Who Should File for Chapter 7 in Northampton, MA?

by | Sep 4, 2012 | Lawyers

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Filing for Chapter 7 in Northampton couldn’t be easier, but it’s not always the best solution to your financial problems. There are other methods for getting control of your debt and for filing bankruptcy. Let a trusted professional guide you through the process to ensure you get the best protection for your current and future finances.

When Chapter 7 Is Preferred

Filing for Chapter 7 is not the be-all, end-all of erasing your debts. Many times, money you owe can’t be written off through Chapter 7. These include child support obligations, student loans, taxes you owe on income or property and certain secured loans, such as car loans or mortgages. If your major debts come from other sources, filing for Chapter 7 in Northampton could be the best choice for you.

Additionally, not every family is able to file for Chapter 7 based on their yearly income and

the amount of assets they own. If you have a small amount of assets and don’t earn much over the median income for families your size in Northampton, filing for Chapter 7 is probably your best bet. Other families should shy away from DIY measures and absolutely consult with an attorney. Mistakes in filing can put you in a serious financial predicament.

Can Chapter 7 Save Your Home?

No. By itself, filing for Chapter 7 in Northampton will not save your home from foreclosure. It can give you a serious amount of breathing room, however. It winds up being more than most people need to get their mortgage back under control.

Filing for Chapter 7 can be extremely helpful for certain families facing foreclosure, particularly when there is a lien on your home for a debt that can be written off. Erasing these debts allows you to refinance quickly and easily with less money down to do so. However, these situations can be tricky and best left up to professionals.

Filing for Chapter 7 in Northampton doesn’t have to be a horrible process, but having experts on your side always helps. Get the advice you need to start your financial future off on the right foot. Protect your assets and get a handle on your debts today by speaking with a reputable bankruptcy lawyer.

Is filing for Chapter 7 in Northampton right for you? Get expert advice at Alan Verson Law.

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