New Bedford Bankruptcy Attorneys Providing Support With Severe Financial Difficulties
Have your money problems gotten so tough that you feel like you’re all out of options? You and your family no longer know what to do anymore and you’re constantly stressed out. Sure, you’ve talked about bankruptcy, but that seems so drastic. But it does seem to be the time for drastic measures.
You definitely need someone you could talk to about this situation. Fortunately, Tom Benner and Logan Weinkauf have dedicated their lives to supporting people in your position. You can reach them at (774) 328-7775 and schedule a meeting at their New Bedford office, or one of their other four convenient locations in Massachusetts.
We’ll sit down and talk about where you are. We’ll take a look at your paperwork and help you work out your best options. And if you decide you want our help as you go forward, we’ll support you on your journey to get out of that mess and reclaim your life.
New Bedford Bankruptcy Lawyers Committed to Helping Families Resolve Their Financial Hardships With Services for All Your Financial Needs
- Chapter 7 Bankruptcy: A chapter 7 bankruptcy eliminates your debt (with a few exceptions). Your assets are sold and the money will go to your creditors. This will give you the opportunity to start a new life.
- Chapter 13 Bankruptcy: With a chapter 13 bankruptcy you work out an installment plan where you pay back your creditors over 3 to 5 years. It stops foreclosure and let’s you hang on to your assets.
- Debt Relief: If you have far more debt than you can handle, debt relief might be a possible option. It can come in the form of debt consolidation or debt settlement.
- Asset Protection: What happens to your assets when you file for bankruptcy? In a chapter 13 bankruptcy you may be able to keep them. However, this may not be the case in a chapter 7.
- Credit Card Debt Relief: Credit cards are usually the source of financial challenges. To get relief from credit card debt, you might have the option of debt settlement, depending on the amount.
- Debt Collector Harassment: Most people in financial difficulties experience debt collector harassment. The collectors often feel particularly threatening because they violate the rules. Fortunately, if they do, there are ways to stop them.
- Debt Negotiation: Did you know that you might be able to negotiate your debt? This can cut down on the interest you have to pay. Just be sure to bring an attorney to the negotiation table.
- IRS Relief: Owing money to the IRS can be particularly scary. However, you may be able to get relief. The IRS even offers a Fresh Start Program to help you work things out.
- IRS Tax Payment Options: Once you’ve worked out a payment plan, the IRS offers a number of options to make your payments. They include paying with a credit card, check, or money order. You can also arrange payroll deduction.
- IRS Tax Settlement: If you owe a lot and can’t pay it all, the IRS may accept a lesser amount, or an offer in compromise. This is also known as an IRS tax settlement.
- Levy & Garnishment: If you owe a lot of money to the IRS, they often place a levy. The next step may be that they garnish your wages or your bank account. They may also garnish cars.
- Lien Release: In some situations, the lien holder waives the lien. This is known as a lien release. This happens when a property is sold so the lien can get released or transferred.
- Loan Modification: Loans can also be modified. In that case, the original conditions are replaced by lower payments or a longer payment period, especially if the borrower faces financial challenges.
- Repossession: We’ve all heard of the repo man, who goes out to repossess cars when the purchasers are late with their payments. Usually, the court is not involved in the event of repossession.
- Tax Penalty Relief: People who have incurred penalties for not filing or paying their taxes in a timely manner can now get relief, thanks to the IRS’s new Penalty Abatement program.
- Tax Resolution: Another option that helps people who owe a lot of money to the IRS is a service called tax resolution. It reduces how much is owed in order to make it easier to handle.
- Wage Garnishment: With wage garnishment, money will be taken out of an employee’s paycheck or wages. Usually, this happens due to a court order, though you may also request installment payments instead.
The Truth About Bankruptcy
Bankruptcy feels like a big unknown, so let’s take a closer look at it to uncover the truth. After all, you should know what you’re getting into and how it works. First, you’ll fill in a lot of paperwork, hopefully with the help of an attorney. And once you file it with the court, an amazing thing will happen: There’s such a thing as an “automatic stay,” which means that all collection activities will stop. No more phone calls, no more worries about your bank account being confiscated.
Then, you’ll go to court, where the details will be decided on. What exactly will happen depends on the kind of bankruptcy you plan to file, but you probably already know the main differences. In chapter 7, you’ll lose most of your non-exempt assets as they’ll be sold and the proceeds are given to your debtors. If you file for chapter 13, you get to keep most or even all of your assets. Instead, you make payments to your creditors for 3 to 5 years.
Is It Expensive to File for Bankruptcy?
You don’t have much money, so you’re concerned about how much it would cost to file for bankruptcy. Will you be able to pay for it? What if you can’t? Usually, the court has mercy, and so do some lawyers. They may let you pay in installments. If not, you may have to use some very creative financing, including borrowing money from anyone who will give it to you.
The good news is that this investment in time, effort, and yes, money, will pay of by saving you many thousands of dollars for years to come. So it’s well worth it to work something out.
Of course, there are other elements involved in “cost,” including the assets you may lose. You may lose your car or your home. And you won’t be able to get a mortgage for years to come. But still… Consider the benefits of getting rid of your debt and gaining peace of mind.
Your New Bedford Bankruptcy Attorney Can Tell You: What Are the Advantages of Filing for Bankruptcy?
Bankruptcy is such a negative word that you probably find it difficult to think of positive aspects. But the truth is that there are advantages to filing for bankruptcy under the right circumstances. And, of course, you should consult with a legal advisor to find out if your circumstances are in fact the right ones for this step.
If they are, you probably are in such a scary situation, that any consequences would be a small price to pay for getting relief. And there will be plenty of relief. Not only will the “automatic stay” stop all collection activities. But after the judge has issued the judgment, your debts have been reduced or have gone away altogether if you filed chapter 7. And if you filed chapter 13, you now have a manageable payment plan that allows you to pay them off over 3 to 5 years.
You’ll be surprised to know that even our credit score is likely to improve fairly quickly, and with your increased cash flow, your life will be much improved.
What Problems Could Result From Filing for Bankruptcy?
Are you concerned about problems you could incur as a result of filing for bankruptcy? Well, there are certain negative consequences that can happen, from certain people judging you to bankruptcy remaining on your credit report for 10 years. And that doesn’t include possibly losing your assets, including your car and/or your home.
You’ll also lose your credit cards, but weren’t they maxed out anyway and have cost endless amounts of interest? I’d say “Good riddance!” to those. The fact is that you can get new ones. You’ll be surprised to know that your credit score, which was beaten up by late payments and related things, may actually improve quickly. And while you won’t be able to get a mortgage anytime soon, there are other ways to find housing. Plus, with your improved cash flow, now that you no longer have to spend all your money on interest and overdraft fees, you’ll be able to lead a happier life with more sanity.
Schedule a Strategy Session With Your New Bedford Bankruptcy Attorney Today!
You’re under a lot of financial pressure right now and could really use some help. Your creditors are chasing after you, and they threaten to garnish your wages and worse. It’s high time for you to connect with a good friend who can assist you as you decide on your next steps, including whether bankruptcy should be part of it. Luckily, you don’t have far to go to find such a friend. At Benner and Weinkauf P.C. we have worked with thousands of clients and helped them out of their difficulties. We’ll be happy to help you as well.
Just call us at (774) 328-7775. We have an office right there in New Bedford, plus others in four additional convenient Massachusetts locations. Let’s sit down and take a close look at your paperwork and your options. It’s free! You may find that bankruptcy may actually be a very smart decision that can put your life back on track. Imagine getting your peace of mind back and to be free from worries about creditors!