There are sure to be challenging financial times in life, and the key to being able to overcome these may rest in filing for Chapter 7 bankruptcy. This is a legal status that you must qualify for in order to be eligible to have your debt released. If you're in the situation that demands you learn more about this process, there are some things you should know that may be extremely helpful to you in the long run.

What will bankruptcy do?

The good news is that if you're overwhelmed with debt that you can't pay and file for this status, you may get some much needed relief. In fact, being eligible for Chapter 7 bankruptcy will allow you to be released from many of your debts.

Additionally, creditors won't be able to contact you about being paid all the time. It can be extremely annoying to be harassed by creditors, and being successful in filing this type of bankruptcy will stop this entirely.

What debts aren't discharged?

Keep in mind that when you do find that you're eligible for Chapter 7 bankruptcy, you may find that all of your debts may not be released. It's most common for credit card debt to be one of the biggest issues in people's financial life, and this can cause problems. This type of debt will be one that can be dismissed when filing for this bankruptcy.

However, there are numerous other financial obligations that may not be paid that you should be aware of to avoid surprises. For instance, child support and alimony won't be released if you have a success with a Chapter 7 bankruptcy. Additionally, any money owed to the IRS won't be dismissed either.

How long does this process take?

You may be in a hurry to get on with life and put this financial nightmare behind you. It's good to know that this entire process typically takes three to four months to be completed and for any qualifying debts to be released.

The advantages of working to get back on financial track after you've got off it is exactly what being eligible for a Chapter 7 bankruptcy can do for you. Taking charge of this part of your life is ideal and you should work to do so quickly to reduce unwanted stress. Be sure to rely on the expertise of a bankruptcy attorney from a law firm like Geranios Law PLLC to assist you today with this.