Creditors call any time of the day trying to collect on monies you can’t afford to pay, as the bills pile up, so do the phone calls and threats. The good news is that there are protections in place for individuals suffering from financial difficulties in Massachusetts. The automatic stay in bankruptcy law makes it illegal for creditors to continue those calls or any other form of harassment the moment you file for bankruptcy.
Often you hear that you can lose your valuable possessions in Chapter 7 bankruptcy
For example, as long as you do not have much equity in your home and foreclosure proceedings have not started, most likely you can keep your home. Regarding your car there are exemptions that may apply to you. There are many unique circumstances that need to be considered. It is important to obtain legal counsel as soon as possible to benefit the protection that personal bankruptcy affords to individuals suffering from high debt.
One of the biggest benefits of Chapter 7, is the ability to clear unsecured debt. The amount you owe on debt that is not secured by collateral, most often, can be completely wiped out if you qualify for Chapter 7 bankruptcy. Typically, unsecured creditors only receive a portion of the value of any seized property, but in most cases it can be difficult to collect.
Our Law Firm understands the importance of receiving a fresh start in life. We will work with you to pursue the best option for your financial future. While you wait to find out if you qualify for Chapter 7, you have the opportunity to relax a little from the financial pressures. The automatic stay stops any harassing calls and you do not have to pay your unsecured creditors while in bankruptcy. During this difficult time, we will stand by your side.
Our office services Massachusetts and has offices in Framingham, Watertown, Westborough, Worcester and Leominster. Contact us today for your FREE consultation 781-277-0411. You can also find more information on Yelp: https://www.yelp.com/biz/hines-law-offices-framingham. Additional information regarding bankruptcy in Massachusetts can be found on the Massachusetts Court Website here