What Are The Advantages & Disadvantages Of Chapter 7?
Chapter 7 is the most common type of bankruptcy. It is the quickest and often the least expensive way to handle insurmountable debt. Many people with debt problems qualify to file under Chapter 7. Chapter 7 bankruptcy can wipe out credit card debt, medical bills, and debts from repossessed and surrendered vehicles among others. The greatest advantage of Chapter 7 is that you receive a fresh start. The stress of an otherwise impossible financial situation ends. The disadvantages of Chapter 7 include that your bankruptcy will appear on your credit report for up to ten years. The bankruptcy will affect your credit score although its negative effect will diminish over time. Each person should weight the advantages and disadvantages for themselves after obtaining information about what a bankruptcy would look like given their particular situation. Though it should always be a last option, most people struggling with debt report feeling a huge sense of relief when they decide to file bankrup
