Why Should You Go for Chapter 7 Bankruptcy for Your Business in Orlando? 

By
July 28, 2023

Clearing off huge debts can get extremely challenging, mainly if you have a financial crisis or lose your job. Repeated calls from creditors can overwhelm you. However, you have options to rebuild finances. Many people file Chapter 7 bankruptcy for a fresh start and speedy recovery by discharging personal loans, and medical bills. 

Benenati Law Firm can assist you throughout the process and explain the benefits depending on your situation. Going for Chapter 7 bankruptcy can be a great decision for your business. Wondering why? Here are the key reasons: 

  1. Quick Process

Chapter 7 bankruptcy process is fast and resolves most cases in 3 to 4 months from when the case gets filed. The normal process comprises attorney consultation, document collection, petition filing, and court discharge orders. Many people get their discharge order 95 to 105 days after the initial filing. The short timeline helps you to quickly recover financially and get relief from stress caused due to huge debts. 

  1. Debt Discharge

Filing Chapter 7 discharges all your debts, and thus, you no longer have legal obligations to pay them. You aren’t liable to pay discharged creditors more than whatever they get. Your future income doesn’t get tied up with Chapter 7, which gives you more financial freedom.

  1. Keep Property

Some people worry about losing their property properties when filing for Chapter 7 bankruptcy. Chapter 7 is sometimes called a “liquidation” bankruptcy as the trustee can sell their property to pay off debts. But, you can get relief from debts without sacrificing your home, vehicle and other properties. A skilled bankruptcy attorney can evaluate your specific situations and increase your exemptions.

  1. Fresh Financial Start

Debt relief gives a fresh financial start. As you no longer need to pay such debts, your money gets released which can provide you with financial support. The credit score of many people increases quickly after the case filing. The bankruptcy will show on your credit report for many years, whose effect decreases over time. You can show possible creditors that you can responsibly manage credit. A bankruptcy attorney can evaluate your case and suggest the best ways to clear your debt. 

The Bottomline

Now you know the key reasons to go for Chapter 7 bankruptcy for your business. You can always work with an attorney who can assess your case and suggest the best solutions.