Gain Financial Freedom By Filing Chapter 7 Bankruptcy

Many people feel that filing bankruptcy is admitting failure. They see it as irresponsible and walking away from one's commitments. However, if overwhelming and unpayable debt is affecting your health, your life, your family, and your credit rating, then filing bankruptcy just may be the wisest decision one can make. Millions of Americans in fact make this same choice each year. As the economy continues to limp along, many families are barely able to put food on the table let alone pay their bills. Once families have burned through their savings trying to stay afloat they are left with no financial cushion. It was recently reported in fact that many Americans are no more than three weeks away from filing bankruptcy. People are not just living paycheck to paycheck but living personal loan to personal loan. Borrowing money to buy food, pay the rent, and hopefully make minimum payments on credit cards has been a reality for many. All this is doing is robbing Peter to pay Paul and prolonging the inevitable. One of the biggest troubling financial issues that Americans face these days is credit card debt. Credit cards can be convenient, but when overused by spending beyond one's means or used to live on, it can lead to financial disaster. More than 23 million Americans are not able to make the monthly minimum payments on their credit cards. Almost half of all credit card holders have missed at least one payment in the last year and many more are worried if they will even be able to pay their credit card bills at the end of every month. There is however, a light at the end of the tunnel. Filing Chapter 7 Bankruptcy will wipe out all unsecured debt. Unsecured debt is any debt that is not secured by property or a specific asset. This includes credit card debts, medical bills, and personal or payday loans. When an individual files Chapter 7 Bankruptcy, this sends a clear message to their creditors that they are in control at this point. As soon as the bankruptcy petition is filed with the court the automatic stay takes effect. This means that the creditors legally are prohibited from any and all contact with the debtor. This means no more collection attempts, no more harassment, no more angry phone calls from collectors. The automatic stay also puts a stop to lawsuits, judgments, wage garnishments, and even foreclosure. This will relive a huge amount of stress and allow some much needed breathing room to the debtor so that they can take a step back and get their finances in order. A Chapter 7 Bankruptcy takes about three to six months from start to finish with the debtor emerging from the Chapter 7 case debt free or close to it. The debtor can then get on with rebuilding their credit and their life. If you find yourself in a situation similar to this, with massive credit card debt and no way out, then you are certainly not alone. Consider filing Chapter 76 Bankruptcy because it just might be the best solution for your financial situation.