Helping You Demystify The Bankruptcy Process
You know you are struggling with debt and tired of being harassed by creditors. Beyond that, you have more questions than answers. You have come to the right place. At the Law Office of Darlene M. Daniele, we can answer your questions and help you discover whether filing for bankruptcy is the right choice for getting your family’s finances back on track. We can also discuss non-bankruptcy options which may help you to keep your home, car and other property without filing for bankruptcy.
What are the benefits of bankruptcy?
The primary benefit of bankruptcy is that a clean slate will allow you to put your past behind you and work on rebuilding a more sustainable financial situation for you and your family. Additional benefits of bankruptcy are that, immediately upon filing, an automatic stay will prevent creditors from harassing you, garnishing your wages, or repossessing your property.
What is the difference between Chapter 7 and Chapter 13 bankruptcy?
Chapter 7 bankruptcy – also known as consumer bankruptcy – is a liquidation process that can provide individuals and families a fresh start. Chapter 7 has exemptions for property such as a car, primary residence, furniture and clothing; most Chapter 7 cases do not involve selling off assets. Chapter 13 bankruptcy is a repayment plan where monthly payments are made over a period of three to five years before any remaining debts are discharged.
How long does the bankruptcy process take?
Every case varies, but most of the time a Chapter 7 bankruptcy will take between three and five months, while a Chapter 13 bankruptcy will take between three and five years.
How do I know what chapter of bankruptcy is right for me?
Individuals and families without “disposable” income will usually be a better fit for Chapter 7. Chapter 13 is often the better choice for families who wish to prevent a foreclosure as well as consumers who wish to maintain assets that are not protected by the exemptions of Chapter 13 bankruptcy. However, you must have the means to make monthly payments as part of a Chapter 13 plan. Individuals and families without the necessary income will be a better fit for Chapter 7. Your lawyer will work closely with you to evaluate your bankruptcy and non-bankruptcy options and help you make an informed decision about how to proceed.
Won’t bankruptcy hurt my credit?
Your debt is what is hurting your credit. Bankruptcy will give you a second chance at establishing and building a good credit score. Ironically, sometimes your credit score after filing bankruptcy will be higher You may be surprised at how quickly you will be eligible for loans and financing offers after emerging from the bankruptcy process.
How can I get started?
We look forward to helping you get the fresh start you deserve. Call 603-513-2766 to schedule your consultation. From our office in Salem, we represent clients throughout the Merrimack Valley of New Hampshire and Massachusetts.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.