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If you are feeling overwhelmed by bills, payments, and creditors you might want to consider Chapter 7 bankruptcy. It can be a great way to start your financial life over again with your head above water.

Chapter 7 bankruptcy is the most common type of personal bankruptcy filed. Almost two thirds of all personal bankruptcies are of the Chapter 7 variety. This article will describe what Chapter 7 bankruptcy is and address some common questions you may have about filing.

Chapter 7 bankruptcy is also known as liquidation. In Chapter 7, you sell your property which is non-exempt, in an effort to help pay off people you owe money to. It’s a relatively quick process that often times is completed in just a few months.

Here are a couple of common questions about Chapter 7 bankruptcy

1. Will I be harassed by people I owe money to after I file for bankruptcy? The answer is no. In fact, by law your creditors must cease all actions against you once you file. Filing for bankruptcy is a way to settle with your creditors and start over.

2. Are my bankruptcy filings made public? Yes they are public records. Although, most likely no one will find out you went bankrupt unless you choose to tell them. There are a substantial number of Chapter 7 filings that occur and most are not heavily publicized.

3. I feel ashamed I’m filing for bankruptcy. Why do most people file? Filing for bankruptcy is nothing to feel ashamed about. In fact the most common reasons for filing include medical expenses, divorce, job loss and other unexpected and unplanned events.

Chapter 7 bankruptcy is not something to take lightly. You will want to further educate yourself about your options and choices. A good step to take is to speak with a Chapter 7 bankruptcy attorney about your issue.

Chapter 7 bankruptcy can be an effective means of eliminating debt. Often times, it is far more effective than debt consolidation or debt settlement/forgiveness. Debt consolidation relies on hopes that creditors will join in. When you are looking for a Michigan bankruptcy chapter 7 attorney, get a free consultation with Michigan bankruptcy chapter 7 lawyers.

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