Chapter 7 Bankruptcy: Find Out The Pros
Pros and Cons of Filing Chapter 7 Bankruptcy:
• Filing under the Chapter 7 bankruptcy is that any amount of debt may be eliminated
or discharged and allows you to get a clean slate.
• The other advantage is that there is no particular amount of debt to qualify you
for filing under the Chapter 7 bankruptcy. Protection laws granted under Chapter 7, the creditors cannot exert any
authority over you.
• Chapter 7 is processed quickly and you can be discharged from any debts in a short
period of time, approximately about four to six months.
• Chapter 7 bankruptcy is that you have to give up all your non-exempt property or
• Debts like taxes, child support, housing mortgages, students' loans and car loans
are usually not discharged under the Chapter 7 bankruptcy law.
• Along with you the co-signers will also be pulled in and asked to pay for your home
• The filing time limit for Chapter 7 is eight (8) years from the discharge date of a
previous Chapter 7 filing.
• It becomes difficult to obtain favorable loans because your credit rating gets
damaged and remains on your credit report for approximately 10 years from the date of filing. Once you have filed
for the Chapter 7 bankruptcy, it cannot be withdrawn.
Weigh your options cautiously if you are considering filing under the provisions of
Chapter 7 bankruptcy.
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