Legal Minute with Cooley Shrair: Filing Personal Bankruptcy

SPRINGFIELD, Mass. (Mass Appeal) –  Filing for personal bankruptcy is a big decision and one that will affect your life for years to come. Attorney John David from the Law Offices of Cooley Shrair in Springfield shared more about personal bankruptcy and what you need to know.

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Will bankruptcy affect my credit?
A bankruptcy remains on your credit bureau report for 10 years. But understand your credit was likely already blemished by your financial situation. It is possible over time to regain your credit despite your history

Will one be able to keep one’s property?
The law allows one to exempt certain property. The purpose behind bankruptcy is to provide a “fresh start.” The exemptions typically allow one to retain a home, car and other necessaries of life. Retirement assets, for the most part, are exempted. However, where the asset is subject to a mortgage or lien then the issue becomes more complicated if the debt is delinquent.

Will bankruptcy discharge all of one’s debts?
As a general rule, bankruptcy discharges most of one’s unsecured debts. Certain debts are not discharged, such as taxes, student loans (except under special circumstances), divorce obligations, and certain debts connected to improper conduct. However, mortgage debts, such home loans and car loans, remain intact to the extent that the debt is secured by the property and the creditors typically retain their rights to their lien against the property.

Bankruptcy is a complex area with many issues, and it is certainly recommended that anyone contemplating bankruptcy speak with an attorney or other qualified advisor.

About Cooley Shrair:
Cooley, Shrair P.C., founded in 1946 by Judge Sidney M. Cooley and Attorney Edward B. Cooley, is a progressive law firm located in Springfield, MA. Cooley Shrair provides unequaled service to its clients. Our unparalleled response time to our clients’ needs is the foundation of our mission statement.

At Cooley Shrair, family and business have always had a way of blending together. We know the importance of balancing the boardroom and the courtroom with the living room from time to time. We listen carefully to understand our clients’ concerns and work vigorously with them to develop strategies for success. It’s not just business, it’s personal.

We pride ourselves in being the most responsive lawyers in the area, covering virtually every area of practice for individuals and multinational corporations across the United States and Canada. Cooley Shrair is recognized consistently for exceeding client expectations and providing competent, integrated, and cost-effective legal services.

Our attorneys are each distinguished in their respective areas of concentration and are complemented by a professional support staff. Cooley Shrair is a formidable opponent who fiercely advocates on behalf of our clients and we take pride in our commitment to provide unparalleled response and unparalleled solutions.

We’re a family, and to us, that’s very personal business.

Promotional consideration provided by Cooley Shrair.

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