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What is debt negotiation?
Debt negotiation is a common alternative to filing for bankruptcy. Some creditors allow debtors to avoid the bankruptcy process through debt negotiations. These negotiations can help people avoid any credit penalty that could accompany filing for bankruptcy. If you are debating between debt negotiations and filing for bankruptcy, discuss your options with an attorney before making any final decisions.
Have I failed financially if I file for bankruptcy?
This is a very common concern among people who are considering filing for bankruptcy, but it is largely the result of a misconstrued idea of what bankruptcy actually is. Yes, people with financial struggles often file for bankruptcy, but it should not be viewed as an indicator of failure. Instead, filing for bankruptcy often indicates that a person with financial troubles is taking steps to rebuild their financial situation.
Can I prevent repossession?
In some cases, you may be able to prevent repossession. For instance, when filing for Chapter 13 bankruptcy, people generally do not have to liquidate their assets.
Even under Chapter 7 bankruptcy, people may qualify for an exception. If you are trying to avoid repossession, speak with an experienced bankruptcy lawyer about your options today.
Will my spouse also have to file for bankruptcy?
Many people wonder if their spouse will have to file for bankruptcy if they do, which is a legitimate concern. However, if spouses file for bankruptcy individually, rather than as a married couple, then a person's spouse will not be required to file for bankruptcy as well. Having this option can help the credit of couples that have one spouse fighting financial troubles while the other is fairly financially stable.
If you or your spouse is facing serious financial problems and has been thinking about filing for Chapter 7 or Chapter 13 bankruptcy, contact a skilled Massachusetts bankruptcy lawyer Raymond M. Mastroianni, today by calling us at 866-477-7012 to see what your options are.
How do I know it's time to file for bankruptcy?
Financial distress is extremely hard to face for many people, but millions of Americans struggle with their finances every year. If you are unsure whether your debt has become too burdensome and if it might be time to file for bankruptcy, it's important to closely evaluate your financial state. You may want to consider filing for bankruptcy if you:
Bankruptcy can be a valid option for those who are tired of having excessive debt and are ready to regain financial independence. If you or someone you know is facing a financial crisis and is considering filing for bankruptcy, contact an experienced Massachusetts bankruptcy attorney Raymond M. Mastroianni, today by calling 866-477-7012.
Will I pass the means test?
The means test is a part of Chapter 7 bankruptcy. It acts as an evaluative method for determining an applicant's eligibility to file for bankruptcy. Every person's case is different, so it's actually quite difficult to know for sure who will pass the means test. However, most people who are facing significant debts with no way to pay them off in their current situation or who otherwise demonstrate extreme need for financial intervention often pass and qualify for bankruptcy. The means test is largely in place to ensure that dishonest people don't take advantage of the benefits of filing for bankruptcy.
If you or someone you know has been considering filing for Chapter 7 bankruptcy, contact an experienced Massachusetts bankruptcy lawyer Raymond M. Mastroianni, today by calling us at 866-477-7012 to discuss the means test and your legal options.
What is the Chapter 13 bankruptcy repayment plan?
If you choose to file for Chapter 13 bankruptcy, you have to submit a repayment plan before you can begin your journey toward debt forgiveness. The repayment plan is a document that outlines the terms of proposed repayment of outstanding debts. This plan must include the amount of each payment and how often payments will be made. The repayment plan must be approved by the bankruptcy judge and your creditors before your bankruptcy may be enacted.
At Hong Law, PLC, our Massachusetts bankruptcy lawyer are dedicated to helping you get out of debt and move on with your life. Contact a skilled attorney by calling 866-477-7012 today.
Is there any nonexempt property under Chapter 7 bankruptcy?
Chapter 7 bankruptcy, also known as liquidation bankruptcy, allows debtors to discharge many of their debts in exchange for liquidating assets to pay off creditors. There are, however, many exemptions to allow debtors to keep essentials such as their home, vehicle, and more. Along with exempt property, there is also nonexempt property that may be sold by the bankruptcy trustee. This includes secondary vehicles or homes, family heirlooms, and even investments like stocks or bonds.
In a properly handled case, most Chapter 7 filers do not have to lose much or any of their property to a bankruptcy sale. For help if you have found yourself in dire financial straits, contact Massachuestts bankruptcy attorney Raymond M. Mastroianni, at 866-477-7012 to schedule a free consultation.
Can bankruptcy protect my home from foreclosure?
One important advantage of bankruptcy is that it can protect your home from foreclosure. If you are behind on your mortgage, your lender may try to recover as much money as possible by foreclosing on the property and then selling it. However, when you file for Chapter 7 or Chapter 13 bankruptcy, the bankruptcy court issues an automatic stay on all debt collection efforts, postponing or even preventing foreclosure sales.
If you are a homeowner and are facing significant financial struggles, it is important to understand how bankruptcy can help you. For more information about your legal options, contact Massachuestts bankruptcy lawyer Raymond M. Mastroianni, at 866-477-7012.
Should I file for Chapter 7 or Chapter 13 bankruptcy?
