Like others in Washington, DC who are struggling with overwhelming debt, you may have considered filing for Chapter 7 bankruptcy. This option is not always right for every person and situation, however. Understanding the pros and cons of declaring Chapter 7 bankruptcy may help you determine if this is the right option for you.
One of the largest disadvantages of Chapter 7 bankruptcy is that not everyone is eligible. According to the United States Courts, some of the eligibility requirements for this type of filing include the following:
• You must qualify under the means test
• You cannot have had a prior bankruptcy petition dismissed within the past 180 days because you purposely did not appear in court or comply with the court’s orders
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One of the largest disadvantages of Chapter 7 bankruptcy is that not everyone is eligible. According to the United States Courts, some of the eligibility requirements for this type of filing include the following:
• You must qualify under the means test
• You cannot have had a prior bankruptcy petition dismissed within the past 180 days because you purposely did not appear in court or comply with the court’s orders
• In