It’s no mystery that times are tough, both financially and emotionally. Liss Law, LLC and its bankruptcy Boston Attorney team have handled numerous bankruptcies and is well aware of the many questions and concerns you have. We invite you to come to our office to speak with an attorney in order to know that YOU DO HAVE OPTIONS. There is no worse feeling than that of having nowhere to turn. At Liss Law, we will lay out all of your options, whether it be to file for bankruptcy relief, or to simply choose another avenue, but at least you will be informed as to your options. Once you see the options in front of you, you and only you will decide on what to do. Please call or email if you have any questions.
Also please our “Massachusetts Bankruptcy Common Questions” Section
What is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy, sometimes call a straight bankruptcy is a liquidation proceeding. The debtor turns over all non-exempt property to the bankruptcy trustee who then converts it to cash for distribution to the creditors. The debtor receives a discharge of all dischargeable debts usually within four months. In the vast majority of cases the debtor has no assets that he would lose so Chapter 7 will give that person a relatively quick “fresh start”.
One of the main purposes of Bankruptcy Law is to give a person, who is hopelessly burdened with debt, a fresh start by wiping out his or her debts.
What is Chapter 13 Bankruptcy?
When someone files for bankruptcy under Chapter 13 of the Bankruptcy Code, their aim is to have the opportunity to repay some or all the debts in their name, in better terms, i.e. lower or no interest. Unlike Chapter 7 bankruptcy which involves liquidation of assets, this process involves restructuring debts which allows the debtor to use whatever income they may have in the future to pay off the creditors. Filing Chapter 13 Bankruptcy is thus applicable for a debtor who has a regular income, and thus can afford to request for such adjustments or reductions.
The United States Bankruptcy Code gives the debtor a ceiling of 5 years, within which the creditors must be paid back. While the attorney will safeguard your interests, the entire process is carried out under the supervision of the courts.
Do you have questions about Massachusetts bankruptcy filings? Call the expert Boston bankruptcy lawyers at Liss Law LLC today. (617) 505-6919 Let us be your first choice of bankruptcy lawyers in Boston and Massachusetts.