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Chapter 7 bankruptcy: pros and cons

Chapter 7 bankruptcy is a very common type of bankruptcy filing. Many people choose this type of bankruptcy every year. But what are the benefits to Chapter 7 bankruptcy? And what are some of the downsides to such a bankruptcy filing? Today, let's examine some of the pros and cons.

The benefits of filing for bankruptcy

You would be forgiven for thinking that bankruptcy is purely a negative act that has few benefits. Bankruptcy has been portrayed as a disastrous step that everyone should avoid. Now, obviously, no one wants to go through a bankruptcy and you should do everything in your power to avoid a financial situation that results in a bankruptcy filing.

How to stop creditor harassment

Debt collectors may not always employ the most honest of practices. In fact, some of the practices got so bad that federal government enacted the Fair Debt Collections Practices Act. The Federal Trade Commission has information about what constitutes abuse and how creditors are allowed to contact people in debt. 

Time limits exist between bankruptcy filings

Some people may mistakenly think that bankruptcy is a one-shot deal: that once you file for bankruptcy, that is the only chance you get. However, this is incorrect. There is no limit to the number of bankruptcy filings you can go through. But there are time limits between your filings.

When the discharge process starts, which debts can be eliminated?

One of the most important aspects of a bankruptcy filing is the debt discharge process. This is the stage of the bankruptcy that sees many of your past debts eliminated (either partially or wholly) and it can free you up after the bankruptcy so that you can get your financial life back on track.

What debt collection practices are illegal?

Having a large amount of debt is undeniably overwhelming, and if you are among the many Americans who are finding themselves in this position, know that you are not alone. Medical bills often have the capacity to catapult even the most financially responsible people into uncomfortable situations, and the discomfort can be amplified by debt collectors who rely on aggressive methods to try and collect on your debts.

Should you file for bankruptcy?

Filing for bankruptcy is a big step in any person's life. It doesn't matter how sure you are going into the bankruptcy -- because you will still have plenty of questions, and probably some fears too. So it is best to get as much information as you possibly can before you decide to file for bankruptcy.

McBride Law Firm

McBride Law Firm
301 Jackson Street Suite 101
Alexandria, LA 71301

Phone: 318-625-0471
Fax: 318-445-8066
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