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Here are the top reasons to file for Chapter 7 bankruptcy

If you realize Chapter 7 bankruptcy is the best way to improve your finances, it won’t be long before you’re learning more about the process and focusing on the next steps.

Before you can make a final decision, it’s a must to understand the benefits of Chapter 7 bankruptcy. Here are a few of the best:

  • A fresh start: Once your Chapter 7 bankruptcy is complete, a good portion of your debt is gone for good. This gives you a fresh start, thus allowing you to better plan your finances in the future.
  • No repayment plan: The biggest concern with Chapter 13 bankruptcy is the repayment plan that lasts three to five years. With Chapter 7 bankruptcy, you get to keep all the income you earn in the future.
  • No debt limit: It doesn’t matter how much debt you have, you can file for Chapter 7 bankruptcy as long as you pass the means test.
  • It’s fast: A Chapter 7 bankruptcy discharge typically occurs within two to three months of filing. With Chapter 13, the repayment plan means that you’ll be dealing with this for a minimum of three years.

Although there are many reasons to file for Chapter 7 bankruptcy, it doesn’t necessarily mean that you should do so. However, after learning more, you’re in a better position to make a confident decision.

A Chapter 7 bankruptcy filing is a serious decision. Learn more about the process, focus on the benefits and decide if it’s the best way for you to improve your finances both now and in the future.

FindLaw Network