Springfield Massachusetts Bankruptcy Attorney
If you’re getting overwhelmed by debts, our bankruptcy attorney in Springfield MA can help you find solutions. When you file bankruptcy, you’ll be able to discharge your debts or restructure your loan payments. This includes credit card debts, mortgages, car loans, and even student loans.
Westfield Massachusetts bankruptcy attorney Eric Kornblum is ready to help you take the first step in ending your financial stress. He can help you understand how the process works and what bankruptcy laws are involved. Together, you and Eric will decide on which bankruptcy option is right for you.
Under the United States bankruptcy law, there are two forms of personal bankruptcy: Chapter 7 and Chapter 13. A bankruptcy lawyer from Westfield MA is the perfect companion when assessing your financial assets and personal goals.
Why Do I Need a Bankruptcy Attorney in Massachusetts?
Look. We get it. With all the credit card debt, medical bills, and utility bills, spending money on a bankruptcy lawyer seems out of the question. However, if you skip the attorney, you may lose whatever you have left. For many, the success of their bankruptcy petition can determine the course of the rest of their lives. If you make a mistake, the bankruptcy court can deny your petition. Some errors may make the judge think that you’re attempting to commit bankruptcy court. Are you willing to risk losing it all?
When you hire the best lawyers, you get someone who is familiar with the United States bankruptcy code and how the laws apply to your case. A bankruptcy attorney can review your case and ensure that everything is properly filled out. This saves you a lot of time and prevents the courts from rejecting your case based on careless mistakes.
If you decide to partner with the Law Office of Eric Kornblum, here’s what you can expect:
- We’ll work to discharge the majority (if not all) of your debts.
- We can stop the foreclosure of your house or repossession of your assets
- We can prevent collection activities, like collection calls, wage garnishment, or lawsuits
- We can help prevent or restore your terminated utilities
The key to a debt-free life is a phone call away. Call our Massachusetts bankruptcy law firm to talk to our trusted attorney!
What is Chapter 7 Bankruptcy?
A Chapter 7 bankruptcy allows you to wipe out most of your debt. Keep in mind that tax obligations, child support, and alimony may not be discharged in bankruptcy. Before you can file for personal bankruptcy in Massachusetts, you need to prove that you are indeed financially unable to pay your debts. Chapter 7 can eliminate your debts by selling off most of your assets. This is how your creditors are paid off.
During bankruptcy proceedings, you will retain your right to your public benefits and pensions. However, keep in mind that bankruptcy trustees may confiscate most of your personal property and assets.
The entire Chapter 7 bankruptcy process takes about 3 or 4 months to complete.
What is Chapter 13 Bankruptcy?
Chapter 13 bankruptcy is different from Chapter 7. Also called reorganization bankruptcy, this is perfect for those who just want to reorganize their debt payments into more manageable terms. With this type of bankruptcy, you get to keep your house here in Westfield, Massachusetts, and any motor vehicles, personal property, and other assets. This is possible because you will be asked to pay your creditors the value of your non-exempt assets over a period of three to five years.
Since your debts are reorganized, it makes it easier to handle payments, taking away the stress of budgeting and living from paycheck to paycheck.
In order to qualify for a Chapter 13 bankruptcy, you must show that you can repay your outstanding debts. You can seek the guidance of any Westfield bankruptcy attorneys once you are ready to start your journey toward debt-free days.
Choosing Between Chapter 7 and Chapter 13 Bankruptcy
Chapter 7 and Chapter 13 bankruptcies have pros and cons. Before you file for bankruptcy, ask yourself the following questions:
- How will this type of bankruptcy impact my personal goals?
- Do I meet the Chapter 7 bankruptcy means test?
- Is my monthly disposable income below the set threshold in Massachusetts?
- Do I have assets that I want to keep?
While a Chapter 7 bankruptcy is a quicker and less expensive process, it can be more difficult to retain homes, personal property, and other assets, unlike in a Chapter 13 filing.
A knowledgeable and skilled bankruptcy lawyer in Westfield MA County can help you to decide which form of bankruptcy is the best match for you.
Springfield MA Bankruptcy Lawyers Ready to Help
If you are considering filing for a Chapter 7 or Chapter 13 bankruptcy, take the time to check your calendar and schedule an appointment with a respected bankruptcy lawyer. The Law Office of Eric Kornblum can assist you with restructuring your finances or discharging your debts, helping you to recover financially.