Thousands of Americans file for bankruptcy every year, many of whom do so around or after the holiday season. Although filing is never a fun process to admit to your friends, family and peers, there is a silver lining to it; you can restructure your finances and start again.
However, filing for bankruptcy doesn’t mean you’re off the hook. There are rules that apply and strict guidelines you need to follow. At the Law Office of Bardsley & Gray, we’re here to help you understand the more complicated aspects of filing for bankruptcy in New Bedford MA and surrounding areas.
- Bankruptcy will disrupt your credit for quite some time after filing. In fact, Chapter 7 bankruptcy will stay on your credit report for a decade.
- Any additional property aside from your permanent residence will be sold in order to help you get out of debt. Other luxury possessions you have will also most likely need to be sold.
- If you are one to have multiple or many credit cards, filing for bankruptcy will cause you to lose all of these in exchange for using more cash.
- When filing for Chapter 7, you cannot file for another Chapter 7 for another six years. It may also be harder for you to file a second or third time.
- If you are currently paying alimony or child support from a previous divorce, you must continue paying even though you are declaring bankruptcy.
- Student loans are not exempt when filing; you must still find a way to pay for your student debt.
Although these are negative aspects to filing for bankruptcy, our New Bedford bankruptcy lawyers are here to help you navigate through the process. The benefits outweigh the setbacks when it comes to trying to find a solution for your debt issues. Contact our New Bedford lawyers today for a free half hour consultation.