Massachusetts Chapter 13 Bankruptcy Attorney

What is Chapter 13 Bankruptcy?

Following the change in the law in 2005, many individuals no longer qualified for Chapter 7 bankruptcy filing and had to turn to Chapter 13 for debt relief.  If you have a regular income coming in but cannot cover all of your debt payments, this may be the bankruptcy filing for you.  Unlike Chapter 7, which eliminates the debt by disposing of your assets to repay creditors, Chapter 13 restructures your debt to be repaid over time.  With certain exceptions, it also allows you to retain some of your assets. 

When filing a Chapter 13, a plan must be submitted to the Bankruptcy  Court outlining all of the debts owed and how they can be restructured to be paid back within 3 to 5 years.  The Court must approve the plan in order to implement the restructuring.  Once approved, payments per the plan must be made on time in order to maintain the protection of the bankruptcy filing.  Failing to keep these payments will void the filing and allow creditors to once again attempt collection. 

Once your bankruptcy petition is approved by the judge, your creditors will be required to cease from contacting you any further regarding your outstanding

If you are considering filing for bankruptcy, contact the Law Office of Gail Balser, Massachusetts bankruptcy attorney serving the Attleboro, Bristol County and Norfolk County areas.  A filing will assist you in stopping creditor harassment as well as get you back on firm financial footing.  Before making this difficult decision, a careful review by our legal staff will help you make the right choice for your financial future.

Chapter 13 Bankruptcy Lawyer in Attleboro

By discussing your legal options with an experienced bankruptcy lawyer, our office can help you evaluate your debt, income, assets and property so as to ensure your best interests are safeguarded.

Even if you own a home, you may be able to do a loan modification to lower your mortgage payment and be able to keep that as part of the bankruptcy filing.   Our office believes that the correct handling for your mounting debt problem can be found and we will do all we can to find it.   Getting your debts under control can greatly relieve the stress you likely are feeling and lead you to financial stability.