Chapter 13 Raynham Bankruptcy Lawyer
When it comes to filing for bankruptcy, there are a number of options available to individuals or business owners who are being crushed under a mountain of debt. The most common of these is Chapter 7, the “liquidation” option, which generally results in the complete eradication of the individual’s existing debts. But not everyone is eligible for Chapter 7, and others do not want to lose valuable property in the liquidation process. What can they do? They can file for Chapter 13 “reorganization” bankruptcy, which involves setting up a court-supervised payment plan to resolve their debts.
Why Would I Choose to File a Chapter 13 Bankruptcy?
It’s a reasonable question: If Chapter 7 completely erases debt, then why would anyone opt for Chapter 13 reorganization? The simple answer is that Chapter 13 is the best available option for a lot of individuals and business owners. Here are just a few reasons why you might file for Chapter 13:
- You filed for Chapter 7 bankruptcy within the last eight years. Current bankruptcy laws forbid you to file for Chapter 7 twice within that time span. There is no such restriction for Chapter 13, however.
- You need to manage certain debts that are non-dischargeable under Chapter 7. For example, luxury items that you bought on credit just prior to filing bankruptcy can be protected under Chapter 13.
- You want to keep your property. Under Chapter 7, you may be compelled to sell off your non-exempt property. No such restriction applies under Chapter 13, provided that you can pay down the debt according to schedule.
- Your income exceeds the median for the state of Massachusetts. In this case, you are usually barred from filing for Chapter 7.
There are other valid reasons for filing bankruptcy under Chapter 13. Our legal associates can help you in making the choice that best suits your circumstances.
What Happens Under Chapter 13 Bankruptcy?
You must agree to a payment plan that will take three to five years to complete. To qualify for this court-ordered arrangement, you will be required to prove that you have a steady source of income that enables you to make the payments according to schedule.
Contact a Chapter 13 Raynham Bankruptcy Lawyer Today
Bankruptcy laws can be confusing, and it’s not always clear what needs to be done to obtain the best possible results. That’s why you should reach out to Common Law Associates, LLP. Our bankruptcy law firm is staffed by experienced legal professionals who can analyze your case and guide you down the right path. For Raynham, MA residents, we’re the only legal resource you need for your bankruptcy case.
Feel free to call Common Law Associates, LLP, at (508) 884-9700 for a free bankruptcy consultation. We will beat any competitor’s price by 10%!