CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

What Should You Consider before Filing Chapter 7 Bankruptcy?

Chapter 7 bankruptcy is a popular choice for people who are struggling financially and looking for a way to get a fresh start. Filing is one of the best tools available for resolving serious financial strife. Despite its benefits, Chapter 7 is not the appropriate choice for everyone. Bankruptcy has both immediate and long-term consequences, so it is important you understand all aspects of filing and what it means for your financial future before you move forward.

What Should You Consider Before You File for Bankruptcy?

Timing is an important factor when it comes to filing for bankruptcy. You have the option of filing for Chapter 7 bankruptcy every eight years, but it is important to only do so if absolutely necessary. If you have exhausted all of your other financial options and you believe bankruptcy is right for you, filing can be beneficial. It is just important that you not view bankruptcy as a financial loophole or a way to shirk your financial obligations.

Once you are sure you want to file for bankruptcy in general, you can determine if Chapter 7 specifically is right for you. If you have no non-exempt property or your income is too great, Chapter 7 might not be your best option.

If you believe Chapter 7 bankruptcy is right for you, you will want to work with an experienced bankruptcy attorney to maximize the benefits of filing and take advantage of the protections available to you. There are many things to consider related to filing for Chapter 7 bankruptcy, so you will want professional guidance through the process. A few things you should consider include:

• Create a detailed property and asset inventory. This ensures the court protects the appropriate items under bankruptcy laws. Any forgotten items can be seized, even if they would normally be considered protected.

• Accept that your credit rating may suffer it is good however, if it is already low, Bankruptcy gives you a place from which to begin repairing it. The bankruptcy itself remains visible on your credit report for seven to 10 years.

• Do your best to avoid taking on more debt while in bankruptcy. It is possible to accumulate more debt even as you file, but you are better off avoiding it as much as possible. You can also run into problems if the court believes you intentionally ran up debt just prior to filing for bankruptcy in hopes it would be erased once you file.

• Keep in mind it is possible for a bankruptcy case to be dismissed. If you are caught making false claims, hiding facts, failing to provide information, or misrepresenting yourself in anyway, your case can be dismissed. Unfortunately, the information you must provide is very detailed and even with the best intentions you can make a mistake that costs you the opportunity to file.

If you would like assistance preparing your bankruptcy claim or you have questions about bankruptcy, we are ready to assist you. Contact the Law Offices of Robert M. Geller at 813.254.5696 for more information.

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

10 Signs You Should File for Bankruptcy

When it comes to your finances, there may come a time when you feel like bankruptcy is the only way...
Read More

What Do You Need to Know Before Filing for Bankruptcy? A Chapter 7 Bankruptcy Attorney in Florida Can Help You During this Time

What happens during the time leading up to filing for Chapter 7 bankruptcy? A Chapter 7 bankruptcy attorney in Florida...
Read More

What Does It Mean to Declare Bankruptcy?

What does it mean to "declare" bankruptcy? Your bankruptcy law attorney will help you through the process. Declaring bankruptcy is...
Read More

Student Loan Forbearance Ends April 30th. Here’s What You Need to Know

The federal government extended forbearance of repayment of student loans during the COVID-19 crisis. This forbearance was due to end...
Read More

Is Better Money Management on Your List of Resolutions for 2022?

If you’re like most Americans, improving your financial situation is on your list of New Year’s resolutions for 2022. Whether...
Read More

3 Reasons to Send Your Bankruptcy Attorney in Tampa Florida a Christmas Card

Have you begun making your Christmas card list yet? Did you include your bankruptcy attorney in Tampa, Florida? It seems...
Read More

What Was the Biggest Money Management and Bankruptcy News of 2021?

Like most years, bankruptcy was a topic that arose in the news many times throughout 2021. Topics related to money...
Read More

3 Best Bankruptcy Tips of 2021

Learning how to manage your money is an ongoing process. Even the smartest money minds out there can always learn...
Read More

How to Prevent Bankruptcy from Ruining Your Holiday Season: Why a Spending Spree Before Bankruptcy Could Hurt You in the New Year

Should you go on a spending spree before bankruptcy to celebrate the holiday season? The answer might surprise you. The...
Read More

How to Avoid Holiday Overspending

The holidays are upon us and, as usual, many people are trying to keep their spending within a budget. As...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

NACBA Logo avvo1 avvo2 avvo3 LEA BBB Logo

Call For A Free Initial Consultation

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions