Taunton Bankruptcy Attorneys Helping You Get Rid of Serious Debt Problems
Your money problems are keeping you awake at night. Maybe they’ve been a long time in coming, or they’ve ambushed you recently, perhaps because of a job loss or huge medical bills. Either way, you and your family are stuck in a bad situation, and you need help. Have you considered talking to a Taunton bankruptcy attorney?
You should. We are Tom Benner and Logan Weinkauf, and we are passionate about helping people who have been beaten down by their financial challenges. We’ve helped thousands of them get rid of their debts – or at least make them more manageable. We’d be happy to help you too. Just call us at (774) 409-0007. Make an appointment in our Taunton office (or another handy office in Massachusetts). And let’s sit down and talk about possible solutions. No charge! You may be pleasantly surprised at the kinds of options you may have. Imagine the relief you feel when those harassing calls stop and you get a chance to start over.
What Types of Bankruptcy Service Do We Offer in Taunton?
- Chapter 7 Bankruptcy: If you qualify for chapter 7, you can get rid of your debts (with a few specific exceptions). Your possessions are sold and the money split among your creditors.
- Chapter 13 Bankruptcy: With a chapter 13 bankruptcy you get to keep most of your assets. In return, you’ll have to pay back your debts in monthly installments over 3 to 5 years.
- Debt Relief: If you can’t pay what you owe, you may qualify for debt relief. There are two main choices: debt consolidation and debt settlement. Definitely consult with a lawyer if you go that route.
- Asset Protection: Can you protect your assets during bankruptcy? You can if you file chapter 13. But you’ll probably lose them to liquidation if you file a chapter 7 bankruptcy.
- Credit Card Debt Relief: How did you get started with racking up debt? You probably started getting credit cards. This means that credit card debt relief, especially debt settlement, could help you get out of it.
- Debt Collector Harassment: Debt collectors are notorious for harassing debtors. With constant calls they threaten and intimidate debtors into sending money. There are ways to stop them, especially if they violate the rules.
- Debt Negotiation: Did you know that you can negotiate your debts? You can ask for lower interest rates and lowered late fees. Try to have a lawyer help you for best results.
- IRS Relief: Owing large amounts of money to the IRS can be very stressful. Fortunately, the IRS now has a Fresh Start Program to give you a break. There’s also the “offer in compromise” option.
- IRS Tax Payment Options: The good news about IRS payment options is that there are many of them. You can use automated payroll deduction or direct debit, or pay with credit cards, checks or cash.
- IRS Tax Settlement: If you’re stumped about how to pay what you owe to the IRS, you may qualify for a tax settlement. Look into the “offer in compromise” as well as payment plans.
- Levy & Garnishment: What if you don’t pay? The IRS frequently places a levy on your assets, and may garnish your wages, your bank accounts, as well as your cars and more.
- Lien Release: A lien release means that the lien holder waives the lien. This usually happens when the ownership of a property changes. Generally, a bank deals with the release or transfer of the lien.
- Loan Modification: If the loan conditions change or your situation does, loans can be modified. Payments can be reduced or the payment period can be extended. Most of the time, they happen at the same time.
- Repossession: You’ve probably seen the repo man in the movies. They’re also out there in real life and repossess cars when their owners fail to make their payments regularly.
- Tax Penalty Relief: People face stiff penalties when they fail to file or pay their taxes on time. Now, the IRS has a new Penalty Abatement program that gives people relief from those kinds of penalties.
- Tax Resolution: What can you do if you owe too much money to the IRS? You can look into a tax resolution to reduce the amount that you may owe to help you handle it.
- Wage Garnishment: A court can order a wage garnishment if someone owes money. This means that the money is taken from an employee’s paycheck or wages. The IRS can also garnish wages.
What Happens When You File for Bankruptcy?
Bankruptcy seems to be such a drastic step – with long-term consequences. So you may hesitate as you ponder the solution to your financial dilemma. Perhaps it will help if you understand more clearly exactly what happens during a bankruptcy.
