Have you been thinking about possibly filing a bankruptcy case to relieve financial pressures, but aren’t sure what the pros and cons are?
Many of the cons are discussed in the various posts on this blog and you can search all the posts with the “search for info” box on the lower right of this web page.
This is just a quick reminder of the basic “pros” behind most people’s cases:
1. With a bankruptcy, you can stop your creditors from calling you, writing to you, and from taking you to court. For some people, this benefit alone may be worth it!
2. Existing lawsuits against you are stopped in their tracks. No more trudging down to District or Superior Court for endless hearings. The bankruptcy case itself usually involves only one hearing of its own.
3. Bankruptcy can stop a foreclosure proceeding as well. For some people, this may give them time to see if they can save their home. For everyone, it buus them a little extrsa time anyway.
4. Unsecured debts are discharged in bankruptcy. Credit cards, personal loans and medical bills are erased, so that you can start over again with a clean slate.
5. Once the discharge is granted, creditors with discharged debts can not re-new their collection efforts. They could get in severe legal trouble if they try. A debt that is discharged is discharged forever.
If you are considering a bankruptcy case and you live in Massachusetts or southern New Hampshire, I would be happy to discuss both the pros and the cons with you. Give my a call at my office, my name is Doug Beaton and my number is (978) 975-2608!
By Doug Beaton