Your debt is crushing your backbone and disturbing your night sleep, and now you are looking forward to filing a bankruptcy case in Las Vegas under chapter 7 but not sure whether to do it or not? If the question ‘whether I should get help with my bankruptcy case ‘ is popping in your head, this post will clear your doubts about whether to go for a case or not. Let’s get into it-
Table of Contents
PROS-
Heavy debts
It will solve your problem of creditors harassing you day and night for your debts and will discharge you of all your current debts and let you have a new start.
File your own case
It might be wise to hire an attorney for your case, but if you can’t afford one, then you can do it yourself.
File gain for bankruptcy
Depending on whether you are successful in your current case or not, you can file for another bankruptcy case after a period of 8 years.
Exemptions
Exemptions will allow you to keep your property, your salary, and even many of your assets. Don’t get too excited; you don’t get to keep all of it but the major chunk.
CONS-
Impact on credit score
Although it may solve your current debt problem, it is reflected in your credit score for up to 10 years. Creditors may withdraw themselves from giving you future debts.
Credit cards
All of you must be carrying one credit card at a time; you will lose it too. Be smart and think about that too.
Luxury possessions
Possessions like the boat, second homes, and cars may be confiscated, which might be a gem to you.
Student loans
It may solve many of your problems, but not all, like student loan debts or obligations to pay alimony money and child support funds will remain your headache. Not that piece of a cake, right!
Waiting period
Depending on the type of your loan, you need to wait for 2-4 years before you can get a mortgage. Even before filing for another case of bankruptcy, you’ll have to wait for a minimum time period of 8 years under chapter 7.
Conclusion
Though filing a chapter 7 bankruptcy may sound easy to you but do keep in mind the cons too. Solving the current problems won’t solve your future problems. So, be truthful to yourself and keep in mind both the pros and cons.
