Bankruptcy
Learn about the different types of bankruptcy filings.
Are you struggling with debt? Are you being harassed by creditors? Our bankruptcy lawyer in Springfield, MA can help you get a fresh start. Bankruptcy is a legal procedure for dealing with debt problems of individuals and businesses. If you’re having financial difficulties and can’t immediately pay your debts, you can file for bankruptcy in the United States Bankruptcy Court. It’s important to consult with an attorney before filing. Contact us today for a free consultation.
There are different chapters of bankruptcy filings:
1) Chapter 7: Liquidation – for individuals and businesses with financial difficulties. A trustee takes possession of your property and liquidates non-exempt assets to pay your creditors. The main goal is to get a discharge from your debts, but some debts still need to be discharged.
2) Chapter 11: Reorganization – for businesses and individuals who exceed the thresholds for Chapter 13. The court approves a reorganization plan that determines payments to creditors.
3) Chapter 12: Family Farmers and Fishermen – allows family farmers to repay their debts over time from future earnings.
4) Chapter 13: Repayment of debts with regular income who can’t immediately pay their debts. They can repay their debts in installments over some time.
Schedule a free consultation today and let us help you get a fresh start.
Are you thinking about filing for bankruptcy?
Are you thinking about filing for bankruptcy? Don’t do it without talking to a bankruptcy lawyer in Springfield, MA first. We can help you understand your options and choose the best course of action for your unique situation. Contact us today for a free consultation. Learn about filing for bankruptcy in Massachusetts. Bankruptcy is a way to get a fresh start when you’re unable to pay debts.
Here are some common myths about filing for Chapter 7 bankruptcy in Massachusetts:
1. Filing for bankruptcy is not immoral or wrong. It’s allowed by federal and state law and can help you start over and boost the economy.
2. Filing for bankruptcy doesn’t mean you’ll never be able to rebuy a house or car. While it can affect your credit score, it’s possible to rebuild your credit and make major purchases in the future.
3. Bankruptcies are public, but most people will only know if they actively search for that information. Filing for bankruptcy is legal, so there’s no need to worry about what others might think.
4. You won’t lose everything if you file for bankruptcy. Some exemptions protect certain assets like your home, retirement accounts, vehicle, and clothing. An experienced bankruptcy attorney can help you keep as many assets as possible.
5. The new bankruptcy law makes filing easy for most people. While income limits and additional paperwork exist, most individuals still file for bankruptcy protection.
Here are some bankruptcies FAQs for Springfield, MA:
Where is the bankruptcy court in Springfield, MA?
The bankruptcy court in Springfield, MA, is located at: United States Bankruptcy Court United States Courthouse 300 State Street Springfield, MA 01105
What are the hours of operation for the bankruptcy court in Lynn, MA?
The Clerk’s Office is open:
1) 8:30 a.m. to 5:00 p.m. on business days
2) 8:30 a.m. to 4:30 p.m. on business days to accept filings.
What are the filing fees for bankruptcy in Springfield, MA?
The filing fees for bankruptcy in Springfield, MA, vary depending on the type of bankruptcy case you file. For example, the filing fee for a Chapter 7 bankruptcy case is $338, while the filing fee for a Chapter 13 bankruptcy case is $313.
What are the requirements for filing for bankruptcy in Springfield, MA?
To file bankruptcy in Springfield, MA, you must meet certain conditions, such as:
- You must be a resident of the United States.
- You must have lived in the District of Massachusetts for at least 180 days before filing for bankruptcy.
- You must have a regular income.
What are the steps involved in filing for bankruptcy in Springfield, MA?
The steps involved in filing bankruptcy in Springfield, MA, are as follows:
- File a petition for bankruptcy with the court.
- Submit your financial information to the court.
- Attending a creditors’ meeting.
- Create a repayment plan (if you are filing Chapter 13 bankruptcy)
- Obtain a discharge from your debts.
What are the benefits of filing for bankruptcy in Springfield, MA?
The benefits of filing bankruptcy in Springfield, MA, include:
- Stopping creditor harassment
- Getting a fresh start
- Allowing you to rebuild your credit.
What are the drawbacks of filing for bankruptcy in Springfield, MA?
The disadvantages of filing bankruptcy in Springfield, MA, include:
- Bankruptcy will appear on your credit report for up to 10 years.
- You may have to surrender some of your assets.
- You may have to pay filing fees.
Overwhelmed by debt? Don’t know where to turn? Our bankruptcy lawyer in Springfield, MA can help. We have years of experience helping people get out of debt and start fresh. Contact us today for a free consultation.
This information is not legal advice and may not cover every aspect of bankruptcy.