It is certainly no secret that deciding whether or not to declare bankruptcy can be a very difficult decision to make. This is a decision that affects your credit and your reputation. It is also a decision that can improve your quality of life by making all of the harassing letters and phone calls stop. When you are trying to decide whether or not to file Chapter 7 Bankruptcy In Fort Worth it would be wise to take some time to look at the benefits and drawbacks of your decision.
The Benefits of Filing Chapter 7
While filing Chapter 7 is something that is going to stay on your record for a number of years, the process itself only takes 3 to 6 months. Some people are happy with the trade off in order to get all of the debt off of their credit history. While it is true that some of your property may be liquidated, you are entitled to keep any salary or property you acquire after you file for bankruptcy. The credit cards you own are more than likely extremely messed up, so most people do not see a problem with losing them.
The Drawbacks of Filing Chapter 7
While filing does help your credit, you have to keep in mind that it also ruins your credit for a long time. When you file Chapter 7 Bankruptcy In Fort Worth that will remain on your credit history for as long as ten years. You can also lose any property or assets that are valuable so the government can liquidate them in order to pay back some of what you owe. You will lose all of your credit cards and you can kiss getting a mortgage goodbye.
It is important to keep in mind that filing Chapter 7 Bankruptcy In Fort Worth is only going to get rid of certain kinds of debt. If you are drowning in unpaid child support or unpaid student loans, you are not going to benefit from filing Chapter 7. Bankruptcy will not help with secured debt. You should also keep in mind that you can also file bankruptcy once every 6 to 8 years.
