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The Benefits and Drawbacks of Chapter 7 Bankruptcy

01,May,2018 No Comments
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Choosing to file for bankruptcy can sometimes feel like admitting defeat. However, the benefits resulting from chapter 7 bankruptcy can also mean a fresh start – leaving you with the opportunity to do better this time around.

Chapter 7 Bankruptcy

If you’ve decided to file for bankruptcy, contact a Colorado bankruptcy attorney at Kinnaird & Kinnaird for representation. We have years of experience in bankruptcy law. Our team is determined to guide you through this process as smoothly and painlessly as possible. Call our office at (719)-520-0003.

There are benefits and drawbacks to all forms of bankruptcy. Some factors to consider before filing under chapter 7 include:

Pro: Fast Relief

 After successfully filing for bankruptcy, you’ll see total relief within six months on all unsecured debts.

 Con: Lasting Credit Damage

 Filing for bankruptcy will destroy your credit score, staying on your report for nearly a decade. However, you’ll have an easier time explaining bankruptcy to a potential lender than years of missed payments, defaults, repossessions, and lawsuits.

 Pro: Eligibility

 To file under chapter 7, you must not:

  • Have much disposable income
  • Have filed for bankruptcy in the past six years
  • Have violated a court order

Since most individuals, businesses, and entities meet these requirements during tough times, filing successfully shouldn’t prove difficult with the assistance of an experienced attorney. 

Con: You May Lose Your Property 

During the bankruptcy process, you may lose property that isn’t exempt for sale by the trustee of your account. This includes luxury possessions like boats, campers, and automobiles. However, most state exemptions will leave you with more than enough property. In addition, you won’t have to worry about your wages or property being taken by lenders after you’ve filed.

Pro: Unlimited Potential 

Assuming you don’t owe money on the debts that survive bankruptcy, the amount a court will forgive is potentially unlimited. If you have hundreds of thousands of dollars in credit card debt, filing for bankruptcy could change your life, whether it hurts your credit score or not. 

Con: Some Things Aren’t Covered

There is some debts bankruptcy won’t cover. These include your mortgage lien, alimony, and child support. Speak to an experienced bankruptcy attorney before making the decision to file. Otherwise, you might end up with less relief than you expected.

Contact an Experienced Colorado Bankruptcy Attorney for Representation

There are few decisions more difficult than choosing to file for bankruptcy. To make a stressful process less taxing, trust a professional for assistance. 

If you’ve decided to file for bankruptcy, contact an experienced Colorado bankruptcy attorney at Kinnaird & Kinnaird by calling (719)-520-0003. Our team will organize deadlines, collect essential information, and focus on what matters most – your well-being.

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