Bankruptcy Boston

Like the rest of the United States, Boston has a major problem with debt. The average Massachusetts resident holds an astounding $6,327 in credit card debt. Moreover, many Boston residents struggle to make mortgage, car, and personal loan payments. Financial turmoil may seem impossible to escape, but relief could be within reach. Depending on your situation, bankruptcy could grant you the clean slate you and your family need to start over.

Why Work With a Boston Bankruptcy Lawyer?

Bankruptcy is a serious decision that can alleviate extreme financial pressure. However, it isn’t for everyone. An experienced bankruptcy attorney can review your situation and identify whether it’s the best solution or not. Your attorney will help you determine whether you’re a viable candidate for bankruptcy, and if so, which approach best suits your personal circumstances. A strategic approach is critical to ensure the process goes smoothly. With the help of quality legal counsel, you can pursue one of the following types of bankruptcy:

Chapter 7

Also known as liquidation bankruptcy, a successful Chapter 7 bankruptcy discharges most forms of unsecured debt. Getting rid of debt allows you to clear away the financial obligations that cast a shadow over you and those you love. Most chapter 7 bankruptcies are complete within six months. Downsides to this approach can include the liquidation of some property and significant damage to your credit score. Also, not everyone qualifies for Chapter 7 bankruptcy; your attorney can help you determine eligibility by completing a ‘means test.’

Chapter 13

If you’re not willing to give up your property or harm your credit history, you may want to go for Chapter 11 bankruptcy. Also known as the wage earner’s plan, this approach allows you to pay off your debt over time, often at a lower rate. Strong legal representation is important as you must submit an appropriate payment plan to the court, which you must complete within 3-5 years.

Chapter 7 and 13 aren’t the only bankruptcy approaches available, but they are the most common. Large businesses or organizations may file for Chapter 11 bankruptcy, which mimics Chapter 13 in many ways. Chapter 12 bankruptcy is also similar to Chapter 13 but is for farmers and fishermen and holds higher debt limits.

Morgan & Morgan: Top Bankruptcy Lawyers in Massachusetts

Having the right Boston bankruptcy attorney on your side can make all the difference. All law firms are not the same. At Morgan & Morgan, we treat every client like family and handle their cases personally, ensuring you get the best service possible. With more than 400 attorneys and 50 offices nationwide, we have the resources and reach necessary to fight for your best interests. Our bankruptcy attorneys are passionate about alleviating the financial burdens of their clients and want to be by your side during these trying times. We understand how difficult dealing with debt can be. It’s important to recognize relief can accompany a successfully negotiated bankruptcy.

Bankruptcy cases are complex – don’t go through this alone. Discover what we can do for you by filling out this form for a free case evaluation.

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