Warren & Migliaccio, L.L.P.

Dallas Family, Bankruptcy and Personal Injury Lawyers

Call For A Free Consultation (888) 550-6702
  • Our Team
    • Gary Warren
    • Christopher Migliaccio
    • Jonathan Frederick
    • Dan Varkey
    • Traci Diamond
    • Christopher R. Konneker
    • Sabah Hafiz
    • David Lane
    • Morgan Gill
    • Client Testimonials
  • Camp Lejuene Victim Support
    • How we can help
    • Top 5 Questions and Answers About the Camp Lejeune Lawsuits
    • Symptoms of Water Contamination
  • Bankruptcy
    • Debt Resolution
    • Chapter 7 Bankruptcy
    • Chapter 13 Bankruptcy
    • Benefits of Bankruptcy
      • Stop Creditor Harrassment
      • Keep Your Property
      • Stop Foreclosure
      • Eliminate Credit Card Debt
      • Repair Your Credit Score
    • Bankruptcy Myths Debunked
    • Creditor Harassment
    • Tax Debt
    • Wage Garnishment
    • Bankruptcy Video Center
    • Why Meet with Chris?
    • FREE Bankruptcy E-Book
  • Debt Lawsuit Defense
    • Being Sued by Debt Collector? What you need to Know.
    • What to do when you are being sued by Credit Card Company
    • Is it possible to be Judgment Proof?
  • Family Law
    • Divorce Timeline and Roadmap
    • Child Custody
      • Types of Child Custody Orders in Texas
      • Child Support Modifications & Enforcements
      • Child Support: The Details You Should Know
    • Contested Divorce
    • Spousal Maintenance and Support
    • FREE Divorce E-Book
    • Military Divorce
  • Estate Planning
    • Last Wills and Testaments
    • 9 Reasons You Need a Revocable Living Trust in Texas
    • Making and Funding a Living Trust in Texas
    • Is It Time to Update Your Estate Plan?
    • Dying without a Will
    • Estate Planning Packet
  • Next Steps
    • Next Step
      • Make a Payment
      • Richardson Office
      • Dallas Office
    • FAQs
    • Articles
    • Blog
    • Get Tax Transcripts or Tax Returns
    • Get Your Free Credit Report
    • How to create a Skype Account for Virtual Video Meetings

Pros & Cons of Filing Chapter 7 Bankruptcy

Post by Christopher Migliaccio Leave a Comment

Chapter 7 bankruptcy can help liquidate many of your assets, but not everyone qualifies. There are pros and cons of filing that should be considered by those who are considering declaring bankruptcy.

The following are some of the pros of filing Chapter 7 bankruptcy: 

  • the process takes a few months;
  • credit can be rebuilt;
  • it relieves you of most financial obligations; and
  • you get the option of using automatic stay on payments to certain creditors. 

With the good comes the bad, so consider the following cons of filing Chapter 7 bankruptcy:

  • it can stay on credit report for as long as a decade;
  • you may lose some of your assets;
  • you may pay high interest rates for new credit;
  • it doesn’t stop all financial obligations (student loan, child support); and
  • some debt still may need to be repaid.

Contacting a Texas Bankruptcy Lawyer

Whether you are considering filing Chapter 7 bankruptcy or Chapter 13, you may discuss your case with a bankruptcy lawyer at Warren & Migliaccio at (888) 584-9614. We can evaluate your financial situation and determine what might be the best option. Meanwhile, our law firm also offers a FREE bankruptcy guide, which can provide valuable information.

Categories: Bankruptcy, Chapter 7 Bankruptcy Tagged: Bankruptcy, Chapter 7 Bankruptcy

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Get Help Now!

Schedule a Free Consultation

If you need to speak with an attorney at Warren & Migliaccio, L.L.P.  submit our contact form or call either our Richardson or Dallas location to schedule a free consultation. We’re happy to meet at your convenience. Contact our firm today for legal counsel from experienced attorneys.

Practice Areas

  • Bankruptcy Attorney and Chapter 7 & 13 Lawyer Dallas, TX
  • Chapter 7 Bankruptcy Attorney
  • Chapter 13 Bankruptcy Lawyer
  • Child Custody Attorneys
  • Child Support
  • Dallas Divorce Attorney
  • Family Law
  • Spousal Support
  • Personal Injury

Recent Posts

  • What You Should Know if Facing a TD Bank Debt Collection Lawsuit in Texas
  • What to Expect if Being Sued by Citibank for Credit Card Debt in Texas
  • Estate Planning For “Just In Case” Scenarios
  • What to Do When Being Sued by American Express in Texas
  • What to Do if Sued by Capital One for Credit Card Debt

Locations

Richardson/Plano Office
3600 Shire Blvd #205
Richardson, Texas 75082
(972) 684-5051

Dallas Office
10440 N Central Expy #800
Dallas Texas 75231
(214) 974-3965

Follow Us

facebook logo twitter logo youtube logo


More Resources
Blog
Articles
PaymentPortal

Pick a Topic and Empower Yourself

  • Bankruptcy
  • Chapter 7 Bankruptcy
  • Chapter 13 Bankruptcy
  • Child Custody
  • Child Support
  • Personal Injury
  • Divorce
  • Divorce & Your Children
  • Family Law
  • Stop Foreclosure
  • Spousal Support
  • Auto Accidents
HomeDisclaimerPrivacy PolicyTerms of UseContact UsSite Map
© 2023 Warren & Migliaccio, L.L.P. All Rights Reserved