Pros
A Chapter 7 bankruptcy is appealing to many because it is a full cancellation of debts eligible for bankruptcy. This means you do not have to pay them back and creditors must stop harassing you. No repayment plan means you can get to a debt-free life often within six months.
Cons
Not everyone can qualify for a Chapter 7. Those who do not meet the income qualifications or who have too many assets cannot file for Chapter 7. Property is often sold to cover debts. If you own property, you may not want to file a Chapter 7. There are also some exceptions that can be added to the case. Certain debts are not eligible for discharge including taxes, child support and alimony.
Attorney
Choosing a bankruptcy lawyer to handle your case doesn’t have to be a complicated matter. Find one an attorney that has passed the bar exam for your state with a bankruptcy certification for the best luck. These qualifications can help you retain an experienced attorney who knows the ins and outs of bankruptcy court. Retain one that meshes with your personality and truly cares about your case. You never know when complications may arise even in a simple case.
Hiring a bankruptcy lawyer to handle your case gives you a better opportunity to win your case. In some cases, an experienced attorney can help you find other solutions outside of bankruptcy. Each case is different and going it alone may be a mistake.