can be hard to admit that you are struggling financially, even to yourself. You have likely worked hard to create a good life for yourself and your family, therefore you may feel shame and guilt for the accumulation of debt that you have come to experience.

While these feelings are hard to avoid, you should congratulate yourself for having the courage and persistence to move past your challenges. Even the most lucrative business people have filed for bankruptcy, and filing for Chapter 7 bankruptcy can pave the way to a financial fresh start. The following are some common reasons why debtors file for Chapter 7 bankruptcy.

They have lost their job

If you have no income or a very low income currently, it probably means that your debts are increasing at a rapid rate. It will probably also mean that you will be eligible for Chapter 7 bankruptcy since one of the requirements is that you do not have a high enough income to repay your debts.

They want to gain a financial fresh start

Chapter 7 bankruptcy involves the liquidation of assets to pay off existing debts. It usually ends in the discharge of all remaining debts. This will essentially wipe the slate clean and allow you to move forward without the burden of any debt.

They want bankruptcy to be over quickly

Chapter 7 bankruptcy offers the fastest process and can be completed in just a few months. Therefore it is a great choice if you do not want to spend years repaying your debts.

If you are going through a difficult time financially, Chapter 7 bankruptcy could help you to move past your financial challenges successfully.

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