Declaring bankruptcy can be a difficult and nerve-wrecking time for anyone. However, under the right circumstances, it may be the wisest choice for an individual to make. Musicians rely on their musical instruments to help them earn a living. Only after hours and hours of dedicated practice on their instruments can a musician hope to earn a living through his or her musical ability.
Declaring bankruptcy under Chapter 7 will discharge your debts. This legal tool was designed to give those going through tough times a chance to reorganize and refocus their efforts. So, harassing creditors are prevented from seeking payments. Auto loans, grocery bills, credit card bills and medical bills are usually discharged by the court. However, student loans and taxes are still owed to the appropriate creditors and the state and federal government.
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In exchange for this debt discharge, the court will take possession of your properties and assets it does not consider essential to your livelihood and sell them to pay off your creditors. However, guitars, drum sets, and amplifiers are personal property crucial for the survival of a musician going through financial difficulty. So it is important for you to effectively convince the court why your instruments are essential to your financial survival. By showing the court how you have earned your living through selling your music, you may be able to construct a valid argument for you to keep your possessions.
You might be worried about the effect of bankruptcy on your credit. Declaring bankruptcy will adversely affect your credit. However, so will missed and delayed payments. So, by declaring bankruptcy sooner, you will be able to start rebuilding your credit sooner.
An experienced attorney can help explain all the implications of the different legal options you have. If you or someone you know is interested in finding out more about personal bankruptcy, contact the experienced Boston bankruptcy lawyers of Spirn & Associates today.
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