The Cassidy Law Firm Blog

Tuesday, April 8, 2014

Why Filing for Bankruptcy in Middlesex County is often the Best Option

If you are one of the millions of hard working Americans who struggles every month to pay your bills yet never seems to get ahead, it may be time to consider filing for bankruptcy as a long-term solution. Most debtors struggle for months, even years, before seriously considering bankruptcy as an option. Often, valuable assets are lost in the process – assets that could have been saved had the debtor consulted with a bankruptcy attorney early on. Once you understand the Middlesex County bankruptcy process better you may see why filing for bankruptcy in Middlesex County is often the best option for a debtor who is struggling financially.

The average American has only two weeks worth of savings socked away for an emergency. Another way to put that is that many people are just a paycheck away from financial disaster should an emergency occur – and emergencies DO occur. A single unforeseen emergency can send an already tight budget into a tailspin from which it will never recover. If this sounds like your situation, you are hardly alone. In recent years, the number of bankruptcy filings has reached record numbers, due in large part to the recession the country as a whole is just now starting to recover from, albeit slowly. Often, a debtor will go through a vehicle repossession, wage garnishment, and even a threatened foreclosure before considering bankruptcy. By considering bankruptcy early on these assets could be saved.

Contrary to what many people think, most debtors do not lose important assets when they file for bankruptcy in Middlesex County. If your income is moderate to low you should qualify to file a chapter 7 bankruptcy. In a chapter 7 bankruptcy you can utilize the bankruptcy exemptions to protect assets from being sold by the trustee. If you have valuable non-exempt assets that you wish to protect, or your income is too high to qualify for a chapter 7 bankruptcy, chapter 13 is an option. In a chapter 13 bankruptcy your assets are safe because you develop a repayment plan that allows you to repay most of your debts over an extended period of time.

At the conclusion of a chapter 7 bankruptcy most of your debts are discharged, or forgiven, and you get a fresh start. At the end of a chapter 13 bankruptcy, most of your debts will have been repaid – those that have not will usually be discharged provided you successfully completed the repayment plan.

Filing for bankruptcy in Middlesex County can protect your assets, relieve the financial pressure, and provide you with a fresh start in life. If you think bankruptcy might be your best option, consult with a Middlesex County bankruptcy attorney as soon as possible.

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