When Should You File for Chapter 7 Bankruptcy?

Most people prefer filing for chapter 7 bankruptcy instead of chapter 13 bankruptcy. However, only debtors with a particular income limitation are qualified for it. Debtors lose some property but enjoy several benefits. Most people prefer hiring a bankruptcy attorney to help in filing for bankruptcy. Here are some reasons why you should file for chapter 7 bankruptcy. Visit this link for more information.

No Repayment Plan

Unlike chapter 13 bankruptcy, there’s no repayment plan in chapter 7 bankruptcy. Once you are discharged from debts, you are no longer responsible for paying any debts. You no longer receive frequent calls from collectors and creditors. Read about Benefits of Filing for Chapter 7 Bankruptcy here.

The Debtor Gets a Fresh Start

Once you are discharged from all debts, you receive a fresh start. You are free from certain debts though some debts such as student loans, certain taxes, and child support aren’t dischargeable. Though, the court can decide otherwise even on some debts that can’t be discharged.

The Debtor Keeps Future Income

After you file for chapter 7 bankruptcy, the property you acquire isn’t included in the bankruptcy estate. However, any property you acquire within 180 days after filing for bankruptcy is included. Theirs is the advantage of acquiring property in the future that won’t be added to the bankruptcy estate.

View Chapter 7 bankruptcy Greenbelt in a full screen map

For quality services, The Phillips Law Offices LLC is the firm of your choice in Greenbelt, MD. You can call us through (301) 494-4250.

Call Now