Minnillo & Jenkins, CO. LPA
Hyde Park, Eastgate, Fairfield, Covington: 513-723-1600
Portsmouth: 740-300-2022
Call For A No-Pressure, Free Consultation

The many reasons to file for Chapter 7 bankruptcy

If you find yourself in a bad financial situation, it never hurts to learn more about Chapter 7 bankruptcy. While you may never go down this path, it could be the strategy you need to get your finances back in order.

Many people gravitate toward Chapter 7 bankruptcy because it provides them with a fresh start. With some of your debts discharged, it's much easier to get back on track financially. 

There are other reasons to file for Chapter 7 bankruptcy, including but not limited to:

  • Prevent foreclosure: If you've received a foreclosure notice from your mortgage lender, filing for Chapter 7 bankruptcy can stop the process for the time being. This gives you enough time to work things out often while remaining in your home.
  • Keep future income: This is in contrast to Chapter 13 bankruptcy in which you must use future income to make payments for three to five years. With Chapter 7 bankruptcy, all of your disposable income is yours to keep.
  • No limit on how much debt you can have: This is a big benefit when compared to Chapter 13, as you don't have to concern yourself with exceeding any debt limit.
  • It's fast: When you're facing financial trouble, you want to move fast. The Chapter 7 bankruptcy process typically takes anywhere from three to six months, with the discharge of debt often happening within three months.
  • Avoid wage garnishment: If you're concerned about a wage garnishment, the automatic stay protects you from this for the time being. Once again, this allows you to stabilize your finances as you attempt to get back on track.

Filing for Chapter 7 bankruptcy is a big financial decision, but once you compare the pros and cons you'll feel better about what's to come. Even if you don't file right away, the information you gather will help you keep your options open in the future.

If you're interested in filing for Chapter 7 bankruptcy, organize your finances and then learn more about your legal rights and how to start the process. 

No Comments

Leave a comment
Comment Information
Email Us For A Response

How Can We Help You?

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Contact us right now for a free bankruptcy consultation

NACBA - National Association of Consumer Bankruptcy Attorneys

Proud Member NACBA

We are proud members of the NACBA, a national organization dedicated to serving the rights of consumer debtors. Read More

Super Lawyers

Jenkins Named Super Lawyer!

Founding partner, Christian A. Jenkins, was selected by his peers and the media as a Super Lawyer. Read More

Hyde Park Office
2712 Observatory Avenue
Cincinnati, OH 45208

Phone: +1-513-723-1600
Cincinnati Law Office Map

Eastgate Office
792 Eastgate South Dr
Suite 150
Cincinnati, OH 45245

Phone: +1-513-723-1600
Cincinnati Law Office Map

Fairfield Office
447 Nilles Rd
Suite 9
Fairfield, OH 45014

Phone: +1-513-723-1600
Fairfield Law Office Map

Covington Office
526 Philadelphia St.
Suite 5
Covington, KY 41011

Phone: +1-513-723-1600
Map & Directions
Covington Law Office Map

Portsmouth Office
612 Chillicothe Street
Portsmouth, OH 45662

Phone: +1-740-300-2022
Map & Directions
Portsmouth Law Office Map