There should be a lot of sweat and tears spent before the decision is made to file bankruptcy in Brockton, MA. Or anywhere else for that matter. Bankruptcy is a very serious decision that will have long-lasting effects on your credit and on your life. When financial burdens begin to pile up and creditors become ever more aggressive in collecting on debts, you may feel like you only have two choices: continue on in the losing struggle against your debts or give in and seek relief in bankruptcy. A bankruptcy attorney can offer you more options and will then help you to decide which option is best for you.
When should you consider filing for bankruptcy? There are some situations that leave you with few choices other than to file bankruptcy in Brockton, MA. If you have creditors who aren’t willing to work with you in your struggle to make payments, bankruptcy may be your only option. When your debts are far greater than your income and assets, if your wages are being garnished, when you don’t have insurance for medical bills or if you don’t have savings to turn toward your debts, then filing for bankruptcy may be the best way to resolve the struggle.
There are two common types of bankruptcy to file. Chapter 7 bankruptcy will dismiss your responsibility for many of your unsecured debts. Not all of your debts will be covered by this form of bankruptcy and many people won’t qualify for a Chapter 7. Others will choose to file for Chapter 13 bankruptcy. Under this plan, debts will still need to be paid, but the repayment options are much more flexible. For many people, filing Chapter 13 is a chance to start over and try to get back on track. By working with a bankruptcy attorney to file bankruptcy in Brockton, Ma, you will have the assistance of an experienced professional to rearrange your finances for more success.
There are some important things to consider before filing for bankruptcy, however. One of these is that your credit will suffer and you will suffer emotionally as well. There are some times when people have turned to bankruptcy proceedings in order to escape debts that they could reasonably have paid. These people will not be successful and will have to add legal fees to their debt burden. Others might think that filing for bankruptcy will take care of child support, student loans, tax debts or fines resulting from criminal activities. This is not the case. Before you file for bankruptcy in Brockton, MA, you need to know how bankruptcy will affect you and your family.