If you are filing for Chapter 7 bankruptcy, it is likely that you are looking for immediate relief from your financial burden. But what you may not know is that there are many additional benefits of filing for Chapter 7 bankruptcy that can help you find a fresh start financially. In today’s blog, bankruptcy lawyers Groce & DeArmon explain unexpected benefits of filing for Chapter 7 bankruptcy that you might not know about.
Related post: How To File For Chapter 7 Bankruptcy
Keep Your Vehicle Lease
If you are filing for Chapter 7 bankruptcy and have a leased vehicle that you want to keep, you can assume your lease contract within 30 days of filing. Assuming the lease allows you to keep the vehicle and still be legally bound to the contract. Keep in mind that assuming your lease means that you will give up the opportunity to discharge your debts or cancel your contract without owing anything.
Get Out of Your Vehicle Lease
If you decide that you no longer benefit from your vehicle lease, Chapter 7 bankruptcy can help you get out of your lease without owing any money.
Stop Student Loan Collection
If you owe student loans that you can no longer afford, Chapter 7 bankruptcy can help permanently stop the collection of those loans. This can be done through an automatic stay that will permanently stop collection, or by discharging the loan if it is determined to be causing you very specific conditions of undue hardship.
Related Post: How To Discharge Student Loans in Bankruptcy
Get Money Back From a Creditor
You can get money back that you paid to a creditor through preference law. This law states that if a creditor has received a greater share of debt than the rest of your creditors, they may have to pay the money back that was collected within 90 days of filing for bankruptcy.
Reinstate a Suspended Driver’s License
If you had your license suspended due to unpaid debts from a motor vehicle accident while driving uninsured, you might be able to get your license reinstated. Under Chapter 7 bankruptcy, you can discharge the debt which ultimately eliminates any reason to have your driver’s license suspended.
A Fresh Start With Chapter 7 Bankruptcy
Filing for Chapter 7 bankruptcy comes with many unexpected benefits, but one of the biggest benefits is that it will help you get a fresh start with your finances. By eliminating your financial hardship, you can be on your way to a financially stress-free life. If you have questions about filing for Chapter 7 bankruptcy or you want to get started today, Groce & DeArmon offers free consultations to help decide if bankruptcy is right for you. Call 417-862-3706 or visit us online to learn more.