The principal reason for filing for chapter 7 bankruptcy protection is to get a discharge of debts. The discharge wipes the slate clean and promotes your fresh financial start. How, exactly, do you benefit from a discharge? Here are three of the most significant benefits.
First, the discharge cancels your obligation to repay debt. You are no longer legally obligated to pay the bills, debts, loans and claims that are discharged. In effect, the liability side of your personal “balance sheet” is wiped clean.
Second, your creditors are forever prevented from attempting to collect discharged debts from you. No more creditor phone calls, letters, threats, lawsuits, garnishments, levies or other action to force you to pay up.
Third, the money you were using to pay debts is now free to use for other purposes nearer and dearer to your heart. Perhaps you want to start saving for your child’s college fund, or a vacation, or need money to help an elderly parent or relative. The money previously devoted to keeping creditors at bay is yours to spend as you wish.
If you’d like to discuss how a bankruptcy discharge can improve your situation, contact my office for a free 15-minute consultation. We can be reached at 914-385-1032 or at email@example.com
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