Banish Debt and Stress with Chapter 7 Bankruptcy

by | Sep 30, 2015 | Bankruptcy Attorney

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Facing mounting piles of debt can be overwhelming and lead to depression and anxiety; also, the constant calls from creditors, which are a constant reminder that bills are waiting to be paid, add stress. Debt collection can add insurmountable interest to already overdue accounts and increase the overall amount that is owed. When circumstances spiral out of control and financial situations result in the inability to pay bills, it is time to investigate filing for chapter 7 bankruptcy.

Stop Harassing Collection Calls
When even making minimum payments on bills becomes impossible, accounts may be placed with collection agencies whose sole purpose is to collect debts that are owed. Often times these agencies are less than courteous and call at all hours of the day and evening, which is disrupting to family time and can increase anxiety related to the debt. Filing for bankruptcy can reduce or eliminate these calls by forcing agencies to work with the bankruptcy lawyer instead of the client.

Stop Foreclosure Proceedings
If house payments fall behind and no compromise can be reached with the bank or corporation that holds the mortgage notes, foreclosure proceedings may be initiated against the home owner. Chapter 7 bankruptcy does not guarantee that a home will not be lost; however, lawyers and bankruptcy courts can often renegotiate payments and bring accounts current allowing families to stay in their homes.

Stop Garnishment or Repossession
Chapter 7 bankruptcy filing may be able to stop the process of wage garnishment and reduce the risk of lost wages and increased financial strain; it also may be able to stop the repossession of an automobile used to travel to and from work. The final decision for whether belongings that are owed on will be retained will be up to the bankruptcy court.

New Beginning to Start Fresh
In most cases, consumers will end up paying a portion of what is owed to the bankruptcy trustees to be paid to previous creditors, which gives them the opportunity to start fresh and learn from past mistakes. Depending on the state or locality, credit counselling or education courses may be a required part of the bankruptcy proceedings.

Visit websites such as to see how an experienced bankruptcy law firm can help reduce debt and related stress.

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