Frequently Asked Questions About Bankruptcy
When you face financial difficulties, you have a lot of questions on your mind. One of the ones you must ask yourself is whether you should consider bankruptcy. It’s a question only you can answer; for every other question, turn to Alford Legal Group, LLC.
Attorney Stuart Alford’s more than 30 years of experience is a major benefit. He’s worked with people and businesses in Watertown facing every kind of bankruptcy problem. His primary concern is providing you with actionable, accurate information to guide you through what is ahead.
Will a bankruptcy ruin my credit?
Filing for bankruptcy is a challenging choice for some debtors to make. For many people suffering from financial hardships, any mention of the “B word” causes them to panic about their financial future. And it’s true – sometimes, privately reorganizing how you will pay off your debts may be the best route for you. However, bankruptcy can be used as a tool to ensure that you have a debt-free financial future.
Not all financial situations are the same. The type of bankruptcy that you file for will depend on what you value most. Do you want to prevent foreclosure of your home, or would you prefer to walk debt free in a shorter amount of time? If you prioritize keeping your property, then filing for a Chapter 13 bankruptcy with the help of a Massachusetts bankruptcy attorney will ensure that you can move past your financial stresses once and for all.
A Chapter 13 bankruptcy is a court-approved payment plan to pay back the majority of your debts over a span of three to five years. Although some debtors prefer filing for a Chapter 7 bankruptcy since most of their debts will be liquidated, filing for Chapter 13 will ensure that your credit reporting period is shorter. In filing a Chapter 13 bankruptcy, you will have a credit reporting period of seven years, as opposed to a 10-year reporting period with Chapter 7. If you continue to make your payments during the three-to-five-year debt repayment span of time, then your credit score will recover from the debts that you’ve incurred.
Can I keep my house after the bankruptcy?
This is another concern that many debtors have. With a Chapter 7 bankruptcy, you agree to have your property sold so that you can walk debt free. If you want to keep your home, filing for a Chapter 13 bankruptcy will ensure that you keep all your property and prevent foreclosure. With the assistance of a seasoned bankruptcy lawyer, you will have the tools to overcome your financial burdens.
What are the most common reasons for bankruptcy?
While excessive credit card debt is a leading cause of bankruptcy, research shows that the financial problems most individuals and businesses encounter are linked to circumstances beyond their control, such as medical bills, job loss, divorce, death or other family crises involving large unexpected expenses.
Answers You Deserve When You Deserve Them
The legal services provided by attorney Alford include a review of your finances, with a thorough evaluation of your income, assets and debt. All these pieces help him recommend an effective legal approach to resolve your debt situation, rebuild your credit and stop harassing phone calls from bill collectors.