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Why Should You File Chapter 7 Bankruptcy?

The two most common types of personal bankruptcy cases are Chapter 7 and Chapter 13. It is important to understand that you may only qualify to file one type of bankruptcy.
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The two most common types of personal bankruptcy cases are Chapter 7 and Chapter 13. It is important to understand that you may only qualify to file one type of bankruptcy.

The two most common types of personal bankruptcy cases are Chapter 7 and Chapter 13. It is important to understand that you may only qualify to file for one type of bankruptcy. This blog focuses on the advantages of filing a Chapter 7, but for more information on a Chapter 13 filing, click here.

How can Chapter 7 help you? Below are a few of the significant benefits:

  • Discharge of unsecured debts.  A Chapter 7 debtor can eliminate the majority (if not all) of his/her unsecured debt. The two most common forms of dischargeable unsecured debt are credit card bills and medical bills. Discharging this type of debt can save you thousands (if not hundreds of thousands) of dollars!
  • Faster results. Chapter 7 is a quicker process, usually lasting approximately four months. The Chapter 13 procedure lasts three to five years.
  • More affordable.  Because Chapter 7 does not last as long as Chapter 13, your attorney fees and costs are typically lower.
  • Future income.  While a Chapter 7 debtor must disclose all income, your future income is typically not considered a part of your bankruptcy.
  • Assets.  Bankruptcy law provides numerous exemptions that allow a Chapter 7 debtor to protect assets. The exemption laws can be used to protect your home, vehicle, retirement accounts, and many other important items. In fact, many Chapter 7 debtors keep possession of all of their assets while still discharging their debt.

Please keep in mind that every case is different, so if you are thinking of filing a Chapter 7 bankruptcy, or you would like to learn how a Chapter 7 bankruptcy could improve your financial situation and would like to schedule a no-cost consultation, please contact our office by completing the form on this website or calling us at 954-466-0541.

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If you are considering filling for bankruptcy , this would be the firm to use! Jonathan is very experienced as well as all of his team, Specially Anne ! They made the process very easy and my case was approved due to their help and expertise! I am very grateful to have had them representing me !
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Xime Basa
2023-09-28
I highly recommend LSS Law. No complaints. Jonathan, Ann, and Maria were very professional and clear in all our communications, which makes everything really easy.
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Donald Galindo
2023-09-05
Great service. Friendly and helpful staff. Highly recommend.
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Al La
2023-03-29
Jonathan and Anne were wonderful and I thank you for helping me with my new beginning.
ADRIANNE SURRENCY
ADRIANNE SURRENCY
2023-03-29
I had a wonderful experience with Jonathan Leiderman at LSS Law. Not only is he well experienced, but he is also very patient and supportive throughout a tough time. I appreciate that he takes such a hands-on approach where there is no going through office staff and waiting for a reply. He deals with you one-on-one, and he is your single point of contact. He takes time to answer all your questions and takes the time to ensure that you understand every aspect. He is highly communicative and does so in a timely manner.... I always got a response within minutes or hours, at the latest 24 hours. I don't know how he does it all, but I am grateful that I had him to represent me! I highly recommend Jonathan and LSS Law!
Jewel Nicholson
Jewel Nicholson
2023-02-16
Jonathan Leiderman did a phenomenal job representing me and taking on my case. His knowledge, experience, and diligence quickly became apparent through his work product and the correspondence that he maintained with me. Furthermore, he was always quick to answer my questions and put my mind at ease during the entire process. Jonathan and LSS Law will forever have my gratitude and I highly recommend their services to anyone who is in need of them.
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Ali
2023-02-06
I am really greatful to attorney Jonathen Leiderman for patiently working with me through a very stressful period of ambivalence, and then towards resolution of a difficult predicament. His professionalism and empathy were exceptional. I would recomend him to all who need similar services.
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2022-04-04
Excellent company to work with providing timely advice and guidance. Went above and beyond in assisting our company with an out of state bankruptcy issue
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This company was very professional, sympathetic and very reasonably priced.
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