Chapter 7 Bankruptcy Pros and Cons in a COVID-19 World
COVID-19 hit the world hard. Things were, and still are for many, very uncertain in the worlds of work and financial health. The attached video will go over some pros and cons of chapter 7 bankruptcies, and give you some things to think about as you consider your next move.
No one wants to file bankruptcy, but if you’ve gotten into a position where bankruptcy is an option, you may be tempted to take it.
This isn’t always a bad idea, but it’s also not a choice you should be making lightly. Bankruptcy doesn’t just affect your financial standing in the immediate future, it affects your credit for years after you file.
There are upsides and downsides to filing chapter 7 bankruptcy, but the real bottom line is that it should be a choice you enter into, or not, with full knowledge of e repercussions as well as the benefits. Finances can be difficult, especially in the midst of a global pandemic, and you deserve to have all the information you need to make an informed decision.