Braintree Bankruptcy Attorneys Helping Resolve Tough Financial Challenges
Has your financial situation gotten so bad that you hardly know what to do anymore? You and your family are sick with worry, and wonder what you could possibly do. The word bankruptcy keeps coming up, but it sounds so scary. Then again, your situation certainly qualifies as scary as well.
You could really use a friend who knows what to do. As it turns out, such a friend is just a phone call away. We, that’s Tom Benner and Logan Weinkauf, are passionate about helping individuals and families who find themselves in tough financial situations. We’ve helped thousands of them navigate through bankruptcy.
So why not give us a call at (781) 664-9223. Let’s sit down in our Braintree office (or another office that may be more convenient for you). We’ll take a close look at your situation and help you figure out the best solution. Then, if you want us to, we’ll help you actually get you the best outcome so you can get your life back on track.
What Types of Cases Do You Handle?
- Chapter 7 Bankruptcy: A chapter 7 bankruptcy wipes out (most of) your debt. Your non-exempt assets are liquidated and the proceeds distributed to your creditors. This will provide you with a fresh start.
- Chapter 13 Bankruptcy: With a chapter 13 bankruptcy you repay your debt over 3 to 5 years. It can prevent a foreclosure, make up for missed car or mortgage payments, and you get to keep your assets.
- Debt Relief: If you are in over your head, you may want to look at debt relief. Options include debt settlement, debt consolidation and more. Ask an attorney which option might be best for you.
- Asset Protection: Can you protect your assets in a bankruptcy? If they are not exempt, you probably can’t if you file chapter 7. However, you may be able to if you file chapter 13.
- Credit Card Debt Relief: The options you have for credit card debt relief depend on how much you owe. Debt settlement might be a possibility. Otherwise, chapter 7 or chapter 13 might be a better solution.
- Debt Collector Harassment: Are debt collectors harassing you? Do they follow the rules? If they don’t you can stop them. Filing for bankruptcy will also stop the harassment instantly due to the automatic stay.
- Debt Negotiation: You often can also negotiate your debt to reduce the amount or the interest. However, it’s helpful to have an attorney by your side to help you and give you extra clout.
- IRS Relief: Do you owe a lot of money to the IRS? There are several options to get relief. They range from “offer in compromise” to payment plans, including the IRS Fresh Start Program.
- IRS Tax Payment Options: Did you make payment arrangements with the IRS. Then your options include direct debit, payroll deduction, payment by credit card, check, or money order. You can even pay with cash.
- IRS Tax Settlement: You may also qualify for an IRS tax settlement. Specifically, an offer in compromise could be a good option if you cannot pay the full amount of money you owe.
- Levy & Garnishment: What if you can’t pay your taxes in full? First, the IRS may place a levy, and then they may proceed to garnish your wages, your bank account, or other assets.
- Lien Release: A lien release means that the lien holder waives the lien. For example, if a property is sold, the bank must be involved in the release or transfer of the lien.
- Loan Modification: A loan modification involves a change to the original conditions of the loan. This change might include lower payments and/or a longer payment period. This usually happens because of financial hardship.
- Repossession: When the person who has purchased a car on installments falls behind with their payments, the owner might repossess the car to secure their property. This usually happens without involving the court.
- Tax Penalty Relief: The IRS has introduced a new Penalty Abatement program to provide relief from penalties people may have incurred because they did not file or pay their taxes on time.
- Tax Resolution: Tax resolution is a service that helps you with your open debt with the IRS. This is done in a way that minimizes the amount you owe as much as possible.
- Wage Garnishment: Wage garnishment means that money is deducted from an employee’s wages. This generally happens as a result of a court order. You can ask the court to order installment payments instead.
How Does Bankruptcy Actually Work?
You know that bankruptcy is a big step, and you’re not sure you can handle what will happen as a result. So let us give you some answers… You’ll be glad to know that there’s quite a bit of good news: If you file, the “automatic stay” goes in effect. It means that bill collectors can no longer call you or send you letters. And it means that your wages can no longer be garnished. In fact, all other collection activities will stop as well.
Next, there will be a court date. Having the support of your attorney there will be a big help. What specifically happens at court and afterwards depends on whether you file for Chapter 7 or Chapter 13. In Chapter 7, some of your assets, may be liquidated to pay your creditors. In Chapter 13, the focus is on you paying back your creditors over 3 to 5 years, though the amount is usually greatly reduced. In return, you get to keep most of your assets.
What is the Cost of Filing for Bankruptcy?
You may decide to file for bankruptcy because you’re all out of money. So how are you going to be able to pay for it? And how much does it take? Yes, there are fees involved, but most courts will let you pay them in installments if needed.
Of course, there are other costs as well. But it’s important to see them in perspective. Yes, it might be a challenge to come up with the money in such a dire situation, but it will save you many thousands in the long run. So it can be helpful to use some creative financing to make it happen.
Finally, you may have to give up certain assets, for example your car, your home, and even jewelry. They might be liquidated to pay back your creditors. But in the long run, that’s a small price to pay for peace of mind and the chance to start over.
Get the Answer From Your Braintree Bankruptcy Attorney: Is It Really a Good Solution to File for Bankruptcy?
You may be wondering if it’s a good idea to file for bankruptcy? What will happen as a result? Of course things are definitely not going well right now. You’re struggling with bills and creditors, and you can’t take care of your family properly. You’re even lacking the money for quite a few necessities. If that’s your situation, you’ll be in much better shape after filing for bankruptcy.
So let’s look at one of your biggest worries, your credit score. Yes, bankruptcy will affect your credit score. But considering years of financial disaster, it isn’t all that great to begin with. In fact, it might go up once you file for bankruptcy and your credit card debts are gone.
On the plus side, there will be a chance to start over, and enjoy a much better quality of life. You won’t be hounded by creditors anymore, and with all those “minimum payments” gone, you’ll have a chance to rebuild your financial life.
Are You Worried About the Drawbacks of Filing for Bankruptcy?
Of course, filing for bankruptcy has certain drawbacks. But considering the situation you’re currently in, they are probably a small price to pay for a chance to rebuild your life.
First, you may lose some assets, from your car to your home, depending on which type of bankruptcy you file. But on the other hand, you can get a new car, and eventually a new home as well. However, a mortgage will be harder to get, at least for quite a while, so you my have to rent your home for a few years.
What about your credit cards? How much are maxed-out credit cards really worth? Yes, you have to give them up. That’s really not a big deal. You can get new ones eventually, possibly starting with secured credit cards. Just remember not to charge up a storm! Especially considering that you won’t be able to file another Chapter 7 for 9 years.
Book a Free Strategy Session With Your Braintree Bankruptcy Attorney Today!
You’re in deep trouble and desperately in need of help. You’re being hounded by creditors, threatened with garnishment of your wages, and worse. Now is the time to find a good friend who will be able to help you decide whether bankruptcy is a good option. Fortunately, such a friend is nearby… We, at Benner and Weinkauf P.C. have helped thousands of our clients navigate that challenging path before. And we’re ready to help you too. Just pick up the phone and dial (781) 664-9223. If you’re in Braintree, we have an office right in town where we can meet and look at your options.
After all, bankruptcy can actually be the smartest decision you’ve ever made, and it can turn your life around completely. We’re passionate about helping you and your family reclaim your peace of mind. You can fill out the form or simply call us. The important part is for us to talk.