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Important considerations for a chapter 7 bankruptcy

One of the questions attorneys often hear from clients in Pennsylvania is, "Should I file for chapter 7 bankruptcy?" Most attorneys would hesitate to actually tell a client what to do, but offering advice is another matter. If you have already been thinking about bankruptcy, then you recognize that action is necessary to remove yourself from your current situation. A good next step is to consider what a chapter 7 bankruptcy would mean in your life.

It is also a good idea to think about the type of debts you hold. While a chapter 7 can aid petitioners in discharging debt, you should know that many types of debt exist that cannot be discharged in a bankruptcy. Examples include student loans, child support and taxes. Those who are struggling with these kinds of non-dischargeable debt may want to look at other options beyond chapter 7.

Another important consideration concerns any property you wish to keep. For example, if you still owe money on your motor vehicle and you want to keep it in your possession, you will have to exclude your car payments from the bankruptcy. The same typically goes with house payments as well for those who want to remain in their homes.

Finally, you should know that if you have co-signors involved with your debt, then a chapter 7 will not protect them. This means creditors could attempt to collect the debt from your co-signors even if you have been relieved of the debt through a chapter 7. Alternatively, a chapter 13 bankruptcy would extend protection to your co-signors as well as yourself.

Obviously, making decisions about bankruptcy is very important and will benefit from legal advice. Our website offers comprehensive and easy-to-understand information about all types of bankruptcy, including the benefits and the drawbacks. Please keep reading.

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