What are the pros and cons of a Chapter 7 bankruptcy?

| Jun 15, 2020 | Uncategorized |

When facing insurmountable debt, most Hollidaysburg, Pennsylvania, residents do not know where to turn for real help. Unfortunately, many ignore their debt and the inevitable calls and letters demanding payment. While debt does not just disappear, you can find a solution that works for you.

Chapter 7 bankruptcy is one way that Pennsylvania residents choose to address overwhelming debt. However, before deciding to file bankruptcy of any kind, it is wise to learn what this remedy can do for you. At the same time, you will want to avoid any significant disadvantages of Chapter 7. Below, you will find a brief list of several (but not all) pros and cons associated with chapter 7 bankruptcy.

Advantages of Chapter 7

  • It is a relatively fast process, lasting only about three to six months
  • You will likely be allowed to keep some of your possessions
  • It puts a stop to aggressive debt collection attempts
  • You may begin rebuilding your credit within just a few years of filing

Disadvantages of Chapter 7

  • It will be extremely difficult to acquire a mortgage after bankruptcy
  • You will have to give up all your credit cards
  • Your credit score will suffer for up to 10 years after filing
  • Bankruptcy does not cover child support or student loan obligations

A law firm familiar with bankruptcy can offer you guidance on whether Chapter 7 is right for your situation. You can also use the time you spend with a lawyer to ask about other types of debt relief such as a Chapter 13 bankruptcy. This gives you the best chance of discovering which debt relief option will best meet your immediate and future needs.

X

YOU MAY ONLY UTILIZE THE ONLINE PAYMENT SYSTEM TO PAY INVOICES ISSUED BY EVEY BLACK ATTORNEYS LLC.

Clients may NOT use the online payment system to pay any bankruptcy matter or inheritance tax imposed in an estate administration matter (Evey Black Attorneys LLC will not issue an invoice for these matters). Additionally, any municipal authority/township/borough sewer and/or water customer may NOT make any payment related to any delinquency for which this firm is collecting. Bankruptcy, estate administration tax matters and payments related to sewer and/or water delinquencies must be paid by cash, money order, certified bank check or personal check (personal checks in sewer/water delinquency matters or for inheritance tax payments may not be allowed in certain circumstances).

USE OF THE ONLINE PAYMENT SYSTEM IN VIOLATION OF THE ABOVE WILL RESULT IN EVEY BLACK ATTORNEYS LLC REFUNDING TO THE CREDIT CARD THE AMOUNT OF MONEY ORIGINALLY CHARGED, MINUS ANY TRANSACTION FEES EVEY BLACK ATTORNEYS LLC IS CHARGED, AND A $10 SERVICE CHARGE WILL BE IMPOSED. IN THE CASE OF A BANKRUPTCY PAYMENT, THE ENTIRE BALANCE WILL BE CREDITED AND THE CLIENT WILL REMAIN RESPONSIBLE TO PAY THE TRANSACTION FEES EVEY BLACK ATTORNEYS LLC IS CHARGED PLUS A $10 SERVICE CHARGE.

By clicking to proceed below, you are acknowledging you have read and understood the above restrictions on the use of the online payment system and agree to the charges set forth herein if you make a payment in violation of such restrictions.

PROCEED