Chapter 7 Bankruptcy Pros and Cons in West Virginia
Making the decision to file chapter 7 bankruptcy is difficult. You may be worried about how it will affect your credit or your reputation, but in most cases, it will dramatically improve your quality of life. Below is a list of pros and cons that may help you make your decision.
Bankruptcy will affect your credit. A chapter 7 bankruptcy will be reported on your credit report for 10 years.
Even though a bankruptcy will be reported for 10 years, most people start recovering from bankruptcy as soon as it is discharged. You may be able to get credit within just a couple of months. Using our credit repair system, many people achieve a 720 credit score in less than 2 years.
Certain non-exempt property and luxury items may be lost during a bankruptcy.
While there is always the potential to lose property during a bankruptcy, the majority of people keep everything thanks to state exemptions.
You will lose all your credit cards.
This is true, but you also lose the credit card debt which isn’t a bad trade-off. The pro is that with a few months you should be able to get another credit card.
You won’t be able to get a mortgage after filing bankruptcy.
A bankruptcy can make it more difficult to get a mortgage for a couple of years, but most people can find a lender who specializes in difficult to finance people.
If I file bankruptcy now, I won’t be able to file again for at least 6 years. What if something worse happens to me financially?
Because a chapter 7 bankruptcy gives you a fresh start, most people will not need to file another bankruptcy. However, if things go drastically wrong after your chapter 7 has been discharged, you can still file a chapter 13 bankruptcy.
Bankruptcy won’t get rid of my child support, tax debt or student loan debt.
In most cases, this is true, but it will wipe out most of your other unsecured debt making it far easier to manage your finances. Bankruptcy will also stop most aggressive collection actions.
A West Virginia Bankruptcy Attorney Can Guide You Through the Chapter 7 Bankruptcy Process
You may be concerned about many other things. Chapter 7 bankruptcy involves many complicated considerations that you should discuss with a West Virginia chapter 7 bankruptcy attorney from Thomas E. McIntire & Associates, L.C. We can help put your concerns to rest and formulate a chapter 7 bankruptcy plan for your specific situation. Call us today.