Bankruptcy
We are a debt relief agency. We help people file
for bankruptcy relief under the Bankruptcy Code.
Our Attorneys provide legal advice and counsel in the area of
Bankruptcy to clients throughout Massachusetts and Rhode Island.
Bankruptcy law is complex. It is to your benefit to have an experienced
attorney guide you through the bankruptcy process. You may file
a bankruptcy petition under one of four chapters of the United
States Bankruptcy Code. In practice, however, most of our clients
file under Chapter 7 or Chapter 13. The following is a brief
description of these two chapters.
Chapter 7 is designed for debtors
with financial difficulties who do not have the ability to pay
their existing debts. A trustee assigned to the debtor's case "takes possession" of
all the debtor's property, which they may decide to liquidate
and use the proceeds to pay the debtor's creditors. In most cases,
however, the debtor can keep all of his or her assets by using
allowed exemptions provided for by the Bankruptcy Code. The purpose
of filing a Chapter 7 case is to obtain a discharge of your existing
debts. There are, however, some debts that can't be discharged
under the current law such as taxes, student loans, alimony,
support payments and debts arising from a drunk driving accident.
Chapter 13 is designed for individuals with a regular
income but who are temporarily unable to pay their debts. Chapter
13 debtors will pay a portion of their debts in installment payments
usually over the course of three to five years. To be eligible
you must file a payment plan with the Bankruptcy Court in which
you outline how you intend to repay you creditors all or part of
the money owed to them using your future earnings. The Court must
approve the plan before it can take effect. Under Chapter 13 you
may keep all of your property, as long as you continue to make
payments under the plan. After completion of the plan your remaining
debts are discharged.
If you would like to learn more about bankruptcy or schedule a consultation
please contact our office directly. |