Bankruptcy Lawyer in Norwood, Massachusetts
With the current economic climate continuing to burden the financial lives of people not only locally in places like Massachusetts, but all over the rest of the country as well, many people are looking at options that even a year ago they never would have dreamed of. Even still, some of them may not realize that bankruptcy may just be the best possible solution to their situation. For more information, get in touch with a bankruptcy lawyer in Norwood, MA. Contact Attorney Rachel Matos by calling 508-386-9094.
Bankruptcy in Massachusetts
When going through the actual in-person process of handling your bankruptcy case, you will need to go to one of three courthouses in the state which deal with them. These are located in Boston, Springfield, and Worcester. They each have the same hours of operation; 8:30am to 5pm, with all filings required to be completed by 4:30pm. The directions to each one can also be found on their website. You and your bankruptcy lawyer in Norwood will decide which location is best.
Chapter 7 & 13 Laws, Norwood MA
For some residents, Chapter 7 will be the best option. In this type of bankruptcy, also known as liquidation bankruptcy, the filer will have to pay off certain existing debts through the sale of property or other assets. It is also important to note that some debts are not able to be included in the plan such as spousal and child support. Debt acquired through illegal practices is also not included.
For others, Chapter 13, also referred to as the wage earner’s plan will be better suited to their case. In this arrangement, debt is paid off through a court-designated plan over a 3-5 year period. The debtor may include no more than $394,725 in secured debt while also staying at or below $1,184,200 in unsecured debt. There is also a requirement that 180 days of credit counseling be attended before filing.
Experienced Bankruptcy Lawyer
For so many people in Massachusetts, the financial problems they face seem insurmountable. However, with the help of an experienced bankruptcy lawyer in Norwood MA like Rachel Matos, nothing is impossible. Give her office a call by dialing 508-386-9094 today. She will go over each option with and help you figure out which one is right for.
“This law office was awesome with helping me through the bankruptcy process.”