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What You Should Know About Chapter 7 Bankruptcy

Filing for bankruptcy, whether for an individual or for a business, can be a complicated legal process. It is important for those seeking bankruptcy to understand the benefits and disadvantages that come along with all types of bankruptcy, such as Chapter 7 bankruptcy, otherwise known as liquidation bankruptcy. Ryan J. Ruehle Attorney at Law, LLC is prepared to help you understand your circumstances and the terms that come along with bankruptcy.

Benefits of Chapter 7 Bankruptcy

Filing for Chapter 7 benefits is often a great first step in the journey towards financial stability. Some of the benefits of Chapter 7 bankruptcy include the following:

  • Cancellation of dischargeable debts
  • Acceleration of the debt relief process
  • End of harassment from creditors

These benefits will allow you to begin creating a financially stable future. However, there are certain drawbacks to Chapter 7 that you also need to keep in mind.

Disadvantages of Chapter 7 Bankruptcy

While there are many benefits to Chapter 7 bankruptcy, there are certain conditions that apply to this type of bankruptcy that any individual thinking about filing should understand. Some of the disadvantages include the following:

  • Non-dischargeable debts (including student loans and taxes) remain
  • Bankruptcy court has control over your property and finances
  • Not all types of property are eligible for liquidation

As such, any individual looking to file for Chapter 7 bankruptcy should be aware of these potentially unwanted disadvantages. Keep in mind that Chapter 13 bankruptcy, which involves reorganization rather than liquidation, is more commonly utilized by consumers.

Consult a Chapter 7 Bankruptcy Lawyer in Cincinnati

If you are considering filing for bankruptcy in Cincinnati, it can be extremely beneficial to have the help of experienced bankruptcy lawyers by your side. Get in touch with Ryan J. Ruehle Attorney at Law, LLC today by calling (513) 621-0999.

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