You may be in the unfortunate position of falling deeper and deeper into debt. Your credit cards are maxed out, bills keep piling up, and you are falling further behind each month. You want to explore bankruptcy as an option, so it\’s important that you understand they types of bankruptcy that exist for you and what they mean.
An individual filing for bankruptcy will file either Chapter 7 or Chapter 13. Chapter 13 involves working out a payment plan with your creditors to pay back the debt you owe. In Chapter 7 bankruptcy, you will sell your property, that is not exempt, to pay back your creditors. After speaking with a bankruptcy attorney, you can decide which type will be the best for your situation.
Chapter 7 bankruptcy is a relatively short process. It can be handled in 6 months or less from the date of the filing in most cases. It provides an opportunity for a new start and is the most common type of personal bankruptcy filed.
You should consider Chapter 7 bankruptcy if you are in a position to sell your nonexempt property and use the proceeds to pay your creditors. Of course, you want to make sure that you will have property left over after paying your debts to start fresh with a good foundation. Speaking with a bankruptcy attorney about this option is a great idea.
Chapter 13 will enable you to restructure your debt and work out a repayment plan to pay off the people you owe money to. This is an option for people who may make too much money to qualify for Chapter 7 bankruptcy. The repayment plan could reduce your interest and debts owed and usually requires repayment in a three to five year period.
You should consider Chapter 13 bankruptcy if you are making money but need more time to pay off your debts. Speaking with a Chapter 13 bankruptcy attorney is the best way to determine if you situation is a good fit with this type of filing.
After reading this article, you should have a better conception of what bankruptcy entails and your various options available. The next step is to speak to a MA bankruptcy attorney to see what type of filing is the best fit for your situation.
When you are considering bankruptcy, educating yourself about the process is important.People often feel helpless when they find themselves in financial situations like these. Speak with MA bankruptcy attorneys Matt Desrochers and Associates. Bankruptcy is not something to take lightly, but it is not as scary as you might think.
categories: ma bankruptcy lawyer,massachusetts bankruptcy,lawyer,bankruptcy attorney ma,bankruptcy,chapter 7,chapter 13,debt,debt issues,bankrutpcy,law
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