Massachusetts Lawyers Answer Your Bankruptcy Questions

When Will My Credit Score Recover After I File For Bankruptcy?

Filing for bankruptcy doesn’t mean that your credit will suffer forever. Even though bankruptcy can stay on your credit report for up to 10 years, there are steps you can take to improve your credit during that time. Certain secured credit cards can be used to boost your credit score if you make small purchases and then pay them off immediately. You can also build a good payment history by making your payments on time.

Will I Lose My House Or Car If I File For Bankruptcy?

It depends on what type of bankruptcy you file for, but likely not. After filing, you will be allowed to keep exempt property. However, your house and car aren’t necessarily included in this because it depends on how much equity you have in your assets. Speak with an attorney to understand what qualifies as exempt within your unique situation.

Should I File For Chapter 13 Or Chapter 7 Bankruptcy?

This depends on your disposable income, your assets and your situation. Chapter 7 bankruptcy is usually filed by someone who has little disposable income because it legally releases you from the responsibility to pay the debts back. However, you may lose assets. Chapter 13 bankruptcy is often filed by people who own property and have sufficient income to continue paying down their debts. It involves making a consolidated payment every month as part of a restructured three-to-five-year payment plan.

Call us today at 413-693-2632 to discuss which debt solution strategy is right for you.

Do I Need An Attorney To File For Bankruptcy?

No, but the filing process is complicated and the results of filing incorrectly are expensive, time-consuming and may sabotage your attempt to declare bankruptcy. To file “pro se” (by yourself), you need to prepare the proper documentation, and you may need to go through extra steps that someone with an attorney wouldn’t have to go through. Furthermore, it can be difficult to decide which type of bankruptcy to file for without the advice of an experienced lawyer.

Call Today For Debt Relief Assistance

With two convenient offices located in Springfield and Lee, Massachusetts, the attorneys at Reynolds & Werman are easy to reach and willing to work with your busy schedule. Send us an email or call us today at 413-789-0622 for answers to your bankruptcy and debt relief questions.