Boston's Trusted Chapter 7 & Chapter 13 Bankruptcy Lawyers
Nashawaty & Rand is a law firm dedicated to helping individuals and families in the Boston area with relieving debt and controlling their finances through bankruptcy. We have a reputation for providing effective, trusted legal counsel for families, individuals and business owners throughout Metro Boston.
Our attorneys share a strong a commitment to results-oriented, quality counsel and representation. When disputes arise, it is important to consult with attorneys who are not only experienced, but who also understand what is at stake. At Nashawaty & Rand, our lawyers have a sincere interest in your case and your family. We will handle your legal issue as we would for a neighbor or friend.
When Should I Consider Filing Bankruptcy?
Simply put, when your monthly debt, including living expenses, loans, car payments, medical bills, and credit cards are more than your income can support. Other possible reasons for filing are to avoid a foreclosure on your home mortgage, repossession of a vehicle, or the shutting off of utilities. Legal action such as attachment of your wages by a creditor seeking to collect a debt can also indicate a bankruptcy filing, even if the total amount of debt is low.
Boston's Leading Choice for Chapter 7 & Chapter 13 Bankruptcy Representation
The bankruptcy law firm of Nashawaty & Rand protects the rights of residents and small businesses in the greater Boston area.
We have over 25 years of experience and success in countless cases much like yours. We take the time to provide personalized attention to each of our clients. Our approach involves protecting your assets and advising on you which of them are exempt from the bankruptcy proceedings. We use the effective bankruptcy codes and related federal and state statutes during proceedings and are well versed in all things associated with bankruptcy law.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy offers one of the quickest, most efficient ways to eliminate debt and stop creditor harassment. This type of bankruptcy eliminates all credit card debt, medical bills, and unsecured loans, and can also be used in cases with mortgages and car loans that the individual can no longer afford.
If your gross income does not exceed the median gross income for a family of your size in Massachusetts, you qualify. Even if you are above median income, you may still qualify under the means test.
Chapter 7 is also called straight bankruptcy or liquidation. However, this does not mean your assets are liquidated. Rather, most Chapter 7 filings are considered no-asset cases. Our bankruptcy attorneys are skilled at maximizing your available exemptions, helping you keep your home, automobiles, furnishings, retirement accounts, electronics, and even savings. At the end of the process, your debt is discharged.
Chapter 13 Bankruptcy
This type of bankruptcy is used to save a home from mortgage foreclosure and repays past-due mortgage payments and other debt, like taxes, over a period of time and typically in manageable monthly payments. This chapter also allows for stripping off of second mortgages and avoiding foreclosure.
Chapter 13 is often referred to as the "wage earner's plan" because it allows individuals with regular income to develop a plan to pay all or a portion of their debts based only on their ability to pay, without the requirement to sell off assets and property.
One of the most significant benefits of Chapter 13 bankruptcy, especially in today's economy, is the opportunity for individuals to save their homes from foreclosure. When an individual who is threatened by foreclosure files for Chapter 13 bankruptcy, an automatic stay stops the foreclosure proceeding and the individual may make up any past-due mortgage payments over the plan period.
Some other important qualities of Chapter 13 are that it allows individuals to reschedule secured debts and reduce the amount owed to the value of the collateral over the length of the repayment plan by use of a so-called "cramdown." The rescheduling of debts may allow for lower monthly payments. Chapter 13 behaves like a consolidated loan where one payment is made to the bankruptcy trustee who allocates payments to creditors.
Nashawaty & Rand have devoted their careers to helping clients obtain the maximum debt relief available in the following types of cases:
Second Mortgage Stripping
If you have a second mortgage or home equity loan and the total amount due on your first mortgage (including arrearages) exceeds the value of your home, you can obtain a discharge of the second mortgage/home equity loan through a Chapter 13 Plan.
A foreclosing bank is stopped in its tracks upon the filing of a bankruptcy. A Chapter 13 filing that provides for curing the mortgage arrearage over the plan period, allows you to keep your home by making regular mortgage payments going forward plus your Chapter 13 Plan payment.
Student Loan Debt
Student loans are not dischargeable in bankruptcy unless their payment would constitute "under hardship" on the Debtor. Contact a professional at Nashawaty and Rand to discuss options available to avoid aggressive collection tactics such as, wage garnishment or execution on judgments by selling assets.
How will filing bankruptcy affect my credit?
The damage of a bankruptcy filing to your credit is probably much less than you expect. For most people considering bankruptcy, they already have a record of late or missed payments and/or high credit balances reflected in their credit report. Some may also have charged off accounts or even accounts in collection. Their credit score is already low. The task is to improve their credit score as quickly as possible, so they can again borrow at competitive rates.
Filing bankruptcy in such a situation does not have a major negative impact on your credit score and, in some instances may actually improve your credit score. How is this possible? High debt balances, late payments, and charged off accounts are wiped clean on the credit report when you file bankruptcy. In fact, many bankruptcy filers improve their credit scores back into the 700s within two to three years.
Metro Boston Client Reviews
"I just wanted to write and thank you for being there for Sarah, me and the kids with our bankruptcy filing. My only regret is we didn't do it sooner. It would have saved so much worry and aggravation. Also, thanks for your understanding during our first meeting. We always paid our bills on time and it was an emotional thing for us to do. Your information helped us to understand the process and feel good about our decision." F.B & S.B. - Boston, MA
"Just a note to let you know how much I appreciate your help with my bankruptcy case. If you ever need your car repaired or your yard cleaned, give me a call." C.G. - Braintree, MA
Call us at 781-848-8545 to get the expert legal advice you need and deserve for your Chapter 7 bankruptcy or Chapter 13 bankruptcy needs. Don't delay this important step in finding legal assistance. We are waiting for your call. Schedule a free consultation today!