Everyone has periods in their life where they feel that they may never pay off their debts, that they are trapped in a sea of financial burden. It’s important to understand that many people face financial difficulties that require them to take action. Before making any rash decisions, it’s important to research and understand the options that are available to you. Often times, filing for a Chapter 7 bankruptcy in Watertown may be the best option for you.
A Chapter 7 bankruptcy will discharge most of your debts. This option is beneficial to those who want to start anew, debt free. As a result of having your debts discharged, a bankruptcy trustee will take all your non-exempt property and sell it so that the funds can be redistributed to your creditors. There are numerous assets, properties, and other items that may be considered “exempt property,” which will depend on the equity that you have in the property. For example, if you have a loan on a car and you have always made your car payments on time, the bankruptcy trustee may let you keep your car as long as you continue to make those payments. If you own the property, usually the bankruptcy trustee must sell it in order to pay back the creditors. If you are concerned about losing your car, house, or other properties; then filing for a Chapter 7 bankruptcy may not be your best option. Also, Chapter 7 bankruptcies do not discharge debt owed for child support, alimony, debts not listed on your bankruptcy petition, student loans, loans you received by knowingly giving false information, etc. A Chapter 7 bankruptcy has both positive and negative repercussions – whether you should choose a Chapter 7 bankruptcy is entirely up to you. With the expertise of a Watertown bankruptcy attorney, you will be able to start a new chapter of your life without having financial burdens weighing on your shoulders.