Tampa Attorney C. Todd Marks, Esq.
Westchase Law, PA A Private Law Firm in Tampa

Westchase Law P.A.
12029 Whitmarsh Lane
Tampa, FL 33626
Phone: 813-490-5211
Fax: 813-463-0187

Downtown Tampa Office
1219 North Franklin Street
Tampa, FL 33602
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What are the Pros and Cons of Filing Chapter 7?

Given the current economy, it’s no wonder why so many people are asking this question. If you are facing an overwhelming amount of debt, Chapter 7 may be right for you. However, understanding Chapter 7 can be difficult.

Following are some of the pros and cons of filing for Chapter 7:


  • Fresh start: Depending on your unique situation, you may need a fresh start, and that’s exactly what Chapter 7 does. Also known as liquidation bankruptcy, Chapter 7 discharges your debts and wipes the slate clean.
  • Chapter 7 is fast: People facing serious debt need fast relief. Chapter 7 bankruptcy is a relatively quick process that typically takes between three and six months to finish.
  • Exemptions are favorable: Florida has numerous exemptions, including thevery favorable exemptions for homestead and qualified retirement plans



  • It damages your credit: Most people considering Chapter 7 realize that it will damage their credit. However, what you may not know is that a Chapter 7 filing can stay on your credit report for up to 10 years.
  • You could lose property: Properties that are not exempt may be liquidated to pay your creditors back.
  • It cannot discharge all debts: Bankruptcy will not discharge alimony, child support, student loans, tax debts and other non-dischargeable debts.


Understanding the bankruptcy process is rarely easy. A skilled attorney can review your situation and recommend the course of action that is best suited for you.

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