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Sunday, November 6, 2011

Why people choose to file Bankruptcy

When people are facing long-term financial challenges and are in need of a solution that will enable them to have a fresh start, they may consider filing for Chapter 7 bankruptcy in the state of California.

Below, your local bankruptcy lawyer has compiled a list of common reasons why people choose to file for Chapter 7:

1. To stop wage garnishment. When people are having their wages garnished, they may choose to file for Chapter 7 to put an end to the garnishments. However, it is important to note that wages that are garnished for litigation or child support payments will not be impacted by Chapter 7 – meaning people will still be responsible for paying such expenses.

2. To address large amounts of unsecured debt. People who have accumulated a great deal of unsecured debt (i.e. credit card debt) may file for Chapter 7 to have their debt discharged. Remember, people who have high balances on their credit cards and fall behind on their payments often incur interest and late fess which make it harder to pay off amounts that are owed.

3. To put a stop to foreclosure temporarily. Many people choose to file for Chapter 7 when they learn that their home is being subjected to foreclosure. While Chapter 7 may not prevent foreclosure in all cases, it can put a temporary halt to proceedings.

These are just some of the many reasons people file for Chapter 7. If you are thinking about filing for this type of bankruptcy, take the time to contact Raxter Law your local bankruptcy lawyer to set up a FREE consultation, so we can discuss all of your options.

Raxter Law is your local Bankrutpcy Lawyer serving Wildomar, Menifee, Canyon Lake, Perris, Murrieta, Temecula, and Hemet.

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