Vance P. Truman, Attorney at Law
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Reasons to file for Chapter 7 bankruptcy in your 40s

It goes without saying that you never want to find yourself facing a financial challenge. In a perfect world, you would always have enough money to pay your bills, save a bit, and enjoy yourself.

Unfortunately, some people find themselves in a bad spot at some point in their life. For example, many people in their 40s soon realize that they are buried in debt. Worse yet, they worry that they will never be able to escape before it's time to retire and enjoy the rest of their life.

Although this is a difficult position, it's one that has many potential solutions. For example, if you're stuck in this spot, you should consider the benefits of Chapter 7 bankruptcy.

This isn't the only way to dig out of financial trouble. Even so, if you're in your 40s and beginning to feel like there is no way out, it's time to learn more. Here are some of the reasons to file:

 

  • A fresh start. Let's face it: You need to put the past where it belongs, as this is the only way to move forward with a better future. Chapter 7 bankruptcy allows you to eliminate most of your debt, thus getting a fresh start.
  • No repayment plan. With Chapter 13 bankruptcy, you'll take on a repayment plan that lasts anywhere from three to five years. While there is nothing wrong with this approach, Chapter 7 doesn't require this. Instead, your debt is discharged and you can then move on with your life.
  • A fast process. Did you know that the discharge of debt through Chapter 7 bankruptcy could occur within two to three months? This makes it easy to see the end in sight. This allows you to realize that your life is going to improve in the near future.

 

Financial troubles have a way of sneaking up on people. Just when you think everything is going well, you lose a job or run into a medical concern. Something like this can lead to a financial catastrophe.

If you believe that filing for Chapter 7 bankruptcy could improve your situation, don't hesitate to learn more about the process. There are many details that go into this, but, with the right help on your side, you can move through the process in a timely and efficient manner.

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