Should I File Chapter 7 Bankruptcy In Boston?
You may be feeling the burden of the debt you face. You have bills that are piling up and can’t see the light at the end of the tunnel. One option worth exploring is filing for Chapter 7 bankruptcy.
Almost 65% of personal bankruptcy filings are Chapter 7 making it the most common type of bankruptcy. It is important that you understand what Chapter 7 bankruptcy is. In addition, this article will answer three common questions people have about Chapter 7 bankruptcy.
Chapter 7, or straight bankruptcy, is a good fit- if you are in a position to sell your nonexempt property and use the money made to pay your creditors. Of course, you want to make sure that you will have property left over after paying your debts to get a fresh start.
Here are a couple of common questions about Chapter 7 bankruptcy
1. Will I be harassed by people I owe money to after I file for bankruptcy? The answer is no. In fact, by law your creditors must cease all actions against you once you file. Filing for bankruptcy is a way to settle with your creditors and start over.
2. Are my bankruptcy filings made public? Yes they are public records. Although, most likely no one will find out you went bankrupt unless you choose to tell them. There are a substantial number of Chapter 7 filings that occur and most are not heavily publicized.
3. What are the most common reasons that people file for bankruptcy? Unemployment, medical expenses, overextended credit, and divorce to name a few. People often have unexpected, sudden, and large expenses that cause them to fall deeper into debt. Chapter 7 bankruptcy offers them a way to get their heads above water again.
If you think Chapter 7 bankruptcy might be a fit for you the next step is to consult with a bankruptcy attorney.
Declaring bankruptcy can be a stressful experience. Speaking with a Boston bankruptcy attorney can be a great first step. A local Boston Chapter 7 lawyer will help you decide the best path to take.
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