Chapter 7 Bankruptcy
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Chapter 7 Bankruptcy is a serious legal maneuver whose code and conduct is set forth by federal law. While many mistakenly believe bankruptcy to be a means to a fresh financial start by eliminating debt (much to the delight of the bankruptcy lawyers), bankruptcy in fact causes much collateral damage towards the consumer who files for chapter 7 bankruptcy.
Therefore, our mission at 7 Bankruptcy is to illuminate consumers as to the dangers of a chapter 7 bankruptcy filing and to offer bankruptcy alternatives which achieve true debt relief without the many harmful consequences of bankruptcy. Chapter 7 bankruptcy does, however have its merits and can be somewhat helpful, but only in the most extreme cases of debt.
Learn More About: Debt Relief Without Bankruptcy.
Chapter 7 Bankruptcy Pitfalls To Avoid
Consider the following: As recently noted by FICO, the person who files for chapter 7 bankruptcy can expect their credit score to drop nearly 300 points to an all-time low. The chapter 7 bankruptcy filing will remain on the consumer's credit record for up to 10 full years in many states. During this time period, obtaining any credit will be virtually impossible as creditors will view the consumer's credit record as toxic.
The consumer who files for chapter 7 bankruptcy can also expect to be required to pay hefty deposits for home utilities in the future such as for: gas, electricity, water, cable TV, phone, internet, etc. The person who files for chapter 7 bankruptcy can also expect to be denied an apartment rental based on a credit check.
Additionally, the person who files for chapter 7 bankruptcy can also expect to be passed over for a job as more and more employers these days are performing credit checks as part of their routine job applicant screening process.
In short, bankruptcy brings with it many harmful and negative consequences towards to the person who files for bankruptcy. Therefore, 7 Bankruptcy wishes to impress upon consumers the need to generally avoid bankruptcy and seek out bankruptcy alternatives when they find themselves struggling with debt, unsecured debt and credit card debt in particular.
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