7 Steps to Avoid Chapter 7 Bankruptcy

Filing Chapter 7 bankruptcy is like financial Armageddon. Unfortunately, most people don’t realize it until they push the button on this financial weapon-of-mass-destruction. 

Sometimes there doesn’t seem to be any way out of that financial hole. Take five minutes to go through these seven steps to avoid Chapter 7 bankruptcy and save your financial life.

What is Chapter 7 Bankruptcy?

Under Chapter 7 bankruptcy, you’ll generally lose all big-ticket assets except your home and a car. You’ll also be able to keep clothes, furniture and other household goods unless they are really high value.

Step-by-Step Process to Avoid Chapter 7 Bankruptcy

First, you’ll need to sell what you can. Anything with a current loan on it is definitely fair game and anything else you can sell for more than a few bucks.

Step-by-Step Process to Avoid Chapter 7 Bankruptcy

Budgeting is like a four-letter word for a lot of people but you must know where your money is going. Lay out your income and every expense for the last few months. 

Personal Loans after Filing Chapter 7 Bankruptcy

It’s going to be extremely difficult getting any kind of credit or loans after filing bankruptcy. Hopefully, you shouldn’t need immediate cash after filing bankruptcy.

What Can You Do If You Just Can’t Avoid Bankruptcy?

I won’t lie, sometimes the personal bankruptcy process is your best and only option to starting over. Chapter 7 bankruptcy was created to keep people from falling into financial slavery.

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