Pros

• 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

Cons

• 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.