Chapter 7 bankruptcy is a legal option that can help people and businesses in North Carolina struggling with overwhelming debt. Knowing the pros and cons of filing for Chapter 7 bankruptcy is important for any person or business considering using it as a solution to deal with debt-related problems. If you are interested in pursuing Chapter 7 bankruptcy, contact a bankruptcy attorney to help make sure you can make an informed decision about your financial future.
Pros of Chapter 7 Bankruptcy
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Debt discharge – One of the primary benefits of Chapter 7 bankruptcy is that it allows eligible people in North Carolina to discharge most of their unsecured debts, such as credit card bills and medical expenses. This means you will not be legally obligated to repay those debts, giving you a fresh start.
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Immediate relief – Once you file for Chapter 7 bankruptcy, an automatic stay is implemented. This means all collection actions by creditors will be halted. This means no more harassing phone calls, wage garnishments, or legal actions against you. It provides immediate relief from the stress and pressure of debt.
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