Advantages and Disadvantages of filing for Chapter 7 Bankruptcy

We all know the fact that making a decision to file bankruptcy is never a problem. But one point that you must keep in your mind that bankruptcy is the best solution for the problems that are related to debt.

You will be amazed to know that bankruptcy offers lots of advantage which the other debt solution does not offers. But as each and every coin has two faces, in the same manner filing bankruptcy has both advantages as well as disadvantage. If you want to know the details of bankruptcy, then you can simply contact the bankruptcy attorney in Los Angeles CA, and they will help you to know more about it. If you live in Woodland Hills and have debt, then you must approach a Debt relief Woodland Hills CA in order to get rid of your debt. Mentioned below are some advantages as well as disadvantage of filing bankruptcy.

The advantage of filing bankruptcy
The best part of filing bankruptcy with the help of Chapter 7 bankruptcy lawyer in Los Angeles is that you can eliminate most of the unsecured debt if not all and that is only possible through the chapter 7 cases. It includes credit card bills, personal loans, medical bills, payday loans and etc. Even if you fill the chapter 7 case by the bankruptcy attorney in Encino, then you will find that they will take almost four to six months in order to receive the discharge.

You will be amazed to know that, once you filed bankruptcy with the help of the Bankruptcy attorney in Los Angeles CA, then you can start improving your credit score. The reason behind it is that after filing bankruptcy, the creditor cannot report for the late payment on the credit report, and the due balance will be marked as zero.

There are several benefits of filling a bankruptcy like you can say that it even gives you some sort of emotional relief just by relieving you from the stress of bill payment. One point that you must keep in your mind that once you filled the chapter 7 bankruptcy with the help of Debt attorney in Los Angeles then the creditor has no right to harass you, neither they can make any contact with you.

The disadvantage of filing bankruptcy
As discussed above, there are merits as well as a demerit for all the aspect. Hence, as soon as the debtor filed chapter 7 cases, there are some probable chances that they may lose their property. The trustees who are assigned to the case will definitely review your assets in order to find non-exempt equity in the property, and the trustee can liquidate that to pay for the creditors. But till now, very few cases have been noticed, which resulted in the loss of property.
Apart from all this, it has also been noticed that you need to pay the charges to attorney fee as well as the filing fee. Here, the filing fee is charged by the bankruptcy court and cannot be modified in any way or the other. On the other hand, you need to pay the attorney’s fee, and this is the only thing which you can bargain or select an attorney which accepts decent money.

The worst thing is that the once you fill the chapter 7 case, then it will remain on your credit report for as long as ten years and it will also cause a temporary drop in the credit score.

Nader & Berneman, Attorneys at Law
Address: 21800 Oxnard Street, Suite 720 Woodland Hills, CA 91367
Service Areas- Encino, Woodland Hills & San Fernando Valley
Web- https://www.naderlawfirm.com/
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