Sacramento Bankruptcy: What are the Benefits of a Chapter 7 Bankruptcy?

Chapter 7’s main benefit is that it allows you to eliminate all or most of your unsecured debts.  Unsecured debts are those which are not secured or attached to other property or collateral.  For Sacramento residents who have significant credit card debts, medical bills, or payday loans, this can be a substantial benefit because all of these are eliminated by a Chapter 7 filing.  In contrast, Chapter 13 mandates at least partial repayment of such debts.  Though not all debts can be eliminated by bankruptcy, Chapter 7 serves to eliminate most any unsecured debt.

Chapter 7 also offers benefits due to the speed with which it can discharge your debts.  A typical Chapter 7 can be completed in just three to four months after filing.  In contrast, a Chapter 13 repayment plan can take three to five years to repay.  With a Chapter 7 you can be debt-free in just three to four months.  Sagaria Law in Sacramento has experienced and savvy attorneys ready to advise you which option is best for you.

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