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How Chapter 7 Bankruptcy Can Help You Start Over bankruptcybasics debtmanagement freedebthelp
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✨ See if you're eligible to use our free bankruptcy filing tool, visit https://link.upsolve.org/FreshStart ✨ • 👉 Upsolve is the internet's leading nonprofit source of financial literacy education. Nearly 3 million Americans visit Upsolve.org each year. Our services are 100% free. Here’s how we do it: https://bit.ly/howitsfree • • What is Chapter 7 Bankruptcy? • A legal tool designed to provide debt relief and give you a fresh start financially. • How much does Chapter 7 cost? • Costs vary, depending on whether you file for fee waivers for courses and the filing fee and whether or not you hire a lawyer, which can cost $1,500 or more. • If you have a simple Chapter 7 case, you may qualify to use Upsolve’s free filing tool. • What kinds of debts can be included in Chapter 7? • Credit card debt • Medical bills • Personal loans • Payday loans • Past-due utility bills • Tax debts that are more than 3 years old • Federal student loans (though there’s a separate qualifying process for student loans… learn more here https://link.upsolve.org/studentloanb...) • What debts can't be discharged in Chapter 7 bankruptcy? • Debts that can’t be discharged unless you agree to give up the property: car loans, home loans. You also can't discharge some student loans, child support obligations, and newer tax debt. To learn more visit: https://upsolve.org/learn/non-dischar... • What are the pros of Chapter 7? • ✅ It’s fast – for most people, it takes 6 months or less • ✅ All your eligible debts are wiped out – you don’t have to repay any portion of your qualifying debt. • ✅ It stops collection efforts immediately, including collection calls and letters and debt lawsuits. • ✅ Most Chapter 7 cases are successful and most filers keep all their property (all property is protected by exemptions) • What are the cons of Chapter 7? • ❌ If you’re starting with a good credit score, your score will probably drop at least short-term. • ❌ It can be more expensive than other debt-relief options– though many people qualify for fee waivers. • ❌ It’s unlikely, but if your property isn’t protected by law, you may lose it. • ❌ You have to qualify to file– you may not be eligible for Chapter 7 if your income is too high. • So, who stands to benefit the most from Chapter 7? • 🟢 Folks with low incomes who have more debt than they can reasonably repay • 🟢 People who need some immediate relief from creditors or if your mental health is struggling due to the anxiety of the debt and debt collectors. • Chapter 7 might not be your best option if... • 🔴 Your income is too high • 🔴 You have expensive property like a house or land that you want to keep • 🔴 You think you can repay your debt in a few years with a solid plan • If Chapter 7 isn't right for you, you might want to look into other debt-relief options like debt settlement, debt consolidation, or a Debt Management Plan.
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