Bankruptcy Laws in Braintree, Massachusetts
Going through the process of bankruptcy is never easy. For many people there may be a lot of emotional issues that accompany the financial ones. Feelings of anxiety and stress, failure, and even depression can be quite common. However, when you partner up with an experienced bankruptcy lawyer in Braintree MA like Rachel Matos, you will soon learn that this ordeal doesn’t have to be as trying as you may have thought. Call 508-386-9094 to learn more.
Bankruptcy in Massachusetts
Just as every other type of law in each state, bankruptcy law in Massachusetts has its own sets of statues and regulations. As in most places, there are two main options for individuals; Chapter 7 and Chapter 13.
Types of Bankruptcy
Chapter 7 is also commonly referred to as liquidation bankruptcy. This is the process in which as much debt as possible is included in the filing, minus various types of property and assets which must be used to pay off existing creditors and qualifying obligations. Examples of debts which cannot be included under this plan include child and/or spousal support, as well as debts incurred trough illegal activities.
Chapter 13 is commonly referred to as a wage earner’s plan, wherein the debtor is given a 3-5 year plan to pay back certain financial obligations while delaying the process of foreclosure and eliminating contact from debt collectors. It also protects family members from being help responsible for qualifying debts as well. There are certain requirements of this plan, such as having no more than $394,725 in secured and $1,184,200 in unsecured debt. Another requirement is that the filer undergoes 6 months of debt counseling prior to beginning the process. Your bankruptcy lawyer in Braintree, MA will help decide which option is right for you.
There are three courthouses in Massachusetts, which handle bankruptcy cases. They are located in Boston, Worcester and Springfield. Each is open from 8:30am – 5pm and accepts filings up to 4:30 pm. Detailed directions to each can be found on their website.
Experienced Bankruptcy Lawyer
If you are struggling financially and don’t know where to turn, give Braintree bankruptcy lawyer Rachel Matos a call today. Even if you aren’t sure if bankruptcy is the right decision for you, she will take the time to discuss your situation and go over the best course of action for your case. Her offices can be reached at 508-386-9094.
“After losing my job, i was in financial trouble. I call this law office and they were great, and guided me through it. I didnt have to file bankruptcy either.“