Advantages Of Chapter 7 Bankruptcy Filing

Written by Adam Peck Category: Business Law January 23rd, 2013 1 min read

Perhaps the best reason to file for bankruptcy, under Chapter 7 or Chapter 13, is to get protection from your creditors through the courts automatic stay. As soon as your case is filed, creditors can no longer collect payments, garnish wages, or proceed with any form of solicitation including foreclosure. Filing for Chapter 7 bankruptcy will keep creditors at bay while you work out an arrangement and try to get back on track says Los Angeles Bankruptcy Attorney Steven C. Peck.

Recovery Options:

Finally, Chapter 7 bankruptcy clears off your debt so that you can get a fresh start on your finances. Your credit score may suffer, perhaps more than if you filed for Chapter 13, but you have more time to start reestablishing your credit and building an emergency fund. Your bankruptcy attorney can give you tips on making use of this opportunity and avoiding more bankruptcy filings in the future.

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Written by Adam Peck

Expertise: Personal Injury

Adam J. Peck, ESQ is a principal with Peck Law Group, APC. In 2008, Mr. Adam Peck received his Juris Doctorate from Whittier Law School where he graduated Cum Laude. His practice is primarily dedicated to representing Elders, Dependent Adults, along with their loved ones and family members, who have suffered horrific personal injuries.