Boston-Area Bankruptcy Attorneys
Serving Communities Such As Brockton, Quincy and Randolph
Our Massachusetts Chapter 13 bankruptcy attorneys will determine if Chapter 13 is appropriate for you.
Generally speaking, under Chapter 13, you will be allowed to keep all of your property while being given the opportunity to pay back your creditors based upon your ability to pay. The creditors are paid through a "plan" usually lasting either three or five years.
Chapter 13 Bankruptcy: How It Works
Secured Debt, such as home mortgages and auto loans, are usually paid in the normal manner during the plan period, either directly or through the trustee. The Chapter 13 bankruptcy affords the advantage of paying up past-due mortgage payments over the plan period of three or five years. This is the most potent weapon against mortgage foreclosure when a homeowner has fallen far behind on their mortgage payments.
Unsecured Debt, such as credit cards, medical bills and personal loans, only require payment from your "disposable income." Disposable Income is the income available each month for payment towards creditors. It is calculated by subtracting monthly living expenses (such as rent or mortgages, auto payments, utilities medical expenses and food) from monthly net income. This amount is paid monthly through the plan to the trustee for disbursement to your creditors on a pro rata basis. At the end of the plan period, you are discharged from any further amounts due the creditors, whether the plan provided for payment in full or pennies on the dollar. A plan can provide for paying anywhere from 0 to 100 percent of your unsecured debt, depending on your ability to pay.
Why File Chapter 13?
Advantages of filing a Chapter 13 include:
- Preventing foreclosure, even if you are behind on your mortgage payments
- Retaining all of your property
- Limiting your debt payments to what you can afford
- Discharging of debts at the conclusion of plan payments
Overwhelming debt can make you feel as if there is no way out. The truth is that you have legal rights under federal law that can protect you from creditors, allow you to keep your property and obtain a fresh start in life. Our Massachusetts bankruptcy attorneys can advise you of your legal rights and help you navigate the Massachusetts bankruptcy laws to your best advantage and peace of mind.
Are you considering filing a Chapter 13 in Massachusetts? A lawyer from our firm can help through the entire process. We will pursue your rights under Massachusetts bankruptcy law aggressively and obtain for you outstanding results.
Overwhelming debt can make you feel as if there is no way out. Under federal bankruptcy law, you are protected from creditor harassment, you can keep your property (including your home) and you can obtain a fresh start in life. Our Braintree and Boston Chapter 13 bankruptcy attorneys can inform you of your legal rights, help you navigate the qualifications for relief, guide you every step of the way and help you find peace of mind.
If you are in the greater Boston area and thinking about filing bankruptcy, a Chapter 13 filing could be your very best option. Our experienced Chapter 13 bankruptcy attorneys are waiting to provide you a careful assessment of your circumstance and error-free execution of the best possible Chapter 13 bankruptcy filing to maximize your gains and minimize your costs. We follow the process to completion and stay with you until your debts are discharged.
We offer free initial consultations. To schedule yours, please call 781-848-8545. You may also contact us online. We can arrange evening and weekend appointments to accommodate your schedule.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
