Debt Elimination: Advice, Hints, and TipsUseful Information about Debt Elimination |
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The advantages of filing for a Chapter 7 bankruptcy are that it will clear your debts and you get a "fresh start." In some cases, this may be the best alternative available. Nevertheless, some debts are not dischargeable in bankruptcy. For example, most tax debts are not dischargeable if less than 3 years old. Similarly, student loans fewer than 7 years old are also not dischargeable. Other debts such as child support payments or are not discharged in bankruptcy for public policy reasons. One disadvantage of filing for bankruptcy is that you will have a hard time obtaining credit after the bankruptcy. The bankruptcy can stay on your credit report for up to 10 years. Also, even if you do obtain credit the interest will likely be very high. The Code only allows an individual to file for Chapter 7 once every 6 years. Ê
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