Filing Bankruptcy In Massachusetts
Why Do I Need a Bankruptcy Attorney in Massachusetts?
Bankruptcy may be your last shot to make a better life for yourself. Are you willing to risk losing your chance by skipping the attorney? We understand that you may be worried about the potential expenses. However, we are happy to talk to you about possible options. It may even cost you more time and money if you refrain from hiring an experienced lawyer.
Eric Kornblum has been helping Bay Staters attain financial freedom for over 25 years. He uses his intimate knowledge of the United States bankruptcy code and the Massachusetts legal system to help clients achieve the outcome they deserve.
If you retain our services, here’s what you can expect:
- Aggressive, diligent, and compassionate representation
- Legal services tailored to your personal circumstances
- End to creditor harassment
- Save your house from foreclosure
- Protect your valuable assets from repossession
- Legal assistance even after bankruptcy
If you’re ready to file for bankruptcy and take advantage of its perks, pick up that phone today and schedule a conversation with us.
Chapter 7 Bankruptcy: Liquidation of Assets
Chapter 7 is designed for debtors in financial difficulty who do not have the ability to pay their existing debts. In Chapter 7 cases, we seek to eliminate (discharge) your debts while allowing you to keep your assets. The theory behind filing bankruptcy Chapter 7 is to give honest debtors a “fresh start.”
The purpose of Chapter 7 is to obtain a discharge of your existing debts. If, however, you committed certain kinds of improper conduct described in the Bankruptcy Code, the court may deny your discharge.
If you want to know if Chapter 7 is the right option for you, consider talking to our skilled Massachusetts bankruptcy attorney. Call the Law Office of Eric Kornblum today!
Chapter 13 Bankruptcy: Repayment of All or Partial Debt
Bankruptcy Chapter 13 allows individuals with regular income to pay all or part of their debts in installments over time. Chapter 13 helps individuals stop foreclosure as well as set up a plan to pay the mortgage arrears over a 3-5 year term. Furthermore, you pay a percentage of total debt to credit cards through the Chapter 13 plan.
Under Chapter 13, you must file with the court to plan to repay your creditors all or part of the money that you owe them, using your future earnings. The period allowed by the court to repay your debts may be three to five years, depending on income and other factors.
After completing the payments under your plan, your debts are generally discharged with a few limited exceptions. In order to determine if Chapter 13 is right for you, call now.
Not sure if Chapter 13 is the best choice for you? You can ask our respected bankruptcy attorney. Call Eric Kornblum today to schedule a conversation!
Start Living Worry-Free Today!
Eric has been helping clients discharge their debts for over 20 years. If you need help with filing bankruptcy, negotiating debts, avoiding foreclosure, and keeping your properties, you’ve come to the right place. Talk to us. We’re ready to listen!
How Do I Qualify for Bankruptcy?
First off, you have to realize that you can’t get your debts discharged an unlimited number of times. There is a waiting period after an initial discharge before you can get another one.
To qualify for Chapter 7, you need to pass a means test. This essentially compares your income to the median income of the state. To do this, you take the gross income you and your family made over the last six months. Multiply that number by two. Compare this to the means testing information for Massachusetts. If your household income is lower, you may qualify for bankruptcy.
If you don’t pass the means test this way, you may still be eligible after deducting certain expenses.
There are many requirements before you can file for Chapter 13.
First, you must ensure your debts don’t exceed the limits. Then, you need to make enough income to cover the larger of the following:
Your disposable income—the amount left over after subtracting allowed expenses,
- The value of any nonexempt property, or
- All of the debts you’re required to pay in full, such as current tax debt, support arrearages, and house or car payment arrearages.
If you want to make sure that you qualify for bankruptcy, you can ask our reliable bankruptcy attorney.
The Advantages of Filing Bankruptcy
Here are some of the pros of filing for bankruptcy:
- Discharge of most debts
- Protection of property and income from creditors
- Tools for eliminating or modifying secured debts
- Automatic Stay stops creditors from taking action to collect debts
These are some of the reasons why people choose to file. If you’re ready to reap the benefits of bankruptcy, call The Law Office of Eric Kornblum today to get started!
Filing Bankruptcy in Massachusetts? Call our Bankruptcy Law Firm Today!
Bankruptcy is a complex matter. Without professional legal assistance, you may find yourself lost and confused. Eric Kornblum has helped many clients navigate the complex field of bankruptcy and eventually get back on track to a secure financial future.
If you’re ready to let go of your financial burdens, trust our attorneys at the Law Office of Eric Kornblum to help you from start to finish. Call us today to schedule a conversation at a convenient time!