Advantages and disadvantages of Chapter 7

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Updated: 4/13/2007 3:35 pm
Chapter Seven bankruptcy has many advantages that you should consider if you're in financial distress. Otherwise known as 'liquidation,' Chapter Seven bankruptcy allows you to wipe out most of your debt and begin to establish a good credit rating. You'll have the opportunity to create a new financial plan and change your approach to budgeting. And, perhaps best of all, Chapter Seven bankruptcy can help prevent creditors from harassing you by phone and mail. Filing Chapter Seven will affect your credit rating for up to ten years, and some debts may not be cleared, including student loans, court fines, taxes, and some others. Consult an experienced attorney in your area for more information about the advantages and disadvantages of Chapter Seven.

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