Chapter 7 bankruptcy is a valuable financial tool

On Behalf of | Feb 25, 2024 | Bankruptcy |

An unstable economy and many other issues have sparked financial crises in Missouri and elsewhere throughout the country in recent years. Families have been struggling to keep food on the table. Workers have lost their jobs, and many business owners have had to shut down. Tens of thousands of people are currently facing overwhelming debt; however, many have been able to overcome their problems by using Chapter 7 bankruptcy as a valuable financial tool.  

If you are struggling to take control of your finances and resolve debt, it’s a good idea to review the eligibility requirements for Chapter 7 bankruptcy. This program is available to those whose income level is below the median level throughout the state. You may file a petition as an individual or business owner.  

How a Chapter 7 bankruptcy helps free people from debt 

If you’re struggling to take control of your finances and resolve debt, filing for Chapter 7 bankruptcy might be a viable option. When you file under this program, it activates an automatic stay, which protects you against wage garnishment, debt collection harassment and lawsuits. Under Chapter 7, your assets are liquidated, and the proceeds are used to pay back creditors. However, there are exemptions for specified items of personal property. 

A Chapter 7 bankruptcy can help people get back on track and lay the groundwork for a stronger financial future. Tarry Law Firm, L.L.C., provides effective and efficient support to those seeking debt relief in Missouri. To learn more, you can schedule a free consultation by using the contact form located on our website.  

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Andrew Tarry