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Chapter 7 bankruptcy can give you a fresh financial start

Bankruptcy has a reputation for being tantamount to financial ruin, and while filing for bankruptcy may not be most people’s first choice, it’s preferable to struggling with debt for years and years. Some people may not know that they’re eligible for bankruptcy, but there are different types of bankruptcy for different situations and circumstances. If you have debt, there’s almost certainly an option for you. One of the most common types of bankruptcy is Chapter 7 bankruptcy, which can be used by small businesses or individuals who are struggling to pay off their debt.

A construction company in Michigan has recently filed for Chapter 7 bankruptcy following closure of one of its divisions. The company was facing tens of millions of dollars in debt owed to hundreds of creditors. Unfortunately, nearly 300 employees in different states have lost their jobs as a result of this bankruptcy, but the company had to do what was best for the company, and the best thing for the company was to file for bankruptcy.

Bankruptcy is not a magical spell that simply removes your financial obligations, but it is a legal debt relief option that helps you manage your debts so that you can get a fresh financial start. Bankruptcy relieves your debt in various ways, but Chapter 7 bankruptcy allows you to discharge some of your debts completely so that you can focus your finances on paying back the debts you have left.

In some cases, your debts are paid off by the liquidation of your assets. This happens when the courts decide that some of your assets are not exempt and they sell them to repay your creditors. However, many assets, including homes, cars and boats, are exempt under Texas law. With strong legal assistance, filing for Chapter 7 bankruptcy can help you manage your debt quickly, so that you can get back on your feet financially.

Source: WZZM13.com, “Lamar Construction files chapter 7 bankruptcy,” Christopher Zoladz, July 11, 2014

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