Raynham, MA Bankruptcy Lawyers
Raynham Law Office for Common Law Associates
Our new Raynham MA location allows local clients convenient access to Taunton bankruptcy courts for a fresh start.
What Is Bankruptcy?
Bankruptcy is a legal process that allows individuals and business owners to repay their debts (in part or in full) with specialized court protection. This repayment process is accomplished by either liquidating and selling property or by reorganizing business affairs. While some types of debt—like child support or tax debt—cannot be removed by bankruptcy, the most common kinds—like credit card and loan debt—can be erased in bankruptcy.
Although filing for bankruptcy comes with a social stigma of failure, the entire process is completely legal and can help struggling families and businesses regroup and start over when they need it most. Not everyone will qualify to file for bankruptcy, but those who do have every right under the law to do so with the help of a good lawyer.
What’s the Difference Between Chapter 7 and Chapter 13?
Chapter 7 bankruptcy is a liquidation type of bankruptcy, in which an individual consumer or business entity sells some property and uses the money from the sale to pay down outstanding debt. As part of the agreement, the majority of outstanding credit card or medical debt will be forgiven. Items like household appliances, furniture, clothing, vehicles and other kinds of personal property are usually exempt from being liquidated. In fact, many individuals who undergo Chapter 7 bankruptcy find that most, if not all, of their belongings are exempt.
Chapter 13 bankruptcy is a reorganization type of bankruptcy, in which a person—usually a business owner—agrees to a repayment plan over the course of 3-5 years. The individual filing for Chapter 13 must have a steady income to qualify and must be able to make a minimum payment per month (calculated by income). Chapter 13 bankruptcy also allows individuals to avoid foreclosure on property by coming up with a payment plan for money that is past due.
Ready to File for Bankruptcy? Common Law Associates in Raynham, MA Makes the Process Simple
At Common Law Associates, LLP, our bankruptcy lawyers regularly help clients just like you take control of their debt situation and get back in the black with the appropriate legal bankruptcy process. Whether you’re buried under thousands of dollars in medical debt from a major injury or your business is struggling due to changes in your industry, our law firm has the legal expertise and bankruptcy experience to help you do the responsible thing and bring your debts back to a manageable level.
An experienced bankruptcy attorney will meet with you in a free initial consultation to discuss your case, and we’ll help you determine which type of bankruptcy would be best for your situation, as well as whether you qualify. We will file your Chapter 7 or Chapter 13 paperwork for you and your Cape Cod bankruptcy lawyer will help you navigate the process of attending hearings, answering questions, writing repayment plans and/or liquidating assets. Our number one concern is helping you get back on top of your finances, and we’ll do whatever we can to make that happen with as little stress as possible.
Call us today at your local Common Law Associates, LLP office to schedule a free consultation.
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”