Chapter 7 Bankruptcy Pros and Cons (2023 UPDATE)

Chapter 7 bankruptcy, also known as liquidation bankruptcy, is a legal process that allows individuals or businesses to discharge most of their unsecured debts. While it can provide a fresh start for those struggling with overwhelming debt, there are also some significant downsides to consider.

In this video, John Skiba will tell us the pros and cons of filing a Chapter 7 Bankruptcy in 2023!

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KEY MOMENTS
0:00 Introduction To Chapter 7 Bankruptcy Pros and Cons (2023 UPDATE)
0:53 Chapter 7 Bankruptcy Advantages
4:33 Chapter 7 Bankruptcy Disadvantages

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MORE ABOUT JOHN SKIBA
John Skiba is a bankruptcy & consumer protection attorney in the state of Arizona.

John helps clients with chapter 7 bankruptcy & chapter 13 bankruptcy for Arizona residents.

🌵🌵🌵🌵🌵 ARIZONA RESIDENTS ONLY: If you live in the state of Arizona and need help with a junk debt buyer lawsuit or need to file bankruptcy I can help you directly.

John offers informational products and strategies for consumers facing serious debt problems - particularly those being sued by junk debt buyers like Midland Funding, Portfolio Recovery Associates, Cavalry SPV, and many more.

[Consumer_Warrior]

John offers informational products and strategies for consumers facing serious debt problems - particularly those being sued by junk debt buyers like Midland Funding, Portfolio Recovery Associates, Cavalry SPV, and many more.

[viethuynh]

Bankruptcy was a good option for me. I got credit again 2-3 years after bankruptcy. It gave me a fresh start. I will never file again and moving forward I will be responsible using credit.

[moviesforrandy]

the banks has got so shitty these days with their 29% interests. the hell with them.

[littleoneproductions]

Thank you for this. Most of the cons you listed didn't scare me and this brings me closer to making the decision to file a Ch.7 Thank you!

[randyvaughn]

Have been listening to you for a couple years. Great sales man. Your the man. We’ll explained. I’m all in. 120k in credit card debt. Let’s do it. 🎉🎉🎉🎉🎉🎉🎉🎉

[Tanner_ray]

I think the pros definitely out way the cost. I’m not saying do this but if you’re reading this. Buy things on credit like stuff that can’t be taken. Like ammo and guns. Then file.

[EDOutdoors]

Filed on Thursday and it was instant relief. It's showing on credit karma already, Credit score went up 67 points from Thursday to today (Saturday)
No collection calls, already receiving offers for new credit lines through credit karma.
I was stuck with major debt cap, couldn't get approved for anything, filing helped me more than hurt (so far)

[elsplace]

Thank you for another clear and comprehensive video. Since I don't have a car so thankful I can use Zoom for meeting with attorney.

[BoldBlasian]

Thank you, this was very informative! 🙏🏽

[lesadams]

Would you please make a video for business owner bankruptcy, to be able to restructure business

[coniquefamily]

I filed Chapter 13 and convereted into a 7 in Feburary 2024, how long will my discharge take ? I had court in April.

[gabeguzman]

I was told after filing bankruptcy within 4 months I would be receiving credit card offers in the mail

[lkmn]

Great info. Thank you so much. Can you recommend a great attorney in Houston, Texas for my chapter 7 bankruptcy?

[deannatonn]

Do you have to let things get to collections or miss payments to file for chapter 7?

[akoox]

I'm confused. You said chapter 7 doesn't discharge tax. I spoke with more than few bankruptcy attorneys and they told me that it does.

[amos]

@Consumer warrior Thanks for all the great information you are incredible. I bought a car from a shady dealership 5 years ago the engine blew the following week now they want 9500 for a 4000 dollar car I offered 3000 but I’m not paying 10k before I file I have a question. Can a credit company sue you in a county you didn’t buy the vehicle in or even live in? they just chose the most radical county in my state to sue me through I have nothing to do with that county neither does their company.

[SugarPlumMamas]

Would it effect me from getting an apartment or future employment?

[JoseOrtiz-xhhe]

Can firearms be taken away in a chapter 7 ?

[derrickhead]

Shit I dint hear one con it's all worth it and here in columbus ohio if you already rock bottom no job all that it's a place that's called legal aid they do it for free if it's your first time with no job

[riggalou]

I heard that the amount of debt eliminated in a bankruptcy is considered income by the IRS. If I eliminate, let's say, $40k in credit cards, will I be taxed on any that amount? And will all the interest I paid over the years be factored into that taxable amount...if it is in fact taxable?