It is a very scary time. The health risks are the biggest concern but the concerns about economy are very troubling as well. There is little in the way of safety net for most people. People are worried about jobs, bills, debt and much more. You might have more money going out every month than coming in and looking for solutions.
My clients are hardworking good people who have been going through difficult times. Bankruptcy allows people a fresh start. Clients may end up building better credit after you have completed your bankruptcy because you may be debt free or at least a better debt ratio.
Chapter 7 or a simple bankruptcy may be an option to solve a lot of issues. There are exemptions that will allow to keep your home, 401K, pension( and other retirement accounts), cars/trucks, life insurance , banks accounts and more including a so called “ wild card “exemption.
Bankruptcy will stop bill collectors from contacting you, will eliminate (discharge) credit card debt, personal loans, medical bills and more. It may stop wage garnishment, foreclosure, some court orders and more as there is an “automatic stay” to prohibit creditors from taking any further action
You need to be aware that some debt is considered non dischargeable including domestic support obligations (child support and alimony), most student loans, criminal fines and restitution and most tax obligations.
There are advantages and disadvantages to filing bankruptcy. You have to qualify for a chapter 7 based on criteria that includes looking at median income. There are also other options include filing a chapter 13 bankruptcy.
I offer a free initial consultation to discuss options and whether it is right for your circumstances. During the corona virus I will handle everything remotely either from my Taunton office or my home office. This includes an initial phone call or video conference at no charge. It is a relatively easy, inexpensive and quick process. You generally do not need to go to court but to a meeting with a trustee (341 meeting) usually in Brockton.
