Bankruptcy all by itself can be complicated and confusing. However, there are two different kinds of bankruptcies and many people can easily confuse the two. At the same time, many people do not fully understand the process because of myths and misconceptions. Chapter 7 Bankruptcy can definitely help you get the fresh start you are dreaming of but if you want to best possible outcome, then you need to know some of the basics as well as little known facts about it. Here are just a few facts about Chapter 7 bankruptcy you may not yet know.

Chapter 7 Bankruptcy Facts


woman frustrated by chapter 7 bankruptcy It is true that your credit will take a hit after you have filed for bankruptcy but you can actually obtain credit faster than most people realize. You will be able to rebuild your credit sooner because you will likely be ale to obtain credit. It is not always a negative thing and if you are having issues with your debt now, it may be a good alternative.Filing While Married

If you are looking to file while you are married, your spouse does not necessarily have to file a bankruptcy petition. This is especially true if one spouse has a lot more debt than the other. Once you have applied for a discharge of qualifying debt, you can usually get that granted in six months. However, it is not recommended that you file on your own although you can do that. The reason behind that is it can create a lot of complexity.

Working With a Professional

You may be tempted to try to file for bankruptcy all on your own but that can be a big mistake. If you use an Atlanta Chapter 7 bankruptcy attorney, you have a much higher percentage rate of getting your debt discharged. Failing to use this method can result in not using the correct procedures or even making some detrimental mistakes that could cost you in the end.

Types of Debt You Can Include

Not all kinds of debt are ideal for Chapter 7 bankruptcy. However, if you ave debt such as medical bills, credit card debt, or other forms of unsecured debt, this may be a good option for you. Types of debt that cannot be discharged include some tax debts, alimony, and child support. It is also a good option if you have limited assets.

Now that you know a little bit more about Chapter 7 bankruptcy, it can allow you to make a more informed decision. You can also contact us at any time to answer your bankruptcy questions or get you started.