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A Chapter 7 bankruptcy may give you the relief you need in 2021

On Behalf of | Jan 5, 2021 | Chapter 7 Bankruptcy

There is no doubt that 2020 has been a tough year for lots of people. The economy has been weakened, and job losses have been significant. People have used their savings to get through, and many are still struggling despite their best efforts to stay afloat. 

If you have been impacted by the failing economy, staying ahead of your bills may become impossible. You might only be able to afford the necessities, leaving other debts to go to collections.

A Chapter 7 bankruptcy could be the solution to your financial distress

If you’ve lost your job or had a significant reduction in your hours, you may not be able to afford what you could in the past. If you’re struggling with your debts, then a Chapter 7 bankruptcy could be the right solution for you. This kind of bankruptcy allows you to discharge all of your debts (with some exceptions) so that you can focus on paying for the essentials and getting back to a place of financial stability.

Will you lose your assets in bankruptcy? Do you have to start from scratch?

While a Chapter 7 bankruptcy does require you to liquidate a portion of your assets, many people find that their assets are completely exempted (or nearly so). It may turn out that you don’t need to liquidate any assets to get the relief you need through a Chapter 7 bankruptcy.

Your attorney can talk to you in more detail about your specific case and what you can expect if you file for bankruptcy protection to get back on your feet.