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Overcoming debt is something that many of us struggle with, which is why we need bankruptcy law specialists who are experts on the benefits of Chapter 7 of the Consumer Bankruptcy Plans and how it works.
Ronald E. Stadtmueller and his law offices are professionals who can help you with your debts and bankruptcy problems. They’re also experts on Chapter 7 in San Diego, which means they can make the process easier for their clients. Ronald’s services have aided many individuals, and you can be one of them too.
The advantages of applying for Chapter 7 bankruptcy are covered below. But remember that this is only a brief walkthrough regarding the procedure and our explanation of the benefits that accompany this bankruptcy plan. Contacting specialists like Ronald is still the best action to take if you want to know more.
With that said, join us as we tackle what Chapter 7 is and the benefits you’ll be getting.
What is Chapter 7 of the Consumer Bankruptcy Plans
Chapter 7 is a bankruptcy plan that can swiftly eliminate debts. It is also known as liquidation bankruptcy because you must liquidate nonexempt property or assets to satisfy your creditors. Since there are no intricate repayment plans, it is often known as straight bankruptcy.
Learning how a Chapter 7 bankruptcy could assist you with financial difficulties may be crucial, even if it’s frequently a last resort.
Chapter 7 Offers Reprieve from Harassments Done by Creditors
Creditors may contact you if you need to catch up on payments. After receiving these unwanted communications, you can feel emotionally spent, disheartened, and disappointed. Calls and other obnoxious communications cease after filing for bankruptcy.
Additionally, legal actions or enforcement measures are immediately suspended when you file for Chapter 7 bankruptcy. This is because a judicial stay is issued when you file for bankruptcy.
Chapter 7 orders creditors to stop:
- Attempting to seize your belongings
- Attempting to levy bank accounts or garnish your pay
- Emailing, writing, calling, or using other means to contact you
- Foreclosing from your home
It Makes Loaning Possible Again After Getting Bankrupt
If you are thinking about declaring bankruptcy, you probably went through a time when you might have missed payments. Your credit will be negatively affected by each missed payment. By declaring bankruptcy, you can prove to creditors that you are a less hazardous credit risk.
The benefits of Chapter 7, particularly Chapter 7 in San Diego, show that since you’re no longer tied to your previous debts. This tells debtors that they can have more funds available in the future and the expenses they’ll be making. Soon after filing, you can start getting loan and credit offers, a great advantage of the Chapter 7 bankruptcy plan.
Chapter 7 Offers a Fast Process to Get Out of Debt
The Chapter 7 bankruptcy process moves quickly compared to the Chapter 13 bankruptcy plan, which may take years to finish. Most cases are completed within three to four months of the initial filing. Here is a typical process present in Chapter 7:
- A client’s initial consultation is via video conference or phone with your bankruptcy lawyer.
- Compile information and documentation and complete the 45 – 90-minute online credit counseling course.
- What follows next is filing the petition itself.
- Attending 341 meetings.
- You can complete the two-hour online debtor education course required of you.
- Whether there is an opposition to discharge or a motion to dismiss, in which case the matter must be litigated, the court will issue your discharge order.
The release order is issued 95–105 days after most persons file their initial complaint. This brief window of opportunity aids in quicker financial recovery and lessens the stress that mounting debt is causing you.
You can experience a dramatic and constructive shift in your life in only a few months.
Get the Benefits of Chapter 7 with a Trustworthy Bankruptcy Lawyer
Debt is a deep well that people can easily fall into while making them feel that climbing out of it is impossible. But now that you know the benefits of Chapter 7 of the Consumer Bankruptcy Plans, it’s time to hire the help of a trustworthy bankruptcy lawyer who is an expert on Chapter 7 in San Diego.
People like Ronald E. Stadtmueller will gladly offer their expertise and finally get you out of debt. They’ll also show you ways to control your holiday debt and how to free yourself from debt.
Certified bankruptcy law specialists like Ronald E. Stadtmueller are the heroes we need to fix our debt issues so that we can start living our lives again.