Struggling with Debt in Massachusetts? We Know How to Help
Do you feel like your bills are stacking up and are never going to get paid? Are you worried that you are going to suffer with debt for the rest of your life? Do you feel like there is no way to resolve your current financial situation? Good news, there is hope for you. with the help of our bankruptcy lawyers in Massachusetts, you will be able to consolidate your payments and pay off your debt quickly and successfully.
Depending on your financial history, a bankruptcy attorney will determine which chapter you should file. And because there are several to choose from, your legal representative will examine each and every aspect of your income, assets and expenses to make sure the best option for your individual financial situation is chosen. With one of our top bankruptcy lawyers on your side, rest assured creditors will get off your back and debt relief will be yours.
But before you can embark on that journey, it is important for you to understand what exactly bankruptcy is and what you can expect during proceedings. Below is some information regarding bankruptcy laws in Massachusetts that will help you become as informed as possible on what your rights and options are.
What is Bankruptcy?
Bankruptcy is a federal process that involves a debtor (individual or business) declaring their inability to pay off what they owe to creditors. There are several chapters that can be filed in Massachusetts, each catering to specific kinds of debt. Perhaps you may qualify for one of these petitions, but you may not even be eligible for any. That’s where bankruptcy lawyers step in to help.
Massachusetts bankruptcy lawyers take care of every aspect of your case, from paperwork to income review to court appearances, so you can emerge quickly from bankruptcy protection and with as little debt as possible.
What are the Most Commonly Sought Bankruptcy Chapters in Massachusetts?
Out of the six chapters under U.S. Bankruptcy Code that may be filed in Massachusetts, the two most commonly sought are Chapters 7 and 13. Chapter 7 is also known as “liquidation bankruptcy” because a petitioner’s assets are liquidated in exchange for the discharge of their debt. The other common choice for debtors in the state is Chapter 13 bankruptcy, which is known as “reorganization bankruptcy” because it allows for debtors to gradually pay off their debts while on a payment plan.
Each chapter carries its unique set of pros and cons, so it’s important that you seek legal counsel when filing for any of these chapters to prevent a huge and costly mistake. Read on to find out the main differences between each of these chapters to determine which sounds like the best option for you.
Chapter 7 Liquidation Bankruptcy in Massachusetts
- - Chapter 7 bankruptcy protection can be filed by both individuals and businesses
- - Debtors can emerge from protection within a few short months
- - Most unsecured debt is completely wiped out, giving debtors a “clean slate”
- - Your home and certain personal effects are exempt from creditor seizure
Chapter 13 Reorganization Bankruptcy in Massachusetts
- - Can only be filed by consumers
- - Does not require asset liquidation
- - Allows debtors to get on a payment plan to lower debts
- - Can be completed within three to five years
- - Will stop lenders from foreclosing on your home
Hiring a Massachusetts Bankruptcy Lawyer
If bankruptcy sounds like a viable option for you, speak to one of our featured Massachusetts bankruptcy lawyers to get started on your case right away and bring that debt down. Regardless of why you amassed debt or how much you owe, rest assured our featured attorneys will make sure you achieve debt relief quickly and successfully. Call to schedule a consultation today to determine your ideal course of action.