Why Choose to Get Rid of Debt With Chapter 7 Bankruptcy in Fairfield OH?
Many people in the Fairfield, OH area end up with too much debt for various reasons. A common reason why many choose to file for chapter 7 bankruptcy is due to medical debt. This is often a result from not having health insurance. Another common reason for some consumers to accumulate too much debt is unemployment. During the most recent recession, many more people lost their jobs. In many instances, the unemployed find new jobs that pay a lot less. Because of the lower pay, affordable debt may not be affordable. When there is no reasonable chance that debt will ever be repaid in full, the right thing to do may be to get a fresh start with Chapter 7 Bankruptcy in Fairfield OH.
If someone is paying minimum payments on a massive amount of debt, only a small part of each month’s debt payments will be used to reduce the principal balance. The rest of the money is being used to pay for the interest accrued during the current month. As a result, it may take several decades to become debt free. If the consumer runs into financial difficulty, the debt may not be affordable. Instead of continuing a futile effort to pay down debt with minimum payments, it may be a good idea to consider Chapter 7 Bankruptcy in Fairfield OH. After filing for chapter 7, most debts are discharged. With little or no debt, the consumer can get a fresh start without monthly debt payments and become successful financially
There are a few debts that cannot be discharged via chapter 7. Many have a lot of student loan debt. Unfortunately, student loan debt cannot be discharged in bankruptcy in almost all instances. Some tax debt may not be discharged as well. Those that have most of their debts in categories that cannot be discharged by bankruptcy. However, most people who can get most or all of their debts discharged in chapter 7 should seriously consider to do so.
When it’s impossible to repay debt, filing for chapter 7 bankruptcy to get a fresh start may be the right choice. Expenses will be a lot easier to meet without minimum payments on loans and credit cards. Even those with debts that can’t be discharged may still benefit. Consumers who may benefit from chapter 7 should talk to the folks at Dean Snyder Attorney At Law.
