Filing bankruptcy in Massachusetts is often looked at with a stigma of negativity when there are actually many benefits to filing. In fact, personal bankruptcy can be looked at as a “win-win” situation for the person who is filing. You get to keep your home, your car, your personal belongings but you also get to eliminate the debt that you cannot pay. Ultimately that is what the experienced bankruptcy lawyers at the Law Office of Brian R. Lewis want to help you do just that. They want to give you the peace of mind of having a debt you can manage while helping you save some of the investments you have worked so hard to get in the first place.
Keeping Your Home, Your Car, and Other Personal Items
The fact remains that your mortgage lender and whoever has financed your car want your payments – they want them before you file bankruptcy and they certainly want them after. If you are eligible to file for Chapter 7 bankruptcy there is a very good chance that you can go on making your car and house payments as usual even after you file bankruptcy.
How is it Possible to Keep Your Home, Car, and Personal Property?
This is a very common question because it just seems too good to be true. However, if you look at it from the lenders point of view it is easier to understand. Because of the bankruptcy laws, it is actually in the best interest of you lender to continue to accept your payments or complete what is called “reaffirming your debt.”
Whoever you borrowed money from to purchase your house and your car are obviously in the business to make money. They do not want to repossess your house or your car because that generally just means a loss for them. Instead, if they allow you to continue to make payments they will have the peace of mind that you cannot file Chapter 7 bankruptcy or Chapter 13 bankruptcy again for a minimum of eight years. They are also comforted by knowing that you do not have any other debt that would prevent you from making their debt the priority when it comes to making your payments.
Is Chapter 7 Bankruptcy or Chapter 13 Bankruptcy best for you?
Chapter 7 bankruptcy is usually the most sought after form of filing because of the benefits that go along with it. However, there are so special requirements that you must be able to fulfill before you are able to utilize this option. That is why it is so important for you to consult a qualified bankruptcy attorney.
The experienced bankruptcy attorneys at the Law Office of Brian R. Lewis can help you to know whether you are eligible to file Chapter 7 bankruptcy or if Chapter 13 bankruptcy is a better option for you. Regardless of which option is best for your situation, the bankruptcy attorneys will help walk you through this experience from start to finish.