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Top 10 Reasons to File for Bankruptcy


1. Your Home
Saving your house or residence plays a large part in deciding on a plan to reduce and erase debt. Chapter 13 bankruptcies will stop foreclosure and creditors by creating a structured plan for you to pay an affordable amount each month. Chapter 7 bankruptcies may get rid of much of your debt, but your house may be considered an asset and used to pay back creditors.
Read more about saving your home

2. Your Car and Other Assets
A concern for most people is saving valuable assets from being seized and repossessed by creditors. For example, if you are behind on car payments, bankruptcy can consolidate your missed payments, which you would then pay to your trustee rather than the finance company. Choosing a bankruptcy chapter may force you to make choices about which assets you can realistically part with.

3. Student Loans
You know education is important, but how do you deal with the loans that follow? Bankruptcy will not eliminate them, but your loans can be consolidated into a feasible monthly payment plan through Chapter 13.

4. Medical Bills
Many people have to make hard decisions when deciding which bills to pay off first, especially when it concerns someone they love. Monstrous piles of debt can result from an unexpected illness or injury and affect all areas of your life. Bankruptcy is often a workable solution to deal with debt while helping the most important people in your life.

5. Job Loss
The economy has made it tougher than ever to find or replace a job. Normal bills, insurance, and expenses start looming over your head after a loss of employment. Filing for bankruptcy can put you on the path to recovery.

6. Divorce
Aside from the filing process, the added costs of moving, child support, and division of property can take a serious toll on your finances. Chapter 7 or 13 can provide options for you to eliminate mounting debts from your divorce and other expenses. Let us help you build your new life.
Look through the Spillane Law Offices Divorce & Family Law pages

7. Credit Card Debt
This is an extremely common problem today. Running up your cards is never a smart idea but your debts can be discharged under Chapter 7 if you act quickly and examine your spending habits.
Learn how to rebuild your credit after bankruptcy

8. Other Debts
Utilities and other debts can pile up as you deal with larger payments. If you are buying extra sweaters because your heat has been shut off, bankruptcy can help you consider all the issues and create a plan to discharge your debts immediately or over time with a structured plan.

9. Creditors
Creditors sometimes take a forceful approach when collecting debts, or may attempt to collect more than you legally owe. Filing for bankruptcy will stop creditors in their taxes and put an end to harassing phone calls and behavior. We act as the go-between to protect your interests and reduce debts in a responsible manner.

10. Fines, Taxes & Lawsuits
Unfortunately, these issues will not disappear if you file for bankruptcy. However, filing may free up money from other debts that will allow you to take care of fines, taxes and lawsuits that require your immediate attention.


If you have questions about filing for bankruptcy or eligibility, Contact Us Today.

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Spillane Law Offices represents clients in the South Shore and Boston area and all of Massachusetts including Abington, Boston, Braintree, Bridgewater, Brockton, Cohasset, Dedham, Duxbury, Hingham, Hanover, Hanson, Hull, Kingston, Marshfield, Milton, Norwell, Pembroke, Plymouth, Quincy, Rockland, Scituate, Stoughton, Weymouth, Whitman, and more.
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