Benefits of Chapter 7 Bankruptcy
Chapter 7 bankruptcy is considered “liquidation bankruptcy”, in which many or all of your debts are canceled by way of liquidating some of your property in order to repay your creditors. This may be a scary prospect, but thankfully there are many benefits to Chapter 7 bankruptcy, especially if you have a seemingly irreversible amount of debt. Our bankruptcy attorneys at Gagnon, Peacock & Vereeke, P.C. have years of experience with bankruptcy, and we have provided help and relief to many people like you in dealing with financial strain.
Filing for Chapter 7 Bankruptcy
Chapter 7 Bankruptcy involves the liquidation of your non-exempt assets, such as a second car or second home. When considering bankruptcy as a solution to your money troubles, you have a few options. A few reasons to consider Chapter 7 bankruptcy in particular are as follows:
- Chapter 7 bankruptcy takes about four to six months while Chapter 13 bankruptcy lasts a minimum of three years.
- Your unsecured debts, such as credit card bills or medical bills, will be wiped out.
- Income you earn after filing Chapter 7 bankruptcy is not considered a part of your bankruptcy estate.
- No monthly payback plan is required, nor do you have to complete monthly progress reports going forward.
- The shorter process of Chapter 7 bankruptcy allows your credit score to recover sooner than it would from Chapter 13 bankruptcy.
These represent just a few of the benefits of filing for Chapter 7 bankruptcy over Chapter 13. Contact our Dallas offices to find out more about how filing could help your specific situation.
Contact a Dallas Chapter 7 Bankruptcy Attorneys
At Gagnon, Peacock & Vereeke, P.C., our Dallas bankruptcy attorneys have years of experience assisting individuals with the application process. Call our Dallas office at (214) 317-4448 to speak to a representative and get help today.