Chapter 7 bankruptcy offers certain advantages for those in financial distress. Otherwise known as “liquidation,” Chapter 7 bankruptcy allows you to eliminate most of your debt, and start over. You will have the opportunity to create a new financial plan and establish a better credit rating. Best of all, filing for bankruptcy under Chapter 7 can help prevent creditors from harassing you by phone and mail. Filing Chapter 7 will influence your credit rating for up to 10 years, and some debts may not be cleared. These include student loans, court fines, taxes, and various others. For more information, consult an experienced bankruptcy attorney in your area today.