Call 24/7 for Free Consultation at (877) 886-5955   
  • Home
    • Home Mobile
  • Chapter 13
    • Chapter 13 Advantages >
      • Chapter 13 Advantages (M)
    • Chapter 13 Disadvantages
    • How to File Chapter 13
    • Chapter 13 Lawyers >
      • Our Lawyers (M)
    • Chapter 13 FAQs
    • Stop Foreclosure >
      • Stop Foreclosure (M)
  • Chapter 7
    • Chapter 7 Advantages >
      • Chapter 7 Advantages (M)
    • Chapter 7 Disadvantages
    • How to File Chapter 7
    • Chapter 7 Lawyers
  • Bankruptcy FAQs
    • Bankruptcy FAQs (M)
    • Types of Bankruptcy
    • Impact on Property
    • Impact on Debts
    • Exempt Assets
    • Automatic Stay
    • Credit Repair
    • Servicemembers' Relief Act
  • Contact Us
    • Contact Us Mobile
  • Our Firm
    • Firm Practice Areas >
      • County Coverage
      • City Coverage
    • Our History >
      • Our History (M)
      • Our Lineage
      • Charles H. Parker
      • Percy C. Simons
      • Edward A. DeClerck
      • Earl Bay "E.B." Mitchell, Jr.
    • Larry D. Lahman >
      • Larry D. Lahman (M)
      • Blog
      • Cobb EMC Class Action
      • Despacing Cases
      • Gold Bank Qui Tam
      • The Movie "Twister"
      • 100,000 Acre Wildfire
      • Phillips University Bankruptcy
      • Publications & Resources
    • Roger L. Ediger >
      • Roger L. Ediger (M)
    • Carol H. Lahman >
      • Carol H. Lahman (M)
    • E. W. "Bill" Shaw
    • David C. Butler
    • Michael C. Bigheart
    • Tim E. DeClerck
    • P. John Hodgden
    • Forrest Pepper DeVaughn
    • Michael E. Kelly
    • Benjamin James Barker
  • Miscellany
    • Interesting Cases & Clients >
      • Interesting Cases (M)
      • Cobb EMC Class Action
      • Despacing Cases
      • Gold Bank Qui Tam
      • The Movie "Twister"
      • 100,000 Acre Wildfire
      • Phillips University Bankruptcy
      • Historian Angie Debo
    • Oldest US Law Firms
    • US Bankruptcy Firms
    • Site Map
    • Search Site >
      • Search Site (M)
    • Powers of Attorney
    • Medical Fraud
    • Revocable Trusts
         Desktop Version
​Home
     Mobile Version Home

​
​Bankruptcy FAQs
     Types of Bankruptcy
     Impact on Property
     Impact on Debts
     Exempt Assets
     Automatic Stay

Chapter 7
     Chapter 7 Advantages
     Chapter 7 Disadvantages
     How Do I File Chapter 7
     Our Chapter 7 Lawyers

Chapter 13
     Chapter 13 Advantages
     Chapter 13 Disadvantages
     How Do I File Chapter 13
​     Chapter 13 FAQs
     Our Chapter 13 Lawyers

Our Firm
     Our History
     Our Practice Areas
     Our Interesting Cases

Contact Us

Miscellany
​

    Please tell us how we can contact you to answer your questions:

Submit

Chapter 7 Bankruptcy Disadvantages
Bankruptcy Lawyers for Over 40 Years


​Why NOT Chapter 7?

Disadvantages of Chapter 7 bankruptcy include:​
  • Chapter 7 will not help you get caught up on past due mortgage or car payments.

  • Your non-exempt property and assets may be lost to the bankruptcy court and sold to pay off creditors.

  • Not all debt is discharged or cancelled including spousal support, child support, and certain student loans and taxes.

  • Chapter 7 bankruptcy can only be filed once every eight years so you may not be eligible if you've filed before.  Or if you need to file again within eight years, you cannot file Chapter 7 again within that period.

  • If your home is being foreclosed, the foreclosure is only temporarily stalled by filing and will continue after your Chapter 7 discharge, if not sooner.

  • Co-signors of a loan can be stuck with your debt unless they also file for Chapter 7.  

  • ​A Chapter 7 bankruptcy will negatively affect your credit rating and make it more difficult to get loans in the immediate future.

  • Your bankruptcy will be appear on your credit report for seven to ten years.

  • Most credit card companies will automatically cancel your credit cards when you file for bankruptcy.

  • A recent bankruptcy filing will likely hinder your ability to obtain a mortgage or loan for many years.

  • Tax refunds from federal, state or local governments may be lost based upon your bankruptcy unless you carefully coordinate when you file your tax returns with when you file bankruptcy.

  • If you are looking for a job or housing, some employers or landlords may look unfavorably on a recent bankruptcy filing.

  • After your bankruptcy, some debts, such as student loans, many types of tax debts, liens, support orders, or fines may be non-dischargeable and you will still be obligated to pay them.
​
Go to Top of Page
Powered by Create your own unique website with customizable templates.