Like many aspects of your case, this all depends on your unique financial circumstances. If you are facing more serious financial difficulties and do not have enough funds to pay off your debts at all, you should file for Chapter 7 bankruptcy so you can work on getting a fresh start. If you have the necessary funds, Chapter 13 bankruptcy is easier to qualify for and also lets you keep your assets.
Above all, make sure you consult with an experienced bankruptcy lawyer to determine which chapter is right for you. Call Massachuestts bankruptcy lawyer Raymond M. Mastroianni, at 319-632-1400 today and schedule a free consultation.
Will I lose my home if I file for bankruptcy?
The answer to this question is, unfortunately, complicated and greatly depends on each person's individual case. While there are exemptions available to let debtors keep their homes, it will depend on the details of a person's financial situation. However, there are a number of bankruptcy options, such as filing for Chapter 13 bankruptcy as opposed to Chapter 7, which can help you keep your home. Through Chapter 13, you can repay your debts in a repayment plan as opposed to liquidating assets.
For more information about whether or not you can keep your home after filing for bankruptcy, contact Massachuestts bankruptcy attorney Raymond M. Mastroianni, at 319-632-1400.
If I file for bankruptcy, do I still have to pay child support?
Child support payments are non-dischargeable debts and, therefore, you still have to pay them even when you file for bankruptcy. The court will give you a chance to make the payments voluntarily, but if you continue to not make them, your wages may be garnished or other steps may be taken to ensure your former spouse receives the payments he or she needs.
Times of financial hardship can be very difficult to get through, but bankruptcy might be the answer to dissolving or paying off much of your debt. If you have any additional questions about how bankruptcy affects child support, get in touch with a Massachusetts bankruptcy lawyer Raymond M. Mastroianni, today at 319-632-1400 to schedule a free consultation.
What is the Chapter 7 means test?
Recent amendments to the United States Bankruptcy Code have made filing for Chapter 7 bankruptcy more involved and complicated. One amendment to the code now requires applicants to pass a means test in order to determine the seriousness of their financial struggles. The means test looks at a number of factors, such as your income and monthly expenses, to judge whether bankruptcy is your only option.
For more information about the means test and how it affects you, contact a Massachusetts bankruptcy lawyer Raymond M. Mastroianni, today at 866-477-7012 to schedule a free consultation
What is the difference between unsecured and secured debts?
Debts are generally classified as either unsecured or secured. As a debtor, it is important to understand the difference between these two, as they can have very different effects on your life and finances. An unsecured debt is a debt without any sort of collateral backing it. This includes credit card debts, medical bills, and other personal loans.
On the other hand, secured debts are ones where creditors can repossess or seize property if the debtor fails to make payments on the loan. Mortgages and car loans are two common secured debts. Unlike unsecured debts, these debts are generally not discharged through bankruptcy.
For more information about unsecured and secured debts, contact a Massachusetts bankruptcy attorney Raymond M. Mastroianni, at 866-477-7012 today.
What is an automatic stay?
After you file for bankruptcy, the bankruptcy court will issue an automatic stay on most, if not all, of your debts. This forces creditors and collection agencies to immediately stop all effort to contact or collect money from you by way of letters or phone calls. In other cases, an automatic stay may also be able to stop a foreclosure. This provides a major relief for many people who were feeling pressured and harassed by creditors.
Going through bankruptcy can be overwhelming, but is almost always beneficial for a person in the long run. To learn more about the automatic stay and how it helps you, contact a Massachusetts bankruptcy lawyer Raymond M. Mastroianni, today at 866-477-7012.
Can I keep my house if I file for bankruptcy?
In most cases, individuals who pursue bankruptcy protection are able to keep their homes. Under Chapter 13 bankruptcy, the debtor repays the debts which they owe to their creditors, meaning that they aren't at risk of losing their home. Chapter 7 bankruptcy, which involves the liquidation of assets to pay off creditors, is more likely to pose a risk to an individual's home, though in many cases, debtors pursuing Chapter 7 bankruptcy are allowed to keep their homes. With a qualified lawyer fighting for your case you will be at very little risk of losing your house.
If you would like to know more about whether you may be able to keep your home if you file for bankruptcy, please contact Massachuestts bankruptcy lawyer Raymond M. Mastroianni today at 866-477-7012.
If I've already filed for bankruptcy once, can I do it again?
Debtors who have previously pursued bankruptcy protection may still be able to file again in the future if their financial situation should again become unmanageable. However, there are a number of different limitations to this right. Chapter 7 bankruptcy, for instance, can only be pursued once every eight years. For Chapter 13 bankruptcy, the limitations are less restrictive.
If you would like to know more about whether you may be eligible to file for bankruptcy, please contact Massachuestts bankruptcy attorney Raymond M. Mastroianni at 866-477-7012 today.
What assets are exempt from liquidation?
Each case must be examined by a trusted legal professional before this question can be answered, however, in many cases, all of your assets will be exempt from liquidation. There are often other options available to help a debtor rid themselves of financial burdens so that they can keep their homes, cars, and other valuable property. If you are facing bankruptcy, the best thing you can do is to contact a lawyer who specializes in this field of law.
If you would like to know more about asset liquidation and bankruptcy options, please contact Massachuestts bankruptcy lawyer Raymond M. Mastroianni today at 866-477-7012.
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