Chapter 13 Bankruptcy Attorney in Hyannis, MA
Hyannis, MA Bankruptcy Law Firm
Debt can weigh heavily on individuals and families and negatively impact quality of life. The constant stream of harassing phone calls and letters from creditors and debt collectors often creates a serious strain on families, leading to stress, anxiety, and discord.
The expert bankruptcy lawyers at Common Law Associates, LLP, have many years of combined experience helping people get their lives back on track. We can help you understand whether filing bankruptcy is right for you and provide essential guidance about which filing (Chapter 7, Chapter 13, etc.) is most appropriate for your situation.
Contact our legal associates at (508) 775-0815 for a free consultation, and learn more about our services and how we can help.
Learn more about Chapter 13 bankruptcy below.
What Is Chapter 13 Bankruptcy and Who Is Eligible?
Also called a “wage earner’s plan” or a “reorganization bankruptcy,” Chapter 13 bankruptcy involves paying back all or part of your debts over a period of 3 to 5 years.
Since Chapter 13 requires you to repay some or all of your debt, you must be able to meet payment obligations and have a certain amount of income (including disposable income) in order to qualify.
If your income is too low or your debt burden (secured debt limit: $1,184,200, unsecured debt limit: $394,725; valid through April 1, 2019) is too high, you may not quality for Chapter 13.
Advantages of Chapter 13 Bankruptcy
There are several advantages for those who do qualify for Chapter 13. For example, Chapter 13 is appropriate for people who have property they want to keep. Whereas in a Chapter 7 bankruptcy you are required to turn over nonexempt property (which can include bank accounts, stocks, bonds, and other investments, and luxury items) to a trustee who can then sell the property or distribute the proceeds of sale to your creditors, with a Chapter 13 bankruptcy your property is protected from creditors by law. The bottom line: If you have nonexempt property you want to keep, Chapter 13 may be the better choice.
Additionally, Chapter 13 can help you avoid foreclosure on your home by allowing you to make up missed payments and reinstate the original agreement, whereas a Chapter 7 bankruptcy does not provide this protection.
In some cases, you may be able to eliminate your second mortgage with a Chapter 13 bankruptcy.
Over time, you can also pay off student loan debt, child support, alimony, and other types of debt with Chapter 13, and, as mentioned before, you can keep nonexempt property, such as a second home, watercraft, expensive art or musical instruments, etc.
Importantly, Chapter 13 protects any co-debtors you may have, such as the co-owner of a house, whereas Chapter 7 will not.
Get Help Filing Bankruptcy—Call our Legal Associates
Don’t navigate bankruptcy court on your own—get expert help from the Cape Cod bankruptcy lawyers at Common Law Associates, LLP. We have expert knowledge about the ins and outs of Massachusetts law and will help you understand whether bankruptcy is right for your particular situation.
We take the long-term financial health of our clients very seriously, and our priority is empowering you with the information you need to make an informed decision about your financial future.
Call us today for a free consultation—with no obligation.
We’ve helped countless clients over the years get their lives back on track. Our Hyannis, MA office is located at:
805 West Main Street
Hyannis, MA 02601
We are bankruptcy lawyers covering Southeast Massachusetts Counties of Plymouth, Bristol and Barnstable including Cape Cod and the islands of Martha’s Vineyard and Nantucket, including the following towns and villages: AQUINNAH, BARNSTABLE, BREWSTER, BOURNE, CHATHAM, CHILMARK, DENNIS, EASTHAM, EDGARTOWN, FALMOUTH, HARWICH, HYANNIS, MASHPEE, NANTUCKET, OAK BLUFFS, ORLEANS, PLYMOUTH, PROVINCETOWN, SANDWICH, TISBURY, TRURO, VINEYARD HAVEN, WELLFLEET, WEST TISBURY, YARMOUTH.
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”