The most common benefit of a Chapter 7 Bankruptcy is the speed in which you can make a fresh start. There are no payments to your creditors. You simply work with a qualified attorney to prepare the necessary bankruptcy schedules and file your case.
One advantage of filing Chapter 7 Bankruptcy provides you with a complete liquidation of your debt within four to six months of the filing of your case.
Another distinct advantage of Chapter 7 Bankruptcy is that creditors are required to comply with the bankruptcy code and must stop the following actions: harassing collection calls, garnishment of wages, pursuit of judgments through lawsuits, repossession and foreclosure.
A third advantage of Chapter 7 Bankruptcy, which is often overlooked, is that your credit could potentially be rebuilt faster after filing a Chapter 7 Bankruptcy than by not filing at all. Furthermore, many people are surprised that they are actually able to keep all of their property which can include your house, cars, retirement accounts, cash, and all household goods and furnishings.
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Posted December 2012|Updated 09/14/2014