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There's nothing shameful about Chapter 7 bankruptcy

There was a time when filing for personal bankruptcy was something to be embarrassed about or even ashamed. Not any more. As the economy goes global, many working people in Massachusetts are beginning to realize they are not in complete control of their financial futures. Instead, they are subject to economic circumstances that are way beyond their own control.

Having a high level of credit card debt does not necessarily mean a person recklessly purchased items they could not afford. For many people, credit cards have become a source of emergency cash, to tap into during periods of unemployment or when unexpected medical expenses arise. Banks and credit card companies have made enormous profits out of people in desperate situations like this.

When a family's income is no longer enough to keep up with mounting personal debt, filing for Chapter 7 bankruptcy can provide a much-needed fresh financial start. As soon as the bankruptcy papers are filed, the court enters an order stopping all collection activity, including creditor harassment and wage garnishment.

In many situations a Chapter 7 bankruptcy can totally eliminate credit card and medical debt, while allowing filers to keep their home and car. Some debts, such as student loans and back taxes, cannot ordinarily be discharged, but when other debts have been eliminated, it becomes a lot easier to stay current on the nondischargeable obligations.

At the Law Offices of Kenneth E. Lindauer, we understand what it is like for hardworking people struggling to make ends meet. When mounting debt threatens a family's financial security, there is no shame in considering the option of a Chapter 7 bankruptcy.

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