Hyannis Bankruptcy Attorney Helping You Recover From Major Financial Struggles

Your financial struggles have been plaguing you for years now. Either that or they were caused by a recent financial crisis that you fell into through no fault of your own, such as a job loss or overwhelming medical bills. You and your family are stuck in a really tough place. You wonder if you should talk to a Hyannis bankruptcy attorney…

You’ll find that Tom Benner has devoted his career to assisting people who are struggling with their finances. He’s happy to sit down and talk with you about what you might be able to do. No charge. Just call (774) 470-1199 to make an appointment at his Hyannis office or at another one of his Massachusetts locations. We’ll talk, look at your situation, and figure out what your best options may be. And, of course, if you want us to stand by you going forward, we’ll be happy to help you get out of that mess.

Bankruptcy Law Firm with Services That Help Families Resolve Their Financial Worries

• Chapter 7 Bankruptcy: A chapter 7 bankruptcy gets rid of (almost all of) your debt. Your non-exempt possessions are sold and the money is divided among your creditors. This allows you to start your new life free and clear.
• Chapter 13 Bankruptcy: A chapter 13 bankruptcy allows you to repay your debts (often a reduced amount) over 3 to 5 years. You’ll be allowed to keep most of your assets.
• Debt Relief: If the amount of debt is overwhelming, you might opt for debt relief. Two options are debt consolidation and debt settlement. Be sure to check with an attorney.
• Asset Protection: Do you have assets you want to protect? If you do, a chapter 13 would be your preferred option. You’re likely to lose them in a chapter 7.
• Credit Card Debt Relief: Most financial struggles start with credit card debt. So it’s no wonder that credit card debt relief, particularly debt settlement, could be the first step to a solution. 
• Debt Collector Harassment: Debt collectors have a reputation for harassing people who owe money. They make frequent threatening phone calls in hopes to intimidate people into sending money.
• Debt Negotiation: Most people don’t know that they can negotiate their debt. This includes lowering your interest rate. It’s helpful to have a lawyer help you negotiate with your creditors though.
• IRS Relief: Are you so far behind with your IRS payments that you don’t know what to do? You’ll be glad to hear that the IRS now has a Fresh Start Program to help you find relief.
• IRS Tax Payment Options: Once you’ve come up with payment arrangements to pay back the IRS, the hard part is over. You can pay them using payroll deduction, direct debit, credit cards, checks, and even cash.
• IRS Tax Settlement: Don’t have the money to pay the IRS in full? An IRS tax settlement can help you out if you qualify, particularly an offer in compromise.
• Levy & Garnishment: If your tax debt is substantial, the IRS often places a levy on any of your assets. Next, they may garnish your wages, your bank account, or your car. 
• Lien Release: Under certain circumstances, lien holders may waive the lien. A lien release happens, for example, when a property changes hands. Usually, a bank will handle that. 
• Loan Modification: If a loan becomes unmanageable, it can often be modified, and the conditions can be changed. Payments may be lowered, or a longer payment period arranged. Usually, they both happen at the same time.
• Repossession: When someone buys a car, they usually make monthly payments. And when the payments are late, the holder of the car title may go out and repossess the car.
• Tax Penalty Relief: When people don’t file or pay their taxes on time, they incur stiff penalties. Now, the IRS has set up the new Penalty Abatement program to help them out.
• Tax Resolution: There are more services to help people who owe money to the IRS. One is called tax resolution. It cuts down on the amount that is owed to make it more manageable.
• Wage Garnishment: Wage garnishment involves money confiscated from an employee’s salary or wages. It’s generally because of a court order. The IRS can also garnish wages if someone owes back taxes. 

Filing for Bankruptcy, Step-by-Step

Bankruptcy is a big unknown with a bad name. So let’s start by demystifying it… You start by filing some paperwork that includes a lot of financial information about your situation. And as soon as it is filed with the court, something very positive happens: It’s called the “automatic stay.” This means that all collection activities must stop. Your wages and your bank accounts can no longer be garnished. And foreclosures are stopped in their tracks.

Of course, it doesn’t end there. You have to go to court, where the specifics differ, depending on your situation. With chapter 7, your assets may be sold, provided you have any that are not exempt. The resulting money is distributed to your creditors.  With chapter 13, the focus will be on setting up a payment plan. For 3 to 5 years, you’ll make monthly payments to a trustee, and the money will, once again, be distributed to your creditors. In return, you get to keep your assets.

Is Filing for Bankruptcy Expensive?

If you’re broke and you’re considering a big yet necessary step like bankruptcy, you’re probably concerned about how much it will cost. You have no idea how to pay for it if it costs just about anything at all. Yet not doing it isn’t really an option either.

The good news is that most courts will let you pay the fees in installments if that’s what it takes. The same may be true for legal fees. So all you have to do is come up with the first installment to get things going, and after you file, once all the collection activities stop, you might it easier to come up with the installments.

Then again, look at it this way. You may have to use creative financing to get it done, but the reward will be huge. You’ll be saving substantial amounts for years to come, so it’s worth it to hustle to come up with the money, even if you have to beg friends and family members.

Find Out From a Hyannis Bankruptcy Attorney: What Are the Benefits of Filing for Bankruptcy?

You’re still torn about your decision. What could be the consequences of this step? And, considering the risks, what are the benefits of filing for bankruptcy? Here are just a few.

For starters, consider the trouble you’re in. That’s no fun, and it can jeopardize your family’s ability to live comfortably for years to come unless you do something. Evidence has shown that the vast majority of people are far better off after they’ve taken that step, both financially and emotionally.

To be honest, your credit score will probably suffer, but then it isn’t all that great right now anyway, right? And afterward, it usually goes up, at least after a little while. After all, you no longer have all that credit card debt. In addition, your disposable income increases because you no longer have all those bills to pay. So buying food and other necessities for your family will be so much easier again. Plus, you’ll sleep better because your future looks so much brighter.

Are There Negative Repercussions of Filing for Bankruptcy?

Yes, there are negative repercussions. But put things in perspective and think about what putting up with them will get you… Right now, your entire life is one big negative consequence of your financial situation. I don’t want to put on pink glasses and say the only way to go is up. But really, any potential losses will be a small price to pay for a brighter future and a chance to live your life with financial sanity.

You’ll lose your credit cards, and you may also lose some of your assets. But they’re the price to pay to get out from under. You’ll have trouble getting a mortgage for years to come, but there are other options, from renting your home to rent-to-buy options, that you may become eligible for soon enough. And once you’ve filed for a chapter 7, you can’t do it again for 9 years, so you better learn how to handle your finances responsibly. And if you do, you’ll be on the way to a much brighter future.

Book a Free Strategy Session With Your Hyannis Bankruptcy Attorney Today!

You are seriously stressed about your financial situation and wish you could get some help. You get endless threatening calls and letters from creditors and bill collectors, and you jump when the phone rings. In fact, you hardly dare to answer your phone anymore unless you know it’s someone you know. Bankruptcy seems like a good idea at this point.

Isn’t it time to talk to someone who can actually help? Why not call Benner Law at (774) 470-1199? Set up a free appointment in our Hyannis office (or another conveniently located Massachusetts office) and get your questions answered. It’s our passion to help people in tough financial straits and guide them back to a life without harassing phone calls and money worries. In fact, we have worked with thousands of clients and helped them reclaim their lives. Let’s sit down and talk. There’s no charge. You may find a way to get rid of your money stress.