Law Office of Paul Petrillo

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Due to precautions related to COVID-19, we have expanded our options for remote consultations. Please contact our office to discuss whether a full phone consultation or video conference is appropriate for your situation. We can still accommodate in person meetings as well, while being mindful of social distancing guidelines.

Due to precautions related to COVID-19, we have expanded our options for remote consultations. Please contact our office to discuss whether a full phone consultation or video conference is appropriate for your situation. We can still accommodate in person meetings as well, while being mindful of social distancing guidelines.

Due to precautions related to COVID-19, we have expanded our options for remote consultations. Please contact our office to discuss whether a full phone consultation or video conference is appropriate for your situation. We can still accommodate in person meetings as well, while being mindful of social distancing guidelines.

What are the biggest advantages of Chapter 7 bankruptcy?

| Jul 9, 2019 | Chapter 7 |

If you’re considering Chapter 7 bankruptcy, there’s a good chance that your finances are in shambles. Even though you’re frustrated with your situation, taking a few key steps will go a long way in getting back on track.

There are many advantages of Chapter 7 bankruptcy, including the following:

  • A fresh start: Unlike Chapter 13, Chapter 7 gives you a fresh start within four to six months. You’ll then have the opportunity to build the financial life you’ve been dreaming of.
  • No repayment plan: With Chapter 13 bankruptcy, you’ll repay some or all your debts through a repayment plan that lasts anywhere from three to five years. Chapter 7 bankruptcy doesn’t require this, thus allowing you to keep all of your future income.
  • Fast discharge of debt: The discharge of debt typically occurs within two to three months of filing for Chapter 7 bankruptcy. This immediate progress gives you peace of mind, making it easier to see that you made a sound decision.
  • No debt limit: Chapter 13 bankruptcy limits the amount of debt you can have to qualify. Chapter 7 bankruptcy has no such limit.

With these details in mind, you can make an informed decision as to whether or not Chapter 7 bankruptcy is the right decision for you and your finances at the present time. An experienced attorney can also provide valuable guidance.

If you decide in favor of Chapter 7 bankruptcy, you should begin to collect all the necessary information required to file. This will put you in a position to proceed in a timely manner, thus moving you one step closer to a better situation.

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