Bankruptcy F.A.Q.

Protecting Your Home Through BankruptcyIn most cases the answer is 'yes', but it is possible for the bankruptcy court to order you to sell your assets to pay your creditors. Your attorney will be able to determine before you open your case if there is any risk of this happening to you.

Earning Home Equity Through BankruptcyThere may be an opportunity to remove some of the debt attached to your home through the filing of a bankruptcy. This is where your professional bankruptcy attorney can really make a difference.

Unsecured Creditor Treatment in BankruptcyUnfortunately the card holder agreement of most credit card companies has language in their contracts allowing them to discontinue your card in the event you file for bankruptcy. We can help you open new credit cards and teach you ways to manage your credit to maximize your credit score.

Filing a Case in the Bankruptcy CourtA bankruptcy case is like every other court case. It needs to be prepared, filed and represented in front of the court. Your case will be filed in the United States Bankruptcy Court for the District of Massachusetts in either Boston, Worcester or Springfield.

Discharge of Taxes Through BankruptcyTax and other government debts can be discharged through bankruptcy. The government has special treatment within the bankruptcy laws and can sometimes limit what can be included in your bankruptcy case. If you have any questions about your tax debt, please use the form on the right if you have a specific tax question.

We recommend to consult with your bankruptcy attorney to get the specific answers for your specific questions. We offer a free initial consultation to answer these types of questions.

How Your Credit Score is Impacted by BankruptcyYour creditors will report to the credit bureaus that the debt they hold is subject to your bankruptcy protection. The individual credit reporting agencies have their own calculation of your score based on the data that is being reported.

You are eligible for an FHA home loan in as little as a year after filing for bankruptcy. You will also be able to finance cars and apply for new credit only a few months after your case is filed. The public record of your bankruptcy will stay on your credit report for the eight years data is collected on a particular credit report item.

Your attorney knows how bankruptcy affects your credit and ways to aggressively improve your credit score after opening your case.

Amount of Time for a Chapter 13 and a Chapter 7 Bankruptcy CaseYour attorney can tell you about the different chapters of the bankruptcy code you can file your case under. Common chapters include Chapter 7 and Chapter 13. A chapter 7 bankruptcy case is open for about three months or 100 days. A chapter 13 bankruptcy is more complex and will be open for three to five years.

While your case is open, you are able to continue your life as usual as long as you keep your attorney informed of any significant changes to your financial life. When you work with the Pérez-Kudzma Law Office we represent you and keep you informed throughout the duration of your case.

Your Legal and Statutory Right to File for BankruptcyIt is your legal and statutory right to file for bankruptcy. Making the decision to file for bankruptcy is a financial decision that should be discussed with a bankruptcy attorney. Your bankruptcy lawyer will explain all the benefits and potential risks of your bankruptcy case.

Calculating Savings by Filing for BankruptcyDebts like credit cards, medical bills, and power bills will be erased with a professionally prepared bankruptcy case. When considering savings, you must also calculate how much interest would be paid over the life of the debt.

Completing a Bankruptcy Case to Get an Order of DischargeThe moment your bankruptcy case is filed, you are protected from your creditors. In order to permanently remove your debts, you must successfully complete the your bankruptcy case. Your attorney will oversee all aspects of your case and make sure you understand what is expected of you. Your local local professional attorney will make the entire process as easy as possible for you.

Using Bankruptcy to Stop Home ForeclosureBankruptcy is a very powerful tool for restructuring and reorganizing your financial life. Bankruptcy has limits as to what can be accomplished. In order to keep your home a bankruptcy authorized payment arrangement must be found. These arrangements are not limited to the rules of the bankruptcy court but must be approved by it.

Your bankruptcy attorney will negotiate directly with the attorney for your lender to assist you in re-establishing an affordable payment. We have helped dozens of clients restructure their home loans. If you are unable to afford your loan it is important you speak with your attorney. We welcome an opportunity to discuss with you all of your options, including filing for bankruptcy.

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413 Boston Post Road
Weston, MA 02493
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Tel or Text: (781) 209-5596

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