Bankruptcy Lawyers in Stoughton, Massachusetts
Stoughton Law Office for Common Law Associates
“Our new Stoughton, MA location allows clients convenient access to expert bankruptcy advice!”
What Is Bankruptcy and How Does It Work?
When a person or a business is struggling financially and can no longer afford to pay outstanding debts, we often hear that they have “declared bankruptcy.” In the field of law, bankruptcy is a legal declaration of that inability to pay debts which allows an individual or business entity to regroup and pay off some or all of their debts by different means.
Repaying debt in bankruptcy is usually accomplished by either selling off property to pay down debt or reorganizing to create a new payment plan. Whatever form of bankruptcy is declared, this unique legal status allows the debtor to get out from under unmanageable, devastating debt and start again.
Chapter 7 and Chapter 13 Bankruptcy Services
Chapter 7 bankruptcy is a process in which personal or business property is sold off to pay for some or all of the outstanding debts. Fortunately, the majority of household belongings, like clothing, appliances, and furniture, are exempt from this liquidation process; in fact, in many cases, debtors find that all of their existing property is considered exempt. In general, most credit card debt and medical debt will be automatically forgiven.
Chapter 13, on the other hand, is the kind of bankruptcy in which finances are reorganized and a new payment plan is drafted, usually for a term of three to five years. As a stipulation of the agreement, the person filing for bankruptcy—whether it’s a business or a private estate—must be able to prove that he or she has a steady income and can afford to make the new payments. This kind of bankruptcy is a common choice for those facing foreclosure, as it allows individuals to create a payment plan for past-due amounts, as well.
At Common Law Associates in Stoughton, MA, we offer clients Chapter 13 and Chapter 7 bankruptcy services to help them in a variety of situations. From individuals dealing with thousands of dollars in medical debt to businesses struggling in an unfavorable economy, our expert lawyers have the knowledge and expertise to help clients find and file for the right financial solution. Plus, every client receives a completely free initial consultation with a bankruptcy attorney to discuss their case.
Struggling with Debt? Our Bankruptcy Lawyers in Stoughton, MA Can Help
At Common Law Associates, attorneys Eric M. Levitt and Edward M. Duvall share a passion for helping families and businesses in turmoil overcome the burden and stigma of overwhelming debt. Both are active members of the National Association of Consumer Bankruptcy Attorneys (NACBA) and have been practicing in the Cape Cod area for more than a decade.
If you live in Stoughton, MA and feel like you are being suffocated by an insurmountable amount of debt, don’t give up hope; you may be eligible to file for bankruptcy. To learn more about our affordable bankruptcy services or schedule your free consultation, call our Stoughton office today at (781) 297-7700.
Bankruptcy Attorneys Eric Levitt and Edward Duvall will discuss your financial options to determine what will be your best course of action
FREE CONSULTATION – The Bankruptcy Lawyers at Common Law Associates LLP feel it is very important to give you a full diagnosis of your current financial situation to offer a solution that will give you a financial fresh start.
We are bankruptcy lawyers covering Stoughton, MA area including Stoughton, Canton, Sharon, Norwood, Walpole, Foxboro, Brockton, Avon, Randolph, Holbrook, Easton, North Easton, Abington, Whitman and Rockland.
DISCLAIMER: The information in this website is not legal advice, nor intended to be a substitute for legal advice. You should consult a bankruptcy attorney for individual and personal advice regarding the specific circumstances and facts of your case. No attorney-client relationship has been created between you and Common Law Associates LLP and no legal advice has been rendered by your use of this site. We are a debt relief agency and assist persons in the filing of bankruptcy under the Federal Bankruptcy Code. All information in this site may be considered advertising under the rule of the Supreme Judicial Court of Massachusetts”