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Overwhelmed by New Jersey debt? Some benefits of Chapter 7

In New Jersey, trying to figure out whether personal bankruptcy is the right choice can obviously be a stressful decision. When an individual is feeling overwhelmed by mounting debts, however, filing for Chapter 7 can offer much-needed relief. Both in terms of lessening immediate stress and financial hassles in the short-term, and taking the first steps toward a more stable credit future in the long-term, Chapter 7 can offer a number of benefits.

The length of time it takes to complete the Chapter 7 process from filing to conclusion is almost always under six months, meaning that full debt relief is only a few months away. Additionally, most people are able to start applying for and receiving new credit lines to help work toward rebuilding their credit in only one to three years after filing. There are also lenders who focus specifically on lending options for people who find themselves in these situations.

While things like student loan debt, child support and alimony will not usually be alleviated, Chapter 7 does relieve a filer from many other types of financial obligations, thus freeing more income to focus on debts that cannot be discharged. Other than these types of debt that survive bankruptcy, Chapter 7 can help by discharging all other unsecured debts no matter how many creditors are involved. In addition, the mere filing of a Chapter 7 petition immediately stops lenders and collection agencies from pursuing any collection activities against the filer.

The sooner a resident of New Jersey declares Chapter 7 bankruptcy, the sooner he or she can get started on rebuilding credit. It is also that much sooner that her or she can experience a relief from much of the financial stress and worry. While the complicated process might feel intimidating, a bankruptcy attorney can offer guidance throughout the proceedings, leaving the individual more time to concentrate on getting his or her life back together and taking steps toward a brighter financial future.

Source: bankruptcy.findlaw.com, "Pros and Cons of Declaring Bankruptcy under Chapter 7", Accessed on Feb. 8, 2017

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