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What to expect after Chapter 7 bankruptcy

Bankruptcy is a frightening word for many people, but that's because many people do not fully understand what bankruptcy is and what it does. To most people, bankruptcy is the ultimate sign of failure, an indication that a person is such a poor financial manager that he or she could not stay out of debt. We know that many debts are the result of tragic, unexpected circumstances such as sudden loss of employment or accidental injury, and that is why we encourage bankruptcy.

Bankruptcy is a legal form of debt relief that can help people get a fresh financial start. This is an important consideration because some people fear that after filing for bankruptcy, they will still be in a bad spot financially. They fear that their credit will be destroyed, or that the government will heavily monitor their finances.

The truth is that there is no law or regulation that makes the IRS more likely to audit you or monitor your finances after bankruptcy. In fact, the long-term effects are rarely detrimental. And by filing for Chapter 7 bankruptcy, you can discharge many different debts, including some tax debts depending on the circumstances. Additionally, you can stop foreclosure on your house by filing for bankruptcy.

It is important to remember that bankruptcy is not an all-purpose financial problem solver. There are some debts that cannot be discharged, such as child support payments or student loans. However, even if these are the most troubling debts for you, discharging other debts can allow you to focus more money on paying the debts you can't discharge. If you live in Texas and you're considering filing for bankruptcy, you may wish to meet with an attorney to learn more about how bankruptcy can help you.

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