To start with, you’ll discover that filing for bankruptcy has an immediate benefit: It’s the “automatic stay,” which means that all the collection activities will stop instantly. No more calls from bill collectors! No more letters demanding money. Even your bank accounts and wages can no longer be taken away from you.
The next big step is the court date. Depending on which type of bankruptcy you file, the proceedings will be different. As you know, some of your assets are likely to be liquidated if you file for chapter 7. The money from the sale will be divided up among your creditors. In chapter 13, there will be a payment plan that has to be approved by the court. For 3 to 5 years, you have to pay back your creditors.
How Much Do You Have to Pay for Filing for Bankruptcy?
You may find it a bit ironic. You’re filing for bankruptcy because you’re completely broke. And yet, there’s a price tag attached to the process, and it can even be substantial, depending on the options you choose. The good news is, however, that most of that money can be paid in installments, which should make it easier on you.
Even though it may be a challenge to find the money to pay for your bankruptcy, remember what it will “buy” you! Stretching your finances to the utter limit, and maybe begging and borrowing from friends and family if you have to can be humiliating. But remember that if you take that route, you may save tens of thousands of dollars in the long run, and perhaps even more.
Another price to pay is that you may lose some of your assets. Just remember that mostly, they’re not irreplaceable. If you lose your car, you’ll be able to buy another one sooner or later. You’ll surely get to keep your photo albums and other sentimental items.
Ask Your Taunton Bankruptcy Lawyer: Is Bankruptcy Really a Wise Decision?
Bankruptcy is not an easy decision. You may be wondering about the short-term and long-term consequences. You’re worried there may be a big price to pay if you take that step. Of course, there’s always a price, but the question is whether the price is worth it.
Things aren’t working out well for you at the moment. You’re overwhelmed by bills and creditors, without much hope of ever getting out from under. What kind of life is that? Just feeding your family and taking care of them is a major struggle. Even certain necessities are lacking. Chances are that if you file for bankruptcy, your life will improve.
What exactly are you worried about? Your credit score? What is it like at the moment? For most people, it will improve quickly once your credit card debts are gone. And there are positive sides as well… You get a fresh start and your quality of life will improve! Without all those credit card bills, you’ll have money to build up some savings, and to buy groceries.
What Are the Biggest Negative Consequences of Bankruptcy?
Filing for bankruptcy does have a downside. Everything worth doing comes with a price. And if you think about what your life is like right now, the negative consequences of bankruptcy may well be a price worth paying to reap the benefits: the chance to get a fresh start.
Yes, you may lose some assets, depending on what you have right now. Some of them are exempt, though. But even if you lose your car or your home, you can always replace them once your finances have become more stable. It might be harder to get a mortgage with a bankruptcy on your records, but you can still rent, and sometimes you can find creative financing deals. Some homes have rent-to-own options, for example.
You’ll also lose your credit cards. But then, those are all maxed out anyway, right? You can get new ones soon enough, even if some of them will have to be secured ones. Just remember to use them more wisely than you have in the past.
Book a Complimentary Strategy Session With Your Taunton Bankruptcy Lawyer Now!
Your finances are in deep trouble, and you may feel hopeless about how to recover from this situation. You jump every time your phone rings because it’s likely another creditor or bill collector calling. Your family and friends are getting upset with you because you hardly answer the phone anymore. You’re seriously considering bankruptcy.
Connect with someone who can really support you as you navigate that situation. We’d like to invite you to call us at Benner and Weinkauf P.C. at (774) 409-0007. Let’s set up a free meeting in our Taunton office or in one of our other Massachusetts offices, and get you some answers. We’re passionate about guiding people in lots of debt through their challenges and help them reclaim their peace of mind. Over the years, we have helped thousands of clients and we’d be honored to help you as well. There’s no charge for the meeting. And you may discover a way to get out of your jam.