It can be difficult to decide for or against a Chapter 7 bankruptcy filing. There is a lot that goes into this decision, and you don’t want to make the wrong choice as it could negatively impact you and your finances for many years to come.
If you are considering Chapter 7 bankruptcy and if this is an option you want to look into, it is a good idea to write out a list of benefits. These can include the following:
— No more phone calls from creditors. Once the automatic stay is in place, creditors are no longer able to contact you to collect. This alone will eliminate a lot of stress from your life.
— Keep your car, house and other assets. Many people believe that the final result of Chapter 7 bankruptcy is losing everything. This is not true. Most find that they are able to keep their car, home and other assets, ensuring that their life does not have to change too much in the future.
— Fast and efficient. With Chapter 13 bankruptcy, the repayment plan drags on for three to five years. With Chapter 7 bankruptcy, however, the process comes and goes as quickly as four months.
If you want to take advantage of these benefits, it may be time to find out more about the process of filing for Chapter 7 bankruptcy. This is not the right choice for everyone, but it is worth learning more. If you are on the fence, making a list of the pros and cons could point you in the right direction.
Source: Enlighten Me, “Top 10 Benefits of Chapter 7 Bankruptcy,” accessed Oct. 20, 2015
