Bankruptcy Lawyer Services
Bankruptcy in Massachusetts
Bankruptcy is a last resort for those in deep financial trouble, and the process can be confusing and daunting to attempt on your own.Let our experienced bankruptcy attorney guide you through this difficult financial situation and help you establish a fresh start for the future.
We can guide you through the options of selecting and filing a Chapter 7 or Chapter 13 bankruptcy in Massachusetts. There are many important considerations to review before filing for bankruptcy protection. That is why it is important to have a bankruptcy attorney to guide you through the entire bankruptcy preparation and filing process.
Call Xifaras Law today at 508-339-0100 to discuss your options and the process of filing for bankruptcy in the Commonwealth of Massachusetts.
Chapter 7 Bankruptcy
With a Chapter 7 bankruptcy creditors are paid through liquidation of the debtor's assets. Contrary to what many people assume, filing under Chapter 7 does not strip the debtor clean of everything but rather allows for a fresh new start.
Chapter 7 is best for those individuals who have only a small amount of secured debt and who carry more unsecured debt such as credit cards, medical bills or personal loans.
Attorney Xifaras will work closely with you to not only guide and inform you, but to help put you at ease as you move through the difficult bankruptcy process.
Chapter 13 Bankruptcy
With a Chapter 13 bankruptcy, creditors are paid based upon the debtor's income; what the debtor can afford. Often times, the creditors are paid only a portion of what was owed and sometimes, some of the creditors are not paid back at all. Basing the payback amount on the debtor's income and what is affordable to the debtor, allows the debtor to maintain a reasonable standard of living.
Immediately after filing for either a Chapter 7 or Chapter 13 bankruptcy, an automatic stay goes into effect. This puts an immediate stop to the collection process including foreclosure, car repossession, wage garnishing and harassing phone calls.
Regardless of whether you choose Chapter 7 or Chapter 13, the filing process can be daunting and time consuming. That is why it is important to have a bankruptcy attorney to guide you through the entire bankruptcy preparation and filing process.
Massachusetts Business Bankruptcy
Filing for bankruptcy protection is one option for a business in deep financial trouble. Depending on severity of the problem, a filing a bankruptcy reorganization plan under Massachusetts bankruptcy laws might be the only way to salvage your business and set the foundation for future success. However, in some circumstances, total liquidation of the business assets may be required.
The decision about whether to file for bankruptcy protection is difficult and the business bankruptcy process can be confusing and daunting. Before you decide on a business bankruptcy filing, you should consult with an experienced bankruptcy attorney to examine your options in this difficult financial situation. We can guide you through the options of selecting and filing either a Chapter 7 or Chapter 13 bankruptcy for your Massachusetts business.