What’s the downside to bankruptcy aside from a hit to my credit record?
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What’s the downside to bankruptcy aside from a hit to my credit record?
I’m not planning to borrow any money for 7 years. Isn’t Chapter 7 a good way to dump $60k in consumer debt?
Asked on April 23, 2012 under Bankruptcy Law, California
Answers:
Mark J. Markus / Mark J. Markus, Law Offices of
Answered 12 years ago | Contributor
Actually, depending on how your credit is now, filing a Chapter 7 can in many cases improve your credit. The proper way to evaluate whether it's in your best interest or not is to have a consultation with a bankruptcy attorney and go over all the relevant information specific to your situation. In many cases, Chapter 7 is a great option to get rid of debt. The only other obvious "downside" is that you cannot file another Chapter 7 for 8 years, but you can file a Chapter 13 in 4 years.
I'm happy to give you a free consult to go over your options with you.
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