What are the pros and cons of filing for Chapter 7 bankruptcy?

There are pros and cons to everything. PROS: get rid of unmanageable debt, like credit card bills, medical bills, and other debt. CONS: It's not an easy process, and it stays on your credit for 10 years.

Chapter 7 bankruptcy is the most common form of personal bankruptcy in the U.S. It's a way to discharge many kinds of debt, including credit card bills, medical bills, and student loans. It's available only to people who earn less than their state's median income (it varies by state), though some states have exceptions for certain types of debts. For example, California allows filers to include up to $250,000 in home mortgage debt (Oregon waives all limits). If you can afford it, filing Chapter 13 bankruptcy may be the better choice for you: It lets you work out a payment plan with your creditors instead of completely wiping out your debt.

 

Chapter 7 Attorney - call now: 801-676-5506

Chapter 7 doesn't get rid of all your debts: It covers unsecured ones like credit card debt, but not secured ones like car loans or mortgages. Things that can go in a Chapter 7 filing: credit card bills, medical bills, and student loans. If you are surrendering (or giving up) your house or cars, then you can get those debts discharged too - but you lose the items.

If you’re not sure what to do, call this bankruptcy law firm in Salt Lake City Utah for a Free Bankruptcy Consultation: they will help you. 

Ascent Law LLC

8833 S Redwood Rd Ste C

West Jordan UT 84088

(801) 676-5506

https://g.page/AscentLaw

https://www.ascentlawfirm.com/chapter-7-attorney/ 


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