Chapter 7 and Chapter 13 are federal bankruptcy laws enacted by Congress to give single and married individuals (including owners of sole proprietorships) in financial difficulty a fresh start or relief from creditor harassment. Chapter 7 allows individuals to discharge (and not pay) most debts, including credit card debt, judgments, unsecured loans and much more. Filing under Chapter 7 normally allows you to keep your assets and then start over. Chapter 13 allows individuals to work out reasonable repayment terms for their debts.
To sort your way through the complicated maze of overcrowded bankruptcy courts you need the assistance of knowledgeable legal advocates with years of experience and demonstrated trustworthiness.
The attorneys at the law offices have represented many individuals throughout Massachusetts before the bankruptcy court. Our Attorneys are highly experienced in Chapter 7 and Chapter 13 bankruptcies. They efficiently and cost-effectively help their clients get back on solid economic ground. We work closely with clients, making sure that bankruptcy is their best alternative, and then move quickly on your behalf. The firm is committed to providing personal attention and affordable solutions to every client's financial obstacles.
Clients looking for a dedicated and experienced attorney should call our office for a free consultation: (617)-983-0010 (Boston) (978)-655-8100 (Lawrence).
An Overview of Bankruptcy
Even the hardest workers and the most careful money managers can find themselves with more debts than they can pay as they become due. In such cases, filing bankruptcy may provide a solution to what seems like an insurmountable problem. If you or someone you know is facing serious financial challenges, it is very important to seek the counsel of an experienced bankruptcy attorney. Bankruptcy is an accepted method of resolving serious financial problems recognized in the constitution of the United States. Our skillful attorneys can guide you through the complicated legal maze of bankruptcy.
Bankruptcy law is federal in origin and varies little from state to state. The United States Constitution grants to Congress the power to establish uniform bankruptcy laws throughout the United States, which ensures consistency and predictability in how bankruptcy proceedings are conducted. The individual states do, however, retain jurisdiction over certain debtor-creditor issues that are not addressed by and do not conflict with federal bankruptcy law, such as which property remains exempt from creditors' claims.
CHAPTER 7 BANKRUPTCy:
Chapter 7 cases are commonly referred to as straight bankruptcy or liquidation cases, and may be filed by an individual, corporation, or a partnership. Under Chapter 7, the debtor is allowed to claim certain property exempt. In exchange for this, the debtor gets a discharge, which means that the debtor does not have to pay certain types of debts, typically unsecured debt, such as credit cards, medical bills, and other ordinary liabilities.
CHAPTER 13 BANKRUPTCy:
Chapter 13 permits individuals to keep their property by repaying creditors from their future income. Each chapter 13 debtor proposes a repayment plan that must be approved by the court. After completion of payments under the plan, Chapter 13 debtors receive a discharge of most debts.