your life & finances
back on track
Plymouth Bankruptcy Attorneys Ready To Help Families Throughout Massachusetts
Do you cringe when the phone rings? Are creditors and bill collectors harassing you? You owe so much money that you find it hard to imagine being able to get out from under ever again. You probably even have trouble sleeping, and so does your family. What you really need is someone who can help you get out of that mess.
If you have questions about bankruptcy, how it works, and whether it could be the right solution for you, we have the answers. We have helped thousands of families get out of debt. At Benner & Weinkauf, we understand the tough situation you’re in and we’re committed to helping you. Imagine being able to reclaim your peace of mind. You could have a healthier financial life once again, with more than enough money to pay your bills every month – comfortably.
Contact Benner & Weinkauf today and let’s take a look at your situation. We’ll be able to find the best option for you.
We Can Help You Create a Plan Personalized for You
What Happens if I Declare Bankruptcy?
You may be worried about what will happen if you declare bankruptcy. So here are some answers… The first thing that will happen is the “automatic stay.” It essentially stops bill collectors in their tracks. They’re no longer allowed to harass you. It also stops any other collection activities, including garnishments of wages and money being taken out of your checking accounts. It gives you room to breathe.
Next, you have to go to court and file the proper paperwork. You should know that if you file for Chapter 7, many of your assets may be used to pay your creditors. However, you’ll also be able to keep certain assets. The intent of bankruptcy is not to leave you destitute but to enable you to make a fresh start.
If you have more assets that you want to keep, and if your income is above a certain limit, you may have to file for Chapter 13. This involves a payment plan over 3 to 5 years.
How Much Does It Cost to File Bankruptcy?
Considering that you file bankruptcy because you’re broke, you may think that it’s a bit ironic that you have to pay a filing fee as well as some other fees. Then again, most things do cost money. And if the fees cause you real hardship, you may be able to pay them in installments.
In addition, there may be other costs, especially if you hire legal representation. Just keep in mind that having a competent attorney by your side will probably save you a much larger sum of money in the long run. After all, it will likely result in a successful bankruptcy and the discharge of your debts.
Another item in the “cost” column is that you may have to give up some of your assets when you file for bankruptcy. They will be liquidated and the proceeds distributed to your creditors. Just remember what you’re getting in return… relief from debt and a chance at a new start.
Bankruptcy Laws Are Designed To Protect You
Is Filing for Bankruptcy Worth It?
Filing for bankruptcy is always a tough decision. Will it be worth it? Consider that your life may be a constant struggle with bills you can’t pay. You’re probably struggling to take care of your family and can’t even afford some necessities. In that case, your quality of life may well go up once you file for bankruptcy.
You may also be worried about your credit score. True, bankruptcy has a rather detrimental effect on your credit score. However, you’ve probably lived through years of financial struggles, along with constant late fees and possible collection activities. Those may well have lowered your credit score to the point where bankruptcy might actually raise it, if not immediately then at least fairly quickly, once your debt has been erased.
The biggest benefit comes from an increased quality of life, though. After being hounded by creditors for months and maybe even years, you will be able to answer your phone without worrying about rude creditors harassing you.
What Are the Disadvantages of Filing for Bankruptcy?
The biggest disadvantage may be that you lose some of your assets. It can be tough if you have prized artwork or musical instruments that have to be liquidated. The same is true for a house with too much equity.
Another major disadvantage is that you may not be able to get a mortgage anytime soon, which will make homeownership difficult. However, this will improve with time.
You will also lose all your credit cards, at least temporarily. Then again, considering that they’ve probably been maxed out for quite a while, it’s not that big of a disadvantage. It may take a while, but you can get new cards, even if they have to be secured cards initially.
Once you have new cards, be sure not to run them up again. If you get in over your head again, there may not be much you can do about it. After all, you’ll have to wait for 9 years after filing for Chapter 7 before you can file another one.
Contact Us to Book Your Free Strategy Session Today!
By the time you’ve reached our website, you’re probably tired of the ongoing struggle with money and of being chased by creditors. Chances are that you’re hoping to find a friendly and experienced guide to help you decide whether bankruptcy is the best solution for you. If that’s your situation, give us a call at (774) 404-8321. Whether you’re in Plymouth or elsewhere in Massachusetts, we’d love to talk with you. Let’s meet at one of our five offices, whichever one is most convenient for you. Together, we’ll take a look at your situation and figure out your best options.
Filing for bankruptcy can work very much in your favor, but only if you do it correctly, and if bankruptcy is indeed your best option. We’ll help you make the right decision for you and your family. At Benner and Weinkauf P.C., we’re passionate about helping individuals and families to reclaim their financial lives… and their sanity. Just fill out the form below or give us a call, and let’s talk!