AMMERMAN & GOLDBERG “BANKRUPTCY” LAW OFFICE
Toll Free: 877-441-4076
Phone: 202-638-0606

What should you know about Chapter 7 bankruptcy?

Washington D.C. readers know that making the decision to file for bankruptcy can be extremely difficult. This decision likely comes after months, even years, of financial struggles, and chances are that you cannot see another way out. You may know that bankruptcy offers you a choice, but it can be helpful to fully understand the implications of that choice before you decide.

Chapter 7 is a rather common and popular type of consumer bankruptcy, but it may not be the best choice for you. The right decision for your family depends largely on the type of debt you have, your income level and other individual details of your unique financial situation.

Why should you consider Chapter 7?

There are many reasons why Chapter 7 could work best for you. If you have a large amount of unsecured debt, such as medical debt or credit card debt, this could be the optimal path for you. Some of the benefits of this particular chapter include the following:

  • The actual process of a Chapter 7 bankruptcy only takes about three to five months, start to finish.
  • While it goes by the name of "liquidation bankruptcy," it is likely that you would be able to keep many of your important personal possessions.
  • You will be able to rebuild your credit in the future after bankruptcy.

One of the main benefits to filing for any type of consumer bankruptcy is that it will enact the automatic stay. This halts all collections efforts against you, stopping repossession, halting wage garnishment and more. It will also prevent you from dealing with creditor harassment and continued efforts to collect on a debt.

While there are substantial benefits to filing for Chapter 7 bankruptcy, there are limits to what types of debts it can discharge. For example, back child support is not eligible for discharge through this process.

Protecting your financial future

Your financial circumstances may seem dire, but there are options available to you. Through bankruptcy, you can address your debt, protect yourself against harassment from creditors and seek a stronger financial future.

No two financial situations are the same, which is why it is useful to seek an evaluation of your individual case before you decide to move forward with filing for bankruptcy. Whether you opt for Chapter 7 or another option is better for you, you do not have to take one step of this complex legal process alone.

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