Pros and Cons of Chapter 7 Bankruptcy

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Күн бұрын

Bankruptcy Pros and Cons Calculator: bit.ly/3LaSddP
Understanding the pros and cons of filing bankruptcy, specifically Chapter 7 and Chapter 13 is crucial to help you make the most informed decision.
As bankruptcy laws have changed over time, and the means-testing tables are slated to be updated in November 2022, we wanted to prove the most up-to-date pros and cons for 2022 specifically.
Here's the list of Chapter 7 bankruptcy pros and cons in 2022 we will cover in this video.
Pro: Less Expansive Than Chapter 13
Pro: Speed of Chapter 7 Discharge
Pro: Potentially Keep Property
Pro: Stop Debt Collection Lawsuits
Pro: No More Deficiencies
Con: Income Requirements
Con: Potentially Losing Property
Con: Negative Credit Impact
Con: Non-dischargeable debt
Con: Harder to prevent foreclosure
Here's the list of Chapter 13 bankruptcy pros and cons in 2022 we will cover in this video:
Pro: Saving Home
Pro: Dealing with Second Mortgage
Pro: Dealing with Tax Debts
Pro: Help with Car Payments
Pro: Help with Domestic Support Payments
Pro: Chapter 13 Bankruptcy Can Stop Eviction
Con: Getting Rid of Unsecured Debts
Con: Negatiive Credit Impact
Con: Higher Attorney Fees
Con: Low Payment Flexibility
Con: Length of Time
Chapters:
0:00 Intro
2:05 Chapter 7 vs. Chapter 13 Bankruptcy
3:29 Chapter 7 Pros
5:19 Chapter 7 Cons
8:49 Should You File Chapter 7?
9:33 Chapter 13 Pros
13:41 Chapter 13 Cons
15:52 Should You File Chapter 13?
16:21 Conclusion
#bankruptcy #bankruptcyprosandcons #chapter7 #chapter 13
Music: www.bensound.com

Пікірлер: 5

@AscendFinance 3 ай бұрын

Thanks for watching! As I mentioned, you can take our Bankruptcy Pros and Cons Calculator here: tryascend.com/qualify/bankruptcy/ch7/route/youtubeprosandcons If you have any questions, feel free to give us at 833-272-3631!

@gloriatosini5994 4 ай бұрын

I recently leased a new car. Could I keep my car?

@AscendFinance 4 ай бұрын

Potentially! You would just have to confirm with the attorney but, in most cases, if you are current on your car payments, they may be able to just reaffirm the car loan and allow you to continue paying on it. Feel free to give us a call at 833-272-3631 if you have other questions!

@gloriatosini5994 4 ай бұрын

Could I keep my retirement ? I am 73

@AscendFinance 4 ай бұрын

Great question! There are state exemptions to protect retirement accounts so it may depend on what state you live in, most states provide full protection but you would have to check, an attorney would be able to tell you as well. Give us a call if you need more info!