Long Island Bankruptcy Lawyer

Disadvantages of Filing Chapter 7 Bankruptcy

While there are many important advantages to filing Chapter 7, there are also some disadvantages that are helpful to fully understand. At Jacoby and Jacoby, we are committed to helping our clients make the right choices about filing for bankruptcy. As such, when you consult or work with a Long Island bankruptcy lawyer at our firm we will strive to ensure that you understand the full effects that a Chapter 7 bankruptcy will have on you now and in the future.

Following are some of the disadvantages of filing Chapter 7:

Your non-exempt property and assets may be at risk of being surrendered to the bankruptcy court and liquidated to pay off creditors.
Not all debt is eligible to be discharged (including spousal support, child support, and certain student loans and taxes.)
Chapter 7 bankruptcy can only be filed once every 6 years.
A Chapter 7 bankruptcy can negatively affect your credit rating and make it difficult to get loans in the immediate future.

Even with the disadvantages associated with Chapter 7 bankruptcy, you can avoid most negative consequences by working with a lawyer and fully preparing for what is to come.

Bankruptcy Attorney Serving Nassau & Suffolk Counties

Consulting a Long Island bankruptcy attorney is the most important thing that you can do at this point in time. If you want to find out how you can stop creditor harassment and discharge your debt, contact Jacoby and Jacoby today for a free initial consultation. You can discuss your matter with a skilled lawyer at our firm and find out what all of the advantages and disadvantages are, as associated with Chapter 7 bankruptcy proceedings. We represent clients throughout Long Island, Suffolk and Nassau and are happy to discuss your options with you and help you make the right choice for your financial future.

To find out more about the disadvantages of filing Chapter 7, contact a Long Island bankruptcy lawyer at Jacoby and Jacoby today.