Newton Bankruptcy Lawyers

How Filing for Bankruptcy in MA Has Advantages

Bankruptcy has a lot of stigma attached to it and, unfortunately, many often put off this crucial step for fear of how it may reflect on them. However, bankruptcy can help revive a person’s financial health and pave the way for a path toward a brighter future. At The Halks Firm in Newton, our bankruptcy attorneys have the experience and insight you need to get through this process smoothly and efficiently. We understand how important this decision is and will give you the support you need.

Contact our law office today at (781) 995-0107 to set up a consultation with one of our Newton bankruptcy attorneys and discuss the details of your case.

Should I File for a Chapter 7 or a Chapter 13 Bankruptcy?

Generally, most individuals file either a Chapter 7 or a Chapter 13 bankruptcy, depending on their financial situation. A Chapter 7 bankruptcy, which is also known as a liquidation bankruptcy allows debtors to wipe out most of their unsecured debts, such as medical bills and credit card debts without having to pay them back. Moreover, when you begin the process of filing for bankruptcy, it will put an end to harassing phone calls and letters from creditors.

A Chapter 13 bankruptcy is designed for those who have some assets and a more substantial income. However, instead of having to repay all of your debts, you will pay only a portion of it through a repayment plan. Any remaining debts you have left once the repayment plan is over will be discharged.

How Can Filing for Bankruptcy Help Wipe My Credit Report Clean?

One of the biggest concerns people have when filing for bankruptcy is the impact it will have on your credit report. If you file for a Chapter 7 bankruptcy, it will remain on your credit report for 10 years. If you file for a Chapter 13 bankruptcy, it will remain on your credit report for 7 years. While these numbers may sound daunting, if you are considering filing for bankruptcy, your credit score is likely in bad shape as it is. Filing for bankruptcy now will give you the opportunity to wipe the slate clean and rebuild your credit score. Otherwise, you may continue to struggle with your debts, missing out on the stress-free future you could have.

What Debt Is Not Covered by Bankruptcy?

Most consumer debt, including medical bills and credit card bills, is dischargeable. Certain debts, however, are non-dischargeable, meaning they are not covered by filing for bankruptcy, and you would need to show extraordinary circumstances in order to have them discharged.

Non-dischargeable debt includes:

• Child support or alimony payments (as well as attorneys’ fees for child custody/support);
• Court fines/penalties associated with criminal restitution;
• Debts that you didn’t include in your bankruptcy petition;
• Fines owed to the government;
• Personal injury debt from a drunk driving accident;
• Several types of taxes; and/or
• Student loans.

If you're not sure whether your debt can be discharged, speak with a Newton bankruptcy attorney from The Halks Firm today.

Schedule a Consultation With a Knowledgeable Bankruptcy Attorney Today!

If you cannot seem to make a dent in your debts, you should consider speaking to a bankruptcy attorney to learn more about your options. At The Halks Firm in Newton, our bankruptcy attorneys can guide you through this process and ensure that it goes as smoothly as possible. We understand how overwhelming this situation can be and will work diligently on your behalf to relieve you of this financial burden.

Get started on learning more about the bankruptcy process by contacting our Newton law office today at (781) 995-0107 to arrange an initial consultation with an experienced member of our legal team.