What Debts Can Bankruptcy Relieve?

If you have become overburdened with debt, filing for bankruptcy protection can eliminate many of your debts, allowing you to repay the remaining ones more effectively. Although bankruptcy won’t eliminate all of your debts, it can make a significant enough impact to let you get back on your feet.

If you are struggling to make ends meet while repaying your debts, bankruptcy may be a good option for you. To learn more, call Boston bankruptcy lawyers Joshua Spirn & Associates at 800-975-5346.

Bankruptcy and Debt Relief

There are several kinds of debt that can be eliminated by filing for bankruptcy. Most often these are “unsecured” debts. With secure debts, the creditor has a stake in the ownership of the debtor’s property, known as a lien. When you pay for a house with a mortgage, for example, the bank typically gets a lien on your house. Unsecured debts (the kind that bankruptcy can help) include credit card debt and other financial arrangements that do not include liens.

By filing for bankruptcy, you can eliminate most of your credit card debt and stop the debt collectors from calling you. This not only frees you from the stress of repaying credit cards, it also lets you focus your resources on repaying more important debts, such as your mortgage. If you find yourself unable to make your mortgage payments, bankruptcy might save you your home.

Although filing for bankruptcy can have an enormous positive impact on your finances and quality of life, it’s not a magic bullet. You will still have to pay child support, student loans, and tax debt. By working with an experienced bankruptcy lawyer, you can negotiate with your creditors and work out a plan that lets you repay these debts safely.

Contact Us

To discuss your case with a lawyer, contact the compassionate Boston bankruptcy lawyers of Joshua Spirn & Associates today at 800-975-5346.