You may need a Massachusetts bankruptcy lawyer to determine whether a Chapter 7 or Chapter 13 is best for you.
Let a Massachusetts bankruptcy lawyer of Total Bankruptcy evaluate your individual situation and help determine what type of debt consolidation will benefit you the most. A qualified Massachusetts bankruptcy lawyer should work with you to analyze determining factors such as your income, expenses, and the nature of your debts. A Massachusetts bankruptcy lawyer may determine that a Chapter 13 filing would be better for you than a Chapter 7 if you are behind in your payments for property that you want to keep after filing. If you are late on your mortgage or automobile loan, and you want to get current with these payments and keep your property, you may do this under a Chapter 13 plan. However, not everyone qualifies for a Chapter 13.
Get educated about your options through Total Bankruptcy.
The U.S. Bankruptcy Code and individual state exemptions regulations are too complex for the average consumer to navigate. That is why it is essential to hire a qualified Massachusetts bankruptcy lawyer to help you. But how do you find someone you can trust? The Yellow Pages? Referrals? We have a much better resource for you. Total Bankruptcy is a cooperative effort sponsored by experienced consumer debt consolidation attorneys. With years of experience and hundreds of bankruptcy cases in their portfolios, a bankruptcy lawyer of Total Bankruptcy is there for you. Our association of attorneys have worked hard to help provide you with all the resources you may need to become educated about your legal options and to take back control of your financial life. Let us help you determine which filing will work best for you - Chapter 7 or Chapter 13.
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Chapter 13
The centerpiece of your Chapter 13 case is your repayment plan. This is an agreement between you and your creditors in which your creditors agree to forgive a portion of your debts to them in exchange for your commitment to repay your reduced debts over time. Most plans require you to make monthly payments to the bankruptcy trustee - a federal official who is appointed by the court to oversee your case-who in turn makes distributions to your creditors. Typically, your repayment plan will last from three to five years. You qualify for a Chapter 13 bankruptcy only if you can satisfy the following three requirements:
You must have a regular source of income.
You must have income left over after your expenses for basic human needs each month to allow you to make your monthly payments in a timely fashion under your repayment plan.
Your debts must not be too high. If your secured debts (which include loans you have secured by liens on your property, such as your home and auto loans, and even IRS tax liens) exceed $922,975, you are not eligible for a Chapter 13. Also, your unsecured debts may not exceed $307,675.
If you don't qualify for a Chapter 13, don't worry; you may be able to qualify for a Chapter 7.
Call (877) 349-1309 or fill out our secure evaluation form for the help you need now!
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The purpose of this web site is to help you learn everything you need to know about bankruptcy, the process, your bankruptcy attorney and your legal rights. The best place to start is with the U.S. Bankruptcy Code. It delivers protection to people in financial jeopardy who are suffering under mountains of debt. Bankruptcy is your legal right.