Boston Bankruptcy Attorney

Why Bankruptcy?

Millions of people are being faced with the important decision of deciding whether or not to file for bankruptcy. Anyone who has ever encountered this problem goes back and forth between the decision to “fight” and “flee”. “Fight” refers to the struggle to pay off the debt. “Flee” refers to getting relief from the constant pressures and starting over through filing for bankruptcy.

When considering filing for bankruptcy, it is important to consider whether you can avoid bankruptcy on your own. Before filing, create a budget of realistic monthly expenses for current living. Include your mortgage and car payments, but exclude all other debts.

With the money that is available each month after living expenses are paid, can the current debts be paid off at the current interest rates in three years or less? Can expenses be reduced, income increased, or rates be negotiated to make this possible?

If it is not possible to avoid bankruptcy on your own, it might be possible with outside help. Credit counselors are capable of helping by creating a budget and negotiating a repayment plan with the current creditors. This plan may include a very low interest rate on current debt. In addition, creditors frequently stop harassing a person once he or she is participating in a credit counseling program.

If repayment plans are simply not feasible, bankruptcy should be considered. There is no all-knowing formula that tells a person when bankruptcy is ideal for them. In general, the older a person is, with the greater number of dependents, the larger the debt. Unfortunately, that also means the smaller the cash reserves for retirement savings and the greater the amount of non-dischargeable debt.

Contact a Boston Bankruptcy Lawyer

If you are in dire financial circumstances and considering filing for bankruptcy, contact the Boston bankruptcy lawyers of Joshua Spirn & Associates at 1-800-975-5346 to determine your financial options.