Sometimes, you just need a fresh start. A clean slate. This holds true in many areas of life, including your finances. When debt piles up, and you can’t pay it off, and the debt collectors are relentless, you may be in need of a clean slate.
A Chapter 7 bankruptcy can give you this fresh start. Maybe bankruptcy isn’t a route you ever wanted to take, and maybe it’s still not your best option, but if you’re in deep debt then you are likely feeling a lot of pressure. Will I lose my house? Will my debt ever get paid off, and will life get back to normal? If these questions go unanswered, unresolved, a sense of hopelessness may ensue.
But there is hope. There are options to rid yourself of the massive debt that weighs you down. A Chapter 7 bankruptcy is a complete exoneration of debt. If you file for a Chapter 7, a trustee liquidates your assets and sells them to pay off your debt completely. Certain assets are eligible for exemption and can’t be sold, including your property, car, pensions, and more.