Filing bankruptcy offers certain advantages and it may be the right choice however, before deciding to file bankruptcy you should be familiar with the advantages and disadvantages of chapter 7 bankruptcy..

Advantages of Chapter 7 Bankruptcy

• No minimum or maximum debt requirement;
• You can file for and have discharged any amount of debt!
• Any unpaid balances due after your assets have been distributed, are discharged.
• You keep any wages you earn or property you acquire, except for inheritances, after the bankruptcy filing date.
• Most cases are discharged and over in about 3 - 6 months!

Disadvantages of Chapter 7 Bankruptcy

• Your non-exempt property is sold by the trustee.
• It only temporarily stops foreclosure.
• Not all debts are discharged (those not discharged can still be collected after your case is closed; mortgage liens are one example).
• Anyone who co-signs a loan for you may be liable for the debt unless they file for similar bankruptcy protection.
• Withdrawing a chapter 7 filing is difficult
• Bankruptcy damages your credit rating.
• You can only file once every six years.