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What are the benefits of Chapter 7 bankruptcy?

On Behalf of | Sep 9, 2019 | Bankruptcy

No matter what situation you find yourself in, it is often hard to make the decision to file for bankruptcy in Ohio. While the process can seem daunting, it can provide a reprieve from smothering debt and constant pressure from debt collectors and creditors. There are two types of bankruptcy that most consumers lean toward and one of those is Chapter 7 bankruptcy.

According to FindLaw, one of the major benefits of Chapter 7 is that the process if fast. Once you make the decision, you can receive relief from your debt in just three to six months. While bankruptcy can still stay on your credit for up to a decade, the fast relief you get from Chapter 7 can help alleviate the anxiety, stress and depression that often accompanies overwhelming debt.

With Chapter 7 bankruptcy you may also be able to get new lines of credit in as little as three years. You may pay a higher interest rate and you will lose all your credit cards when you file, but you can start rebuilding credit within just a few short years.

Any property you buy or wages you earn after you file for Chapter 7 are yours to keep. While you may lose most of your possessions when you file for bankruptcy, there are some state exemptions that allow you to keep more property and you may just lose your luxury possessions.

Many people assume they will not be able to buy a house or obtain a mortgage loan after filing for bankruptcy, but this is not necessarily true. There are financial institutions and lenders who specialize in loaning to consumer who are higher risk.

Whether you opt for Chapter 7 or Chapter 13, the fresh financial start you receive can greatly improve your life. Speaking to a bankruptcy attorney can get you on the path to a life free from debt.

This is for educational purposes and should not be interpreted as legal advice.