What is Bankruptcy?
Bankruptcy is a legal proceeding involving a person or business that is unable to repay outstanding debts. The bankruptcy process begins with a bankruptcy petition filed by the debtor in which all of the debtor’s income, expenses, assets, and liabilities are evaluated. Upon the successful completion of bankruptcy proceedings, the debtor is relieved of the debt obligations incurred prior to filing for bankruptcy. Bankruptcy offers an individual or business a chance to achieve a financial fresh start, while creditors receive a chance to recover unprotected assets (if any).
Who Can Benefit From Filing for Bankruptcy?
People of all ages and from all walks of life can take advantages of the benefits of filing for bankruptcy. Debts can overwhelm anyone, whether you are unemployed or have a lucrative income. There are different types of bankruptcy and one chapter may be better suited for you than another. Contact the Law Office of Matthew C. Swanson for a free bankruptcy evaluation.
Common indicators that you may need to file for bankruptcy
- You are behind on your mortgage payments and need help catching up
- You are behind on your car payments and need help catching up
- You are “robbing Peter to pay Paul” – borrowing from credit cards to pay other bills
- The interest rates on your credit cards have increased significantly
- You have a second mortgage and your home is significantly less than what you owe
- You want to pay your creditors, but they are asking for more than you can afford to pay
- Money problems have caused lack of sleep, health problems, or marital problems
Let Swanson & Moors, LLC Help You Today
If you are contemplating bankruptcy, you can’t afford to pass up a free consultation about filing with an experienced bankruptcy attorney. Contact Swanson & Moors, LLC today.
Swanson & Moors, LLC services all of Plymouth County, Bristol County, Norfolk County, and Barnstable County.