Mass Bankruptcy Lawyers
File For Bankruptcy With Ease
How Bankruptcy Can Help
There are many ways for people to be in financial distress.
About 65% of bankruptcies in the U.S. are due to medical issues. Even for people that have health insurance, the high deductibles and copays, in addition to job loss, puts a lot of financial stress on many people.
Many people unfortunately have a hard time controlling their spending. Credit card bills, installment debt, car, and other necessary payments can eventually get out of control. Eventually, the borrower may be unable to make even the minimum payments on these types of debt.
Whether it was a layoff, termination or resignation, the loss of income from your job can be incredibly devastating. Some are fortunate enough to receive a severance packages, but many find lose their jobs with little to no notice.
Divorce can create a significant financial strain on both partners in numerous ways. Between the legal fees, the division of marital assets, child support, alimony, and the continuing cost of maintaining two separate households, separation can take a huge toll on the finances of everyone involved.
Have more questions about personal bankruptcy? Visit our Learning Center.
What Is Personal Bankruptcy?
Personal bankruptcy is the legal process overseen by bankruptcy courts to help people eliminate all or part of their debt (chapter 7) or to help them repay a portion of what they owe (chapter 13).
Bankruptcy can be a complex process, and it’s not the best idea for most people to go through it alone. Working with a bankruptcy attorney can help the bankruptcy process go as smoothly as possible and comply with all the bankruptcy laws.
Chapter 7 bankruptcy (liquidation) – Through a Chapter 7 Bankruptcy, people can eliminate most unsecured debts and some secured debts by surrendering their assets. Unsecured debts are debts not secured with collateral, including most personal loans and credit cards.
Chapter 13 bankruptcy (reorganization) –Chapter 13 bankruptcy enables people with regular income to prepare a plan to repay all or part of their debts. Through Chapter 13, debtors agree to a repayment plan to creditors over a three to five-year period.
During your free consultation, our lawyers will evaluate your case and advise whether bankruptcy is best for you.
The Bankruptcy Advantage
Chapter 7 bankruptcy eliminates many forms of debt, including credit card, bank loans, medical bills, pay-day loans, and utility bills.
The Bankruptcy Benefit
Bankruptcy provides a fresh start by removing the legal necessity of paying debts which will stop creditors from harassing you.
The Bankruptcy Protection
Bankruptcy law protects you and many of your possessions. The Mass Bankruptcy Lawyers will explain all the ways the law protects you.
The Bankruptcy Process
The typical chapter 7 bankruptcy case is relatively straightforward. It generally takes about four to six months for it to take effect.
Bankruptcy Frequently Asked Questions
Bankruptcy can help with the following:
- Remove the legal obligation to pay many or even all of your debts
- Stop the foreclosure of your home and allow you to get back on track with your missed mortgage payments
- Stop wage garnishments (which is when a court orders that your employer must give a portion of your paycheck to the creditor (person or entity you owe money)
- Stop debt collection harassment phone calls and emails
- Stop the repossession of your car, home, and other property (in some cases, the creditor can even be forced to return property even after it has been repossessed)
Some debts that are non-dischargeable include
- domestic support obligations (debts for spousal or child support, alimony or maintenance)
- Most government-funded or guaranteed educational loans (student loans) or benefit overpayments
- Court fines
- Debts for personal injury caused by a debtor’s operation of a motor vehicle while intoxicated
- Debts for certain condominium or cooperative housing fees
- Most taxes
Note that this is not an exhaustive list. Speak with a qualified bankruptcy attorney to learn more about these exceptions.
When filing for bankruptcy, a court order called the automatic stay goes into effect. The stay disallows most creditors from taking or continuing actions to collect debts.
Once the creditor knows of the bankruptcy, the garnishment must stop even if the employer hasn’t received a notification from the court. Funds garnished by creditors from your paycheck, bank account, or State tax refund must generally be returned to you if you file within 90 days of the garnishment.
The filing process can doesn’t take too much time at all. Chapter 7 bankruptcies take about three months from the date of the filing to the date you receive your discharge. Chapter 13 bankruptcies work very differently, as they are more like a payment plan. These plans typically last three to five years from start to finish.
Your Bankruptcy Attorney in North Andover, Massachusetts
When dealing with financial trouble, choosing a bankruptcy lawyer with the experience necessary to make a difference in your future is the first step on your road to positive financial change.
At our Massachusetts Bankruptcy Law Firm, we understand that filing for bankruptcy can be a very stressful process. That’s why our goal is to make filing for bankruptcy as easy and quick as possible. You can be sure that as soon as you speak with our bankruptcy lawyers, you will recognize that you are in good hands. Filing for bankruptcy can provide you the fresh start that you need.
When you choose to work with Mass Bankruptcy Lawyers, you will be represented by one of our experienced attorneys who will hold your hand through the entire bankruptcy process, from filling out the initial bankruptcy forms to representing you in court.