About Chapter 7 Bankruptcy for Repaying Your Credits

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For people who are completely drowned in lots of unpaid bills and loans, the bankruptcy is an ideal option. Bankruptcy can be filed under Chapter 7 and Chapter 13. Chapter 7 bankruptcy is a federal law, the sole purpose of which is to give debt-relief to the people who need it. It is surveyed in Edmond, OK, that many people go through financial difficulties and the creditors make their lives miserable. In order to protect these people from the creditors, the bankruptcy law is added.

It is not that the people don’t want to repay their credits. It is some unforeseen difficulties which make it difficult for them to repay the creditors. Your bankruptcy attorney in Edmond, OK, will recommend Chapter 7 bankruptcy for you.

Apart from some of the exceptions, chapter 7 bankruptcy law is capable of wiping away all the unsecured debts including medical bills, broken leases, credit card bills etc. Once you file for bankruptcy under this particular section, you will be out of the constant disturbance of the creditors via phone calls, emails, letters and many others. But, to file for the same successfully, you need an experienced bankruptcy attorney in Edmond, OK, to handle your case.

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You might be thinking about the right time to file for Chapter 7 bankruptcy as it is not possible to go for this option whenever you want. As it belongs to the law, there are certain rules and regulations. Being compliant with the law, you need to file for bankruptcy and below are some of the best times to file under this chapter.

  1. More than one credit card payment is pending.

  2. You are harassed by the creditors by calling at home and work.

  3. The interest rate has become high.

  4. The balance keeps increasing per month.

  5. The minimum monthly payment is increased a lot.

  6. Using one credit card for paying the others is what you require.

  7. Your stress level is high for the unpaid bills.

  8. There is an utter financial imbalance in your family and this is the reason for the arguments.

These are some of the situations when the water is already running much above your head. You should file for bankruptcy without any delay. In Chapter 7 bankruptcy, your debts will be released immediately. Your present asset, income and monthly expenses are calculated afterward. Apart from the expenses, the money is paid to the creditor for the pending bills. You don’t have to deal with the creditor directly. The bankruptcy attorney in Edmond, OK, can help you better. Come to Chris Mudd & Associates for a group of experienced lawyers and discuss the best way out with